Glossary : Letter L

Group whose legal status grants it rights and obligations. The group is generally made up of several natural persons (individuals) but can also bring together several legal entities.

There are two different categories of legal entities: public legal entities (the State, public institutions or local authorities) and private legal entities (companies, associations, non-trading companies, unions, etc.).

Person legally designated to represent and defend the interests of another person, be they natural (such as a minor's mother or father) or legal (a company for example).

Financial investment enabling the policyholder to save money with a view to passing it on to a beneficiary when an event directly involving the insured person occurs: either s/he dies or s/he survives. This savings product enables the policyholder to earn interest on his/her policy depending on the capital invested. 

If the policyholder survives, s/he remains the beneficiary and holder of the funds and is free to recover the capital and interests.

If the policyholder dies, the policy is wound up and the capital and interest transferred to the beneficiary(ies) of his/her choice (children, spouse, live-in partner, siblings, other non-family members, legal persons such as associations, etc.).

Savings account whose funds can be accessed at any time. The interest is exempt from income tax and social security contributions.

See "fixed term".

Formerly called "compte pour le développement industriel" (Codévi), the LDDS is a regulated savings account, exempt from tax and social security contributions, which can be opened by any adult domiciled in France. The sums deposited in LDDS accounts are mainly used to help finance programmes of social benefit or in connection with sustainable development, such as projects aimed at saving energy.