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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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LEGALLY ADOPTED

the term used to signify that a child has been adopted in accordance with the state laws.

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LOAN CERTIFICATE

the name given to a certificate that is issued by a clearing house to one of its banks.

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LAND TAX

the name given to the levy that is placed on the owner of real estate that is based on the value of the land.

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LETTER RULING

a term used for the statement from a tax official to a tax payer giving the interpretation of tax laws.

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LIMITED APPEAL

the term applied to an appeal from a certain part of a decree or a judgement and not from the entire decree.

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LEAVING SCENE OF ACCIDENT

the term that is used when a person leaves the site of an accident without first checking to see if people are ok.

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LODGING A COMPLAINT

a term that means to make a complaint.

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LEAVE OF ABSENCE

the term that applies to a temporary absence away from work due to a long illness or a holiday.

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LEGAL RESIDENCE

the term applied to the place a person spends most of his time and is the home that is recognised by law.

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LEGACY DEMONSTRATIVE

The term given to a money bequest that is from a specified fund.

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LEGISLATIVE POWER

the authority of a branch of government that is charged with making and enacting laws.

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LICENSE FEE

a term used as the charge for issuing a license.

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LIFE POLICY

an insurance policy that will pay a sum of money when the insured person dies.

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LISTED STOCK

the term used for stock that is traded on a stock exchange such as NASDAQ.

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LIFE OR LIMB

an expression that means a person will not ne placed in jeopardy that is a danger to life or limb.

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