Terms Used In Maryland Code > INSURANCE > Title 23 > Subtitle 4 - Cancellation of Insurance Contract Under Power of Attorney

• Contract: A legal written agreement that becomes binding when signed.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}