Minnesota Statutes 72C.04 – Definitions
Subdivision 1.Scope.
For purposes of sections 72C.01 to 72C.13, the following terms shall have the meanings given them.
Subd. 2.Commissioner.
Terms Used In Minnesota Statutes 72C.04
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Terms Used In Minnesota Statutes 72C.04
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
“Commissioner” means the commissioner of commerce or a designated agent.
Subd. 3.Flesch scale analysis readability score.
“Flesch scale analysis readability score” means a measurement of the ease of readability of a policy or contract made pursuant to the procedures prescribed in section 72C.09.
Subd. 4.Insurance policy or contract; policy.
“Insurance policy or contract” or “policy” means any written agreement within the scope of sections 72C.01 to 72C.13 whereby one person, for consideration, undertakes to indemnify another person or persons to a specified amount against loss or damages from specified causes, or to do some act of value to the insured in case of specified loss or damage. The agreements specifically include a nonprofit health service plan subscriber contract under chapter 62C, a health maintenance contract under chapter 62D, and a membership certificate in a fraternal benefit society under chapter 64B.
Subd. 5.Insurer.
“Insurer” means every person entering insurance policies or contracts as a principal.
Subd. 6.Legible type.
“Legible type” means a type face at least as large as ten-point modern type, one point leaded.
Subd. 7.Person.
“Person” means any individual, corporation, partnership, association, business trust or voluntary organization.