Legal Articles

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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LESSER INCLUDED OFFENSE

the term that is given to a less severe crime that will be included with the case of the more sever one.

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LIMITED JURISDICTION

the term applied to the authority or jurisdiction of a lower court.

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LIQUIDATED DEMAND

A term applying to the demand where the amount has already been agreed to.

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LIS PENDENS

a Latin phrase for a pending suit or a person who has been suspended.

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LEVY 1

1. A tax or an assessment. 2. To tax, to assess, to impose a fine upon.

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LEGAL DEPENDENT

This term describes the person that you need to support as obliged by the law.

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LEGAL REPRESENTATIVE

the name given to describe the executor, administrator or the person who looks after another person’s affairs.

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LEGAL NAME

the term that is given to your first name and your last name . Middle names are considered to be immaterial.

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LEVERAGED BUYOUT

term that explains the buying out of a company by using borrowed m money.

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LEGALLY DEAD

the term that is the same as presumption of death. See Enoch Arden Laws.

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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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