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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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LEGAL CONSIDERATION

the term used when something is legally sufficient and makes a contract binding.

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LANDMARK CASE

a term used to describe a case of importance that it will establish a new law and set new precedents.

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LATENT AMBIGUITY

a term given to a legal document, a will or a deed that seems to be clear but contains certain ambiguities.

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LAPSUS LINGUAE

a Latin phrase meaning a slip of the tongue.

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LEGAL SEPARATION

the term that applies to a court sanctioned agreement for a husband and wife that details their obligations while living apart.

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LEGALLY DETERMINED

a term that means that something has been decided by a law process.

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LIFE FETAL

a phrase that means life before birth where the foetus is in its 5th or 6th month and is possible to live after birth.

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LOSS OF RIGHT TO VOTE

the term used when a person who has committed a major criminal act and is not allowed to vote.

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LOCUS CRIMINIS

a Latin phrase for the place where a crime was committed.

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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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