GAP coverage definition

GAP coverage means a contract or insurance policy that covers a consumer's deficiency balance between the net payoff of the consumer's loan retail installment sales contract at the time of a loss and the amount paid by the consumer's primary insurance after a vehicle is deemed a total loss due to any direct or accidental physical damages or unrecovered theft which may be in the form of the following:
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GAP coverage means a contract or insurance policy that covers a consumer’s deficiency balance between the net payoff of the consumer’s loan retail installment sales contract at the time of a loss and the amount paid by the consumer’s primary insurance after a vehicle is deemed a total loss due to any direct or accidental physical damages or unrecovered theft which may be in the form of the following:
Sample 1Sample 2
GAP coverage means a contract or insurance policy that covers a consumer's deficiency balance between the net payoff of the consumer's loan retail installment sales contract
Sample 1

Examples of GAP coverage in a sentence

  • If Buyer chooses to have GAP coverage, Buyer will request the coverage and will pay the fee.

  • INSURANCE: Credit life insurance, credit disability insurance and debt cancellation coverage, which is also known as GAP coverage, are not required to obtain credit, and will not be provided unless you sign and agree to pay the additional cost.

  • Credit Life Insurance, Credit Disability Insurance and Debt Cancellation Coverage (GAP Coverage): If you indicated in Section B that you want optional credit life insurance, credit disability insurance or debt cancellation coverage (GAP coverage), or any combination thereof, you agree to pay for such insurance at the premium shown in Section B.

  • The auto dealer markets GAP coverage to the borrowerand is paid the GAP fee.

  • If you experience a total loss or unrecovered theft of your vehicle and have purchased Guaranteed Asset Protection (GAP) coverage, a skip-a-pay may reduce your GAP coverage by the amount of your monthly payment plus the skip-a-pay fee.All signers, including co-signers, on the loan(s) must sign below in full understanding and agreement of the terms above.

  • GAP coverage covers the difference between ACV and your loan balance.

  • Credit life insurance, credit disability insurance and debt cancellation coverage, which is also known as GAP coverage, are not required to obtain credit, and will not be provided unless you sign and agree to pay the additional cost.

  • Line 313: Add the Seller will not provide Buyer with GAP coverage; 5.

  • GAP coverage, make sense, while others, like window etching, are unnecessary.

  • Outpatient telemedicine is covered the same as Medicaid for services that are not otherwise excluded from GAP coverage.


More Definitions of GAP coverage

GAP coverage means insuring, guaranteeing, or
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Related to GAP coverage

  • Lot coverage means the percentage of lot area covered by all buildings on the lot;

  • Coverage or “Covering”) shall mean that the developing, making, using, offering for sale, promoting, selling or importing of a given compound, formulation or product would infringe a Valid Claim of an issued patent in the absence of a license under such Valid Claim. The determination of whether a compound, formulation or product is Covered by a particular Valid Claim shall be made on a country-by-country basis.

  • Creditable coverage means, with respect to an individual, coverage of the individual provided under any of the following:

  • Co-insurance means the percentage of the usual, reasonable, customary, and fair market value expense that a covered person must pay.

  • Insurance means (i) all insurance policies covering any or all of the Collateral (regardless of whether the Collateral Agent is the loss payee thereof) and (ii) any key man life insurance policies.