fag 1. n. Chiefly British. 1. a. A student at a boarding school who is required to perform menial tasks for a student in a higher grade. b.A drudge. 2. Fatiguing or tedious work; drudgery.v. fagged, fagÂ·ging, fags. v. tr.. Chiefly Brit. drudgery; toil. 3. Brit. a younger pupil in a British public school required to perform certain menial tasks for an older pupil. 4. a drudge. 5. to tire or weary by labor (often fol. by out). 6. Brit. to require to do the menial chores of a fag.
GAP Insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.). GAP coverage is mainly used on new and used small vehicles (cars and trucks) and heavy trucks. Some financing companies and lease contracts require it.
If you are leasing a vehicle it is also important to understand gap insurance. The leasing company may require that you have gap insurance to pay the difference between the value on the car and the debt against it. Having the insurance gives the driver the resources to pay the balance of the lease and the residual value of the car if the vehicle is a total loss after an accident. It protects you as the driver but it also protects the leasing company from the high cost if the driver backs out of a leasing agreement after an accident.