I've been reading about linking and loading (one of OS topics, not specific to any language), and I've come across this term "Load Module" without any previous reference to it. From what I understand about the way it has been used, it seems like a final product after compilation and linking (an executable perhaps). I tried google, the term seems to be related to COBOL language and no specification that it is specific to COBOL, so, I'm posting this here to know if any of you guys heard this before and enlighten me about it.
As per IBM's "MVS Program Management: User's Guide and Reference" a load module is
An executable program stored in a partitioned data set program library.
So you are right that it's the final output of the Binder (formerly known as Linkage Editor) that can be executed by z/OS.
Some additional remarks:
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