Level Premium

A premium determined at the time of taking out a life insurance policy, by which the rate of premium is fixed at the same amount per annum, based upon the age of the insured.


All debts or obligations of any kind to pay money, or its equivalent, are called " liabilities; " something owed.

Capital stock, accounts payable, funded and floating indebtedness, surplus, losses, etc., all appear under this heading.

Liability Of Shareholders

Refer to "Double Liability" and "Non-assessable."

Liberty Bonds

See " Addenda."

Life Annuity

A fixed sum of money payable yearly to and during the life of the person or persons entitled to receive the same.

Lift Prices

" Prices were lifted; " forced up unnaturally.


In the light of a searching public investigation.


A price which a broker must not go beyond in executing an order for his customer. "His limit to buy was 63." The broker had no right to fill the order at a price in excess of 63. The word "limit" might also be used in restricting the amount to be purchased or sold.

Limited (Or Limited Company)

Limited liability. "Limited "signifies that by law the shareholders are exempt from personal liability beyond the amount already invested, except in a few instances which differ slightly in the various states. (See "Double Liability.")

Limited Legal Tender

(First read "Legal Tender.") Money which has "legal tender " qualities only to a certain amount. Example: Our twenty-five cent silver pieces may be used in the settlement of a debt up to $10; i. e. they are "legal tender" only to the amount of $10 in any one payment.

Limited Partnership

Burdick, in his " Essentials of Business Law," says that the idea of a " limited partnership ' was borrowed from the French, and first introduced in this country in 1822 by the Legislature of New York.

Such partnership must consist of at least one member fully liable for all debts of the firm and who is likewise a manager of the business. In addition there are one or more " special partners " taking no active management of the business, and who are limited for the indebtedness of the firm up to only the amount contributed to capital.

Limping Standard

A country which at one time employed the double standard of gold and silver, but has suspended the free coinage of silver in order to keep its silver coins at par with gold, is considered to have a "limping standard" (Etalon Boiteaux), because silver limps along behind gold without being subject to free coinage. Countries which are not practically upon the "gold standard" are not usually classified as under the "limping standard." If their coins are not at par with gold, they are treated as on the "silver standard."