Joint and survivor annuity option: An option under which an employee may elect to receive a reduced amount of an annuity with a specified amount continuing after the employee's death to another person(s) designated as the contingent annuitant(s).

Joint tenancy: A form of ownership by which two or more joint tenants each hold an "undivided interest" in the property, each entitled to full use and disposition of the property and share in any

KEOGH: A tax-qualified retirement plan under Section 401(a) of the IRC which self-employed persons have the right to establish retirement plans for themselves and their employees that permit them the same tax advantages available to corporate employees covered by tax-qualified employer-sponsored plans.

L-Share Variable Annuities : A form of variable annuity contract usually with short surrender periods and higher mortality and expense risk charges.

Large capitalization : A company with a relatively high total stock market value. Also known as large-cap companies, these firms usually compete in mature markets. They will utilize competitive advantages (i.e., production capabilities or low costs) to sustain consistent earnings growth.

Leverage: The use of borrowed money or other senior capital to increase business and earnings opportunities.

Liability: A debt or obligation.

Life annuity: An annuity that provides an income, paid in installments, over a person's life.

Life with Period Certain: An annuity option which provides a lifetime income to the annuitant plus an extra guarantee of income for a specified period of time such as five or 10 years. The period certain provides income to the annuitant or the annuitant's survivor.

Life expectancy: Age to which an average person can be expected to live, as calculated by an actuary. Insurance companies base their projections of benefit payouts on actuarial studies of such factors as sex, heredity and health habits, and base their rates on actuarial analysis. Life expectancy can be calculated at birth or some other age and generally varies according to age.

Limited partner: A member of a partnership who has little, if any, role in the management of the partnership and generally limited liability. Limited partners are also called silent partners. Their potential loss is limited to their capital contribution, and usually they receive a fixed-dollar return that is payable in full before the general partner shares in any profits.

Liquidity: The ability and availability of assets to be readily converted into cash.

Living trust: A type of trust created by the grantor during his or her lifetime. Also called an inter vivos trust.

Loan Provision: A feature of a retirement plan that details a participant’s ability to take a loan from the plan. Loan amounts are based on the participant’s account balance.

Long-term debt: In securities, a bond or other debt instrument with a maturity of 10 years or longer; in finance, a debt that will not come due for at least one year.

Long-term gain (or loss): Profit (or loss) on the sale of an asset or security that has been held for longer than six months.

Lump-sum distribution: A distribution in which the entire balance of a retirement plan is received in a single tax year.