The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: L

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

Listed User

Members of the same household who do not drive an insured vehicle.

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.

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.

LEGAL ISSUE

another term used to describe a person’s descendants and is the same as lawful issue.

LEGAL INSANITY

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.

LEGAL EVIDENCE

the term applied to the testimony that is allowed to be presented during a trial.

LEGAL SUBROGATION

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

LEGITIMATE CHILD

the name given to a child who is born of married parents or a child born out of wedlock who has acquired legitimacy.

LEGAL AID SOCIETY

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.

LEGALIZED NUISANCE

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.

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