The Law Dictionary

LIFE EXPECTANCY

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

The amount of time that a person is expected to live based upon an evaluation of their health, lifestyle and other relevant factors. … [Read more...]

LIFO

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Last In, First Out … [Read more...]

LIFE IN BEING

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A person who is alive at the time an instrument was created. Also see Rule Against Perpetuities. … [Read more...]

LIFT

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

To raise; to take up. To "lift" a promissory note is to discharge its obligation by paying its amount or substituting another evidence of debt. To "lift the bar" of the statute of limitations, or of an estoppel, is to remove the obstruction which it interposes, by some sufficient act or acknowledgment. … [Read more...]

LIFE INSURANCE

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

A legal contract in which a company providing the insurance will pay an amount of money to the designated beneficiary upon the death of the policy holder in exchange for scheduled periodic fees (usually monthly) known as insurance premiums. The purpose of life insurance is to support the survivors of the policy holder, such as a spouse and children, especially in the event of … [Read more...]

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