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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LIE DETECTOR

See polygraph.

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LEGACY RESIDUARY

the title given to the remaining estate after all of the bequests have been made.

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LEGACY TRUST

the name that is given to a legacy to a trustee to be held in trust and the income earned will go to the beneficiaries.

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LEGAL DETRIMENT

This occurs when a person who has been made a promise alters his position so he now assumes liability.

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LEGACY ACCUMULATIVE

the term given to an additional bequest that is granted by the same or a different will.

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LEGALLY COMMITTED 1

1. This term means to be held in court by the order of a judge. 2. This term means to be placed in a mental institution.

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LAW OF NATURE

These are the terms that are applied to the laws that are based on the nature of man. See natural law.

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LIBELOUS PER QUOD

a term that is given to statements that appear to be slanderous but which must be proved to slanderous.

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LIFE OF A WRIT

the term that applies to the period of time that a writ is effective.

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LIKE BENEFITS

This term is the same as similar benefits.

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LEGACY GENERAL

term given to a bequest that has been taken from the general funds of the person who made the will.

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LEGACY ABSOLUTE

the term that applies to a legacy that has no conditions.

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LEGACY LAPSED

This ism the term that is given to the situation where a legatee dies before the person who made the will.

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LOAN ON LIFE INSURANCE POLICY

The term applied to money taken from a policy that will be deducted from the total amount unless it is paid back.

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LEWD AND LASCIVIOUS CONDUCT

the term used to describe the repeated and continued behaviour that is indecent in nature.

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