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.
Members of the same household who do not drive an insured vehicle.
A bank, person, or other entity having a financial interest (such as a loan) in a 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.
When an insurance policy is terminated or cancelled, and a replacement policy has not been obtained.
The term given to a money bequest that is from a specified fund.
the authority of a branch of government that is charged with making and enacting laws.
a term used as the charge for issuing a license.
an insurance policy that will pay a sum of money when the insured person dies.
the term used for stock that is traded on a stock exchange such as NASDAQ.
an expression that means a person will not ne placed in jeopardy that is a danger to life or limb.
another term used to describe a person’s descendants and is the same as lawful issue.
the term given to the mental illness and incapacity to a person to a degree that that the law will recognise the person to be insane.
the term applied to the testimony that is allowed to be presented during a trial.
the term used when a person who doesn’t owe the debt pays it and then is entitled to remedies offered by the creditor. This term is the device that forces the person who owes the debt to pay it.
the term given to a money bequest.
a Latin phrase meaning the common law.
the name given to a child who is born of married parents or a child born out of wedlock who has acquired legitimacy.
the name given to a non-profit organisation that gives legal help to people who are too poor to be able to afford it themselves.
The term that is given to a structure that a neighborhood doesn’t want to be built but is declared legal by law. An example would be a prison.
Featuring Black’s Law Dictionary
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