1:24 p.m. - 2006-03-07
Lawsuit Loan Dictionary/Definitions
Beacon Legal Finance has expanded our first of its kind lawsuit loan dictionary to help consumers better understand the technical aspects of lawsuit loans. In a lawsuit loan, a plaintiff receives a cash advance in exchange for paying a portion of the future cash proceeds of the plaintiff’s legal settlement. To understand this new type of consumer finance, plaintiffs need to be familiar with the terminology in both the legal and financial fields, but until now have been unable to find a single dictionary on the Internet that explained concepts and terms for both the law and finance. To make the growing litigation finance market more transparent, Beacon Legal Finance has developed and updated a free lawsuit loan dictionary as a service to the consumer. A plaintiff may access the lawsuit loan dictionary at the following link: http://www.legalfundingdictionary.com/

Here is a sample of the new terms added to the lawsuit loan dictionary:

Imputed Liability, noun (1) Sometimes called "vicarious liability", imputed liability is the attachment of responsibility to a person for harm or damages caused by another person in a negligence lawsuit. For example, an employer of an employee who injures someone through negligence while in the scope of employment (doing work for the employer) is vicariously liable for damages to the injured person. Lawsuit loan example: if a plaintiff wants to receive a lawsuit loan, the plaintiff’s attorney will have to inform the lawsuit loan company of any defendants with imputed liability in the case, such as the employer of a defendant if the accident occurred when the defendant was working. See lawsuit funding, lawsuit loan, liability, lawsuit cash advance and pre settlement funding.

Insurance Declaration Page, noun (1) a page in the insurance policy that states the terms of the insurance including any insurance limits. Lawsuit loan example: to receive a lawsuit loan, the plaintiff’s attorney should provide the lawsuit loan company with a copy of the defendant’s insurance declaration page to determine the insurance limits of the insurance policy. See lawsuit loan, insurance, lawsuit cash advance, pre settlement funding and lawsuit funding.

Interest, noun (1) fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal. The rate is usually dependent upon the time value of money, the quality of the collateral, credit risk of the borrower, and the inflation rate. Also called interest rate. Lawsuit loan example: when determining the interest rate for a lawsuit loan, the lawsuit loan company does not take into account the credit risk of the borrower. See lawsuit cash advance, lawsuit funding, interest rate, pre settlement funding and lawsuit loan.

Beacon Legal Finance is a leader in the litigation finance industry. Beacon Legal Finance is an affiliate of Lawsuit Cash Advance and is found at www.beaconlegal.com. For questions about pre-settlement funding (also known as a lawsuit loan, lawsuit funding or lawsuit cash advance), call toll free 1-800-781-0777.

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