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Loan/Lease Payoff Coverage

Also called Gap Insurance, Loan/Lease Payoff Coverage covers the difference between how much an insurer will pay on a lost, stolen, or totalled vehicle, and how much the insured person still owes on the vehicle.

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Listed User

Members of the same household who do not drive an insured vehicle.

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Lienholder

A bank, person, or other entity having a financial interest (such as a loan) in a vehicle.

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Leased Vehicle

Acquiring a vehicle from a dealer or leasing company under a contract, requiring the lessee to pay periodic payments for a specified period of time.

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Lapsed Coverage

When an insurance policy is terminated or cancelled, and a replacement policy has not been obtained.

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LONG-ARM STATUTE

a term where a law of a state gives its courts jurisdiction over people and property outside the state.

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LEX TERRAE

a Latin phrase that means the law of the land.

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LINEAL DESCENT

the term applied to direct line such as grandfather, son, grandson and is important when a person dies without leaving a will.

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LUCID INTERVAL

the term that describes a period in a mentally unbalanced person’s life where they act normally.

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LAST RESORT

the term that refers to the court that is the last resort where there can be no appeal.

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LIBERTINE

a term applied to a person who is unrestrained morally and sexually.

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LIMITATION TITLE

term that means a full and claim-free title.

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LEGAL ASSISTANTS

the name that is given to the paralegal personnel and the people who assist the lawyers in their work.

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LEGAL ETHICS

the term given to the code that is set up by the legal professionals that details their moral and professional duties to clients.

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LEX NON SCRIPTA

a Latin phrase that means the unwritten or the common law.

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LEGACY CONDITIONAL

a legacy that grants a bequest on the condition that certain things are carried out.

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LEX LOCI DELICTI

a Latin phrase for the law of the place where the wrong was committed.

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LEGAL OBLIGATION

The term that describes the obligation or duty that is enforced by a court of law, it can be a debt and the legal responsibility to carry out what the law asks.

TLD Example: Going to the assistance of the victim of a motor vehicle accident on a busy highway might be the morally correct thing to do, but the law normally does not impose a legal obligation on the average person to do so.

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LIBERTARIAN

the term used to describe the person who advocates for freedom related to social thought and conduct.

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LITERACY TEST

a test designed to test the ability of a person to read and write.

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