Arizona Laws 20-281. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 20-281
- Business entity: means any corporation, association, partnership, limited liability company, limited liability partnership or other legal entity except an individual or sole proprietorship. See Arizona Laws 20-281
- 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.
- Health or sickness insurance: means disability insurance as defined in section 20-253. See Arizona Laws 20-281
- Home state: means the District of Columbia and any state or territory of the United States in which:
(a) An individual insurance producer maintains a principal place of residence or principal place of business and is licensed to act as a resident insurance producer. See Arizona Laws 20-281
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Insurance producer: means a person required to be licensed under this article to sell, solicit or negotiate insurance. See Arizona Laws 20-281
- Limited line credit insurance: means any form of insurance that is offered in connection with an extension of credit and that is limited to partially or wholly extinguishing that credit obligation, including credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed asset or automobile protection insurance and any other form of insurance that is offered in connection with an extension of credit, that is limited to partially or wholly extinguishing that credit obligation and that the director determines should be designated a form of limited line credit insurance. See Arizona Laws 20-281
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract if the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See Arizona Laws 20-281
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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.
- Person: means an individual or a business entity. See Arizona Laws 20-281
- Property: includes both real and personal property. See Arizona Laws 1-215
- Resident: means a person whose home state is Arizona and who does not hold a resident insurance producer license in another state or territory of the United States or in the District of Columbia. See Arizona Laws 20-281
- Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See Arizona Laws 20-281
- Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company. See Arizona Laws 20-281
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. "Business entity" means any corporation, association, partnership, limited liability company, limited liability partnership or other legal entity except an individual or sole proprietorship.
2. "Designated producer" means the individual insurance producer that a business entity designates pursuant to section 20-285, subsection C, paragraph 3 as the individual responsible for the business entity’s compliance with the insurance laws of this state.
3. "Health or sickness insurance" means disability insurance as defined in section 20-253.
4. "Home state" means the District of Columbia and any state or territory of the United States in which:
(a) An individual insurance producer maintains a principal place of residence or principal place of business and is licensed to act as a resident insurance producer.
(b) A business entity insurance producer maintains its principal place of business and is licensed to act as a resident insurance producer.
5. "Insurance producer" means a person required to be licensed under this article to sell, solicit or negotiate insurance.
6. "Limited line credit insurance" means any form of insurance that is offered in connection with an extension of credit and that is limited to partially or wholly extinguishing that credit obligation, including credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed asset or automobile protection insurance and any other form of insurance that is offered in connection with an extension of credit, that is limited to partially or wholly extinguishing that credit obligation and that the director determines should be designated a form of limited line credit insurance.
7. "Limited line insurance" means limited line credit insurance, limited line crop insurance, limited lines travel insurance under section 20-3553 and any other line of insurance that the director deems necessary to recognize for the purposes of complying with section 20-287, subsection C, paragraph 2.
8. "Major line insurance" means life insurance, accident and health or sickness insurance, property insurance, casualty insurance, personal lines insurance and variable insurance contracts, as described in section 20-286.
9. "Member" means, if used in reference to a business entity, a person that holds an ownership interest in the business entity, excluding any interest in publicly traded securities and any interest of less than ten percent of the voting rights.
10. "Negotiate" means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract if the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers.
11. "Nonresident" means a person whose home state is not Arizona.
12. "Person" means an individual or a business entity.
13. "Resident" means a person whose home state is Arizona and who does not hold a resident insurance producer license in another state or territory of the United States or in the District of Columbia.
14. "Sell" means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer.
15. "Solicit" means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company.