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Today's Terms
Misdemeanor
Definition:
Criminal offenses less than felonies; generally those punishable by fine or imprisonment of less than 90 days in a local facility. A gross misdemeanor is a criminal offense for which an adult could be sent to jail for up to one year, pay a fine up to $5,000 or both.
Gap Insurance
Definition:
Insurance that pays the difference between the actual cash value of a vehicle and the amount still to be paid on the loan. Some gap policies may also cover the amount of the deductible.
Limits
Definition:
The maximum amount of benefits the insurance company agrees to pay in the event of a loss.
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