Help & Glossary
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Illusion - A type of concealed towing unit used by repossessors. At the push of a button, it quietly converts what appears as a normal pickup into a full-blown tow truck in 16 seconds. It then, hydraulically, lifts the vehicle in 3 seconds.
In Pro Per - In Properia Personn; Latin term meaning acting as your own attorney.
In Re - Latin prefix meaning 'in regard to' used in naming some lawsuits.
In The Barn - A slang expression which means the vehicle has been successfully repossessed.
Income - All funds received by someone from whatever source.
Incorporate - The formal process required to form a corporation. Also, to blend something into something else.
Indemnify - To make whole, compensate or reimburse for a some liability.
Indemnity - A contract, or insurance policy that compensates for a particular type of potential loss.
Independent Contractor - One who contracts with another to do a particular piece of work. The contractor works completely under his own control and direction.
Indirect Loan/Lease - A loan or lease made to a borrower by a third party and then sold to a lending institution.
Injunction - A court order requiring a person to do or not do something. This is usually temporary until a full court hearing can be held.
Insolvent - When one cannot pay his debts as they become due, and his debts exceed his assets.
Installment Loan or Note - A promise to pay a specific amount over a specific period of time under certain terms. The principal is paid, together with interest on the unpaid balance until the note is paid in full.
Instrument - Any written document.
Insurable Interest - The person or thing that is being insured. Also, the real dollar value of someone's claim in a particular thing.
Insurance - A contract under which someone pays money to a company that promises to provide certain protection or reimburse him if he suffers a loss for a particular thing or on a particular item.
Insured - The person who will benefit from the terms of an insurance policy.
Insurer - The company providing the insurance coverage.
Interest - An increase or addition over the amount owed paid for the use of the money. The rate of the payment is expressed as a percentage per unit of time.
Interrogatories - Written questions to get factual answers that are addressed to any witness in either side of a lawsuit.
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