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.
Legal Articles
Lienholder
A bank, person, or other entity having a financial interest (such as a loan) in a vehicle.
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.
Lapsed Coverage
When an insurance policy is terminated or cancelled, and a replacement policy has not been obtained.
LEGALLY ADOPTED
the term used to signify that a child has been adopted in accordance with the state laws.
LOAN CERTIFICATE
the name given to a certificate that is issued by a clearing house to one of its banks.
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.
LETTER RULING
a term used for the statement from a tax official to a tax payer giving the interpretation of tax laws.
LIMITED APPEAL
the term applied to an appeal from a certain part of a decree or a judgement and not from the entire decree.
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.
LEAVE OF ABSENCE
the term that applies to a temporary absence away from work due to a long illness or a holiday.
LEGAL RESIDENCE
the term applied to the place a person spends most of his time and is the home that is recognised by law.
LEGACY DEMONSTRATIVE
The term given to a money bequest that is from a specified fund.
LEGISLATIVE POWER
the authority of a branch of government that is charged with making and enacting laws.
LIFE POLICY
an insurance policy that will pay a sum of money when the insured person dies.
LISTED STOCK
the term used for stock that is traded on a stock exchange such as NASDAQ.
LIFE OR LIMB
an expression that means a person will not ne placed in jeopardy that is a danger to life or limb.
Featuring Black’s Law Dictionary
Disclaimer
Disclaimer
Nothing implied or stated on this page should be construed to be legal, tax, or professional advice. The Law Dictionary is not a law firm and this page should not be interpreted as creating an attorney-client or legal adviser relationship. For questions regarding your specific situation, please consult a qualified attorney.
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