Lease Agreement
A lease agreement is a long term agreement, contract or arrangement in which the use of equipment, such as a vehicle, is granted for a specified time at a specified price.
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Liability Coverage
Liability coverage provides protection against your legal liability for bodily injury and/or property damage caused by the negligence of your employees or yourself in the course and scope of employment. This coverage also provides you with legal defense costs.
Learn more about primary auto liability and general liability insurance.
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Lien Holder
A person or organization with a financial interest in property up to the amount of money borrowed or still owed on the property.
Examples of a lien holder would be a bank, finance company, credit union or other party to whom funds are owed as payment for the property
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Limited Liability Company (LLC)
A Limited liability company combines the personal liability protections of a corporation and the pass-through tax benefits of a partnership or sole proprietorship. Owners of LLCs typically are called members and share equally in the management responsibilities of the company. LLCs may also choose to appoint certain owners or outside personnel to manage business operations.
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Limits
An insurance coverage limit is selected by you at the time you purchase a policy. It describes the maximum an insurance company will pay for damages or injuries that apply to a specific coverage. Most states have laws that specify the minimum limit that must be purchased for each required insurance coverage.
Liability coverage limits can be described as a combined single limit (CSL) or as a split limit.
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Loss Payee
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.
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