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| Liability insurance
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Policy that protects against claims against them of property damage, personal injury, negligence, etc. |
| Liable
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Legally responsible or obligated for something. |
| Libel
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Written statements, about a person or company, that are unfounded, untrue, malicious and damaging. |
| Libor london interbank offered
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Rate, which is the rate that international banks, dealing in Eurodollars, charge each other for large loans. |
| License
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(1) Permission to do something. (2) Document issued permitting one to perform some activity according to legal requirements. |
| License laws
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Laws that govern activities, such as in real estate. |
| Licensed appraiser
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An appraiser who meets certain state requirements, but lacks the experience of a certified appraiser. |
| Licensee
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One who holds a license. |
| Lien
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A legal claim against a piece of property that can prevent it from being sold unless the lien is satisfied (paid off). Liens can be filed by unpaid contractors or other debtors in a legal process so that they will be paid when a property is sold. |
| Lien period
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Time period in which one may carry out a lien on property. |
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