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GAP Insurance

September 4, 2019 by admin

An automobile insurance option, available in some states, that covers the difference between a car’s actual cash value when it is stolen or wrecked and the amount the consumer owes the leasing or finance company.

Mainly used for leased cars.

See Actual cash value

Categories Non-Life Insurance, USA
Futures
Generally Accepted Accounting Principles (GAAP)

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