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.

LITERARY PROPERTY

the term applied to a manuscript that is published and the rights belong to the author.

LAW OF DAMAGES

These are the terms that will govern the size of a verdict or award. See, Personal Injury Cases: A Guide to Damages and Settlements

LEGAL ACUMEN

the term that is given to the principle that states that if a defect in a claim to land are of a nature that requires legal skill and insight to find it,

LOAN SHARK

the slang name that is given to a usurer or a person who lends money and charges more interest than the law allows. See usury.

LOCALITY RULE

a term in medical jurisprudence where the physicians of an area must maintain standards of practice.

LAWYERING

a slang term for practicing as an attorney or as a lawyer.

LAND GRANT

The term that is given to a grant of land that is owned by the federal government to an educational institution, or other purpose to serve the public.

LOITER

term that describes to hang about and doing nothing in a public place.

LEGAL CAUSE

the term that is used for the real cause of an accident or an injury.

LACEY ACT

the name of a federal statute that enforces game laws.

LOCAL OPTION

the term to a privileged granted to an area such as a town, city or county to pass a local law.

LEGACY UNIVERSAL

the term given to a will that leaves all of his assets to one or more people mentioned in the will.

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