Explain GAP.

Question

Explain GAP.

Accepted Answer

GAP stands for Guaranteed Asset Protection, a type of insurance that covers the difference between the actual cash value of a vehicle and the balance still owed on the loan.

GAP insurance is typically purchased for new vehicles to protect against depreciation.
It is often offered by lenders or dealerships as an add-on to auto insurance policies.
In the event of a total loss or theft of the vehicle, GAP insurance covers the 'gap' between what the insurance company pays out and what is still owed on the loan.
For example, if a car is totaled and the insurance payout is $20,000 but the remaining loan balance is $25,000, GAP insurance would cover the $5,000 difference.

Accepted Answer

There Was No Gap, I hace Completed my MBA Exma In November and In December i Have Join The previous Company

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Explain GAP.

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