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.
The GAP Alliance, a 4-year-old lobbying group that includes captive finance companies, insurance companies and GAP providers, is working to change state laws in at least seven states to have GAP, or Guaranteed Asset Protection, legally redefined so that it is no longer regulated like insurance and so that state laws are consistent.