Guaranteed asset protection definition

Guaranteed asset protection. (GAP) insurance means insurance in which a person agrees to indemnify a vehicle purchaser or lessee for some or all of the amount owed on the vehicle at the time of an unrecovered theft or total loss, after credit for money received from the purchaser’s or lessee’s physical damage insurer, pursuant to the terms of a loan, lease agreement, or conditional sales contract used to purchase or lease the vehicle.” (Ins. Code., § 1758.992, subd. (h)(1).) Under California law, lease agreements must include a notice that “‘[o]ptional coverage for the GAP amount may be offered for an additional price.’” (Civ. Code, § 2985.8, subd. (j).)
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Guaranteed asset protection. (GAP) insurance means insurance in which a person agrees to indemnify a vehicle purchaser or lessee for some or all of the amount owed on the vehicle at the time of an unrecovered theft or total loss, after
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Guaranteed asset protection means a policy that covers the difference between the
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Examples of Guaranteed asset protection in a sentence

  • Excess wear and use waivers may also cancel or waive amounts due20 for excess mileage;21 (6) "Guaranteed asset protection waiver", a contractual agreement in which a22 creditor agrees, with or without a separate charge, to cancel or waive all or part of23 amounts due on a borrower's finance agreement in the event of a total physical damage24 loss or unrecovered theft of the motor vehicle, which agreement shall be part of, or a25 separate addendum to, the finance agreement.

  • Guaranteed asset protection waivers are not insurance and, except as provided under18 this chapter, are exempt from the insurance laws of this state.

  • Guaranteed asset protection waivers, or “GAP waivers,” are contractual agreements entered into directly between a borrower and a finance company, and commonly used in the motor vehicle industry.

  • Guaranteed asset protection available in lease gap auto waiver insurance: if your vehicle is, resources and although most.

  • Chief patron: O’Quinn Summary as passed: Guaranteed asset protection waivers.

  • Excess wear and use waivers may also cancel or waive amounts due19 for excess mileage;20 (6) "Guaranteed asset protection waiver", a contractual agreement in which a21 creditor agrees, with or without a separate charge, to cancel or waive all or part of22 amounts due on a borrower's finance agreement in the event of a total physical damage23 loss or unrecovered theft of the motor vehicle, which agreement shall be part of, or a24 separate addendum to, the finance agreement.

  • Guaranteed asset protection waivers; establishes requirements for offering waivers, etc.

  • Guaranteed asset protection waivers are not insurance and are exempt from the provisions of Chapter 58 of the General Statutes, as are persons administering, marketing, selling, or offering to sell guaranteed asset protection waivers to borrowers.

Related to Guaranteed asset protection

  • Guaranteed asset protection waiver means that term as defined in section 3 of the guaranteed asset protection waiver act.

  • MFN Protection has the meaning set forth in Section 2.14(e)(iii).

  • Guaranteed Amounts means the amounts due from time to time from the Issuer to (i) the Covered Bondholders with respect to each Series of Covered Bonds (excluding any additional amounts payable to the Covered Bondholders under Condition 9(a) (Gross-up by the Issuer)) and (ii) the Other Issuer Creditors pursuant to the relevant Transaction Documents.

  • Guaranteed automobile protection insurance means insurance offered in

  • Guaranteed Amount means the aggregate amount of each Guaranteed Debt that is guaranteed at any time by Partner Guarantors.

  • Guaranteed Agreement means the Framework Agreement and each Call-Off Contract made between the Supplier and each Other Contracting Body;

  • Guaranteed Debt of any Person means, without duplication, all Indebtedness of any other Person referred to in the definition of Indebtedness contained in this Section guaranteed directly or indirectly in any manner by such Person, or in effect guaranteed directly or indirectly by such Person through an agreement (i) to pay or purchase such Indebtedness or to advance or supply funds for the payment or purchase of such Indebtedness, (ii) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Indebtedness or to assure the holder of such Indebtedness against loss, (iii) to supply funds to, or in any other manner invest in, the debtor (including any agreement to pay for property or services without requiring that such property be received or such services be rendered), (iv) to maintain working capital or equity capital of the debtor, or otherwise to maintain the net worth, solvency or other financial condition of the debtor or (v) otherwise to assure a creditor against loss; provided that the term "guarantee" shall not include endorsements for collection or deposit, in either case in the ordinary course of business.

  • Guaranteed Liabilities means all moneys, obligations and liabilities expressed to be guaranteed by the Guarantor in clause 2.1;

  • Guaranteed elements means the premiums, benefits, values, credits or charges under a policy of life insurance that are guaranteed and determined at issue.

  • Consumer Guarantee means a right or guarantee the Customer may have under the Australian Consumer Law or other rights in relation to the supply of goods or services (such as terms implied into a contract) that cannot lawfully be excluded.

  • Solid Waste Disposal Facility means any facility involved in the disposal of solid waste, as defined in NCGS 130A-290(a)(35).

  • Plant Protection Gas means the minimum volumes required to prevent physical harm to the plant facilities or danger to plant personnel when such protection cannot be afforded through the use of an alternate fuel. This includes the protection of such material in process as would otherwise be destroyed, but shall not include deliveries required to maintain plant production. A determination will be made by the Seller of minimum volumes required. Such essential volumes will be dispatched accordingly.

  • Interest Protection Agreement of any Person means any interest rate swap agreement, interest rate collar agreement, option or futures contract or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in interest rates with respect to Indebtedness.

  • Guaranteed Energy Production or “GEP” has the meaning set forth in Section 3.1(e)(ii).

  • Guaranteed Sum means: The maximum aggregate amount of R

  • Solid Waste Disposal Site means, as defined in NCGS 130A-290(a)(36), any place at which solid wastes are disposed of by incineration, sanitary landfill, or any other method.

  • Non-Guaranteed Elements means the premiums, credited interest rates (including any bonus), benefits, values, dividends, non-interest based credits, charges or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. An element is considered non-guaranteed if any of the underlying non-guaranteed elements are used in its calculation.

  • Waste Disposal Site means a Waste Disposal Site which is not a Hauled Sewage Disposal Site, a Sewage Works or a Waste Stabilization Pond; and

  • Data Protection Act means Act CXII of 2011 on Informational Self-Determination and Freedom of Information.

  • Discharge of Senior Obligations means the date on which the Discharge of Credit Agreement Obligations and the Discharge of each Additional Senior Debt Facility has occurred.

  • Air pollution control equipment means a mechanism, device, or contrivance used to control or prevent air pollution, that is not, aside from air pollution control laws and administrative regulations, vital to production of the normal product of the source or to its normal operation.

  • Guaranteed Obligations has the meaning specified in Section 7.01.

  • waste disposal facility means an individual or entity that has been issued a medical marijuana waste disposal facility license by the Department to dispose of medical marijuana waste as authorized in Oklahoma law and these Rules.

  • Solid waste facility means a site, location, tract of land, installation, or building used for incineration, composting, sanitary landfilling, or other methods of disposal of solid wastes or, if the solid wastes consist of scrap tires, for collection, storage, or processing of the solid wastes; or for the transfer of solid wastes.

  • Resource Conservation and Recovery Act means the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et seq., as amended.

  • Nonguaranteed elements means the premiums, credited interest rates (including any bonus), benefits, values, non-interest-based credits, charges or elements of formulas used to determine any of these elements, that are subject to company discretion and are not guaranteed at issue. An element is considered nonguaranteed if any of the underlying nonguaranteed elements are used in its calculation.