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Car Insurance Glossary - L

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Lapse in Coverage/Policy Lapse - A point in time when a policy has been canceled or terminated for failure to pay the premium, or when the policy contract is void for other reasons.
Lender/Lessor - Your lender is the institution to which you make car payments. Your lessor is the institution to which you make your lease payments.
Limits - Limits, or limitations, are caps on the dollar amounts of coverage you are entitled to receive under the policy. Different types of coverages, such as bodily injury, property damage and medical payments, among others, have different limits set. Within the range of limits offered, the policyholder generally chooses the limits for each coverage type.
Loss Payee/Lien holder - A person or entity with a legally secured insurable interest in another's property, usually a financial institution that loaned money to buy a car. The car is the loan collateral. If the auto is damaged in an accident, loss payments will be made to you and to the loss payee on your policy.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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