Terms Used In Arizona Laws > Title 20 > Chapter 6 - Particular Types of Insurance

• Abstract of title: means a written representation that is provided pursuant to a written or oral contract that is intended to be relied on by the person who has contracted for the receipt of the representation. See Arizona Laws 20-1562
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Alternate recipient: means a child of a participant who has a right to enrollment under a group health plan pursuant to a medical child support order. See Arizona Laws 20-1692
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Annuity: means an annuity that is individually solicited, whether the product is classified as an individual or group annuity. See Arizona Laws 20-1243
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicant: means :

  (a) In the case of an individual long-term care insurance policy, the person who seeks to contract for such benefits. See Arizona Laws 20-1691

• Appraisal: A determination of property value.
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized real estate security: means either:

  (a) Any amortized note, bond or other evidence of indebtedness that is secured by both a mortgage, deed of trust or other instrument that constitutes or is equivalent to a first lien or charge on real estate and the balance on any pledged cash account or collateralized guaranty agreement that is contracted for by a parent, blood relative, employer or nonprofit corporation for the benefit of the borrower if all of the following apply:

  (i) The loan amount does not exceed one hundred three per cent of the fair market value of the combined security at the time that the loan is made where any percentage greater than one hundred per cent is used to finance fees and closing costs on the indebtedness. See Arizona Laws 20-1541

• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• basic coverage: means any of the following:

  1. See Arizona Laws 20-1631

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Business of title insurance: shall be deemed to be:

  (a) The making as insurer, guarantor or surety, or proposing to make as insurer, guarantor or surety, of any contract or policy of title insurance. See Arizona Laws 20-1562

• Cancellation: means termination of a policy at a date other than its expiration date. See Arizona Laws 20-1672
• Cash compensation: means any discount, concession, fee, service fee, commission, sales charge, loan, override or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer or intermediary or directly from the consumer. See Arizona Laws 20-1243
• Certificate: means a certificate issued under a group long-term care insurance policy, which has been delivered or issued for delivery in this state. See Arizona Laws 20-1691
• Certificate holder: means the individual named insured group member under a group excess liability insurance policy. See Arizona Laws 20-1491
• Certificate holder: means the individual insured group member. See Arizona Laws 20-1694
• Certificate of insurance: means the certificate of insurance, evidence of coverage or other summary of coverage that is issued to each certificate holder under a group excess liability insurance policy. See Arizona Laws 20-1491
• Child: means an individual who is under eighteen years of age as of the date of the adoption or placement for adoption. See Arizona Laws 20-1692
• Chronically ill individual: means any individual who has been certified by a licensed health care practitioner as meeting the definition of illness established by title III of the health insurance portability and accountability act of 1996 (P. See Arizona Laws 20-1691
• Clerical or support duties: means duties subsequent to the receipt of a residential mortgage loan application, including both of the following:

  (a) The receipt, collection, distribution and analysis of information common for the processing or underwriting of a residential mortgage loan. See Arizona Laws 6-991

• Collateral: means personal property in which a purchase money security interest is retained or that is pledged as security for the satisfaction of a debt. See Arizona Laws 20-1621.01
• Commercial mortgage banker: means a person who engages in the following:

  (a) Originating commercial mortgage loans. See Arizona Laws 6-971

• Commercial mortgage loan: means a loan that is directly or indirectly secured by a mortgage or deed of trust or any lien interest on commercial property and created with the consent of the owner of the commercial property. See Arizona Laws 6-971
• Compensation: means anything of value or any benefit including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. See Arizona Laws 6-971
• Compensation: means commission, service fee, brokerage or any other valuable consideration that is paid to a person as a result of the sale of credit insurance. See Arizona Laws 20-1621.01
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conditional renewal: means a renewal that is conditioned on any of the following:

  (a) A change of limits. See Arizona Laws 20-1491

• Conditional renewal: means a renewal that is conditioned on change of limits, change in type of coverage, reduction or elimination of coverage, increased deductibles or addition of exclusions or increased premiums in excess of ten percent, except for premium increases that are generated as a result of increased exposure units or as a result of experience rating, loss rating, retrospective rating or audit. See Arizona Laws 20-1694
• Consumer credit insurance: means any one or a combination of the following:

  (a) Credit life insurance. See Arizona Laws 20-1603

• Consumer lender: means a person who is licensed pursuant to chapter 5 of this title. See Arizona Laws 6-991
• Consumer profile information: means information that is reasonably appropriate to determine whether a recommendation addresses the consumer's financial situation, insurance needs and financial objectives, including at least the following:

  (a) Age. See Arizona Laws 20-1243

• Contingency reserve: means an additional premium reserve established to protect policyholders against the effect of adverse economic cycles. See Arizona Laws 20-1541
• Continuance: Putting off of a hearing ot trial until a later time.
• Continuing education credit: means one continuing education credit hour as defined in section 20-2901. See Arizona Laws 20-1243
• Continuing education provider: means an individual or entity that is approved to offer continuing education courses pursuant to chapter 18 of this title. See Arizona Laws 20-1243
• Contract: means a contract for the purchase of an annuity. See Arizona Laws 20-1241
• Conviction: A judgement of guilt against a criminal defendant.
• Credit agreement: means a written document that sets forth the terms of a credit transaction and includes the security agreement. See Arizona Laws 20-1621.01
• Credit disability insurance: means insurance on a debtor to provide indemnity for payments becoming due or outstanding on a specific loan or other credit transaction while the debtor has a disability as defined in the policy or certificate. See Arizona Laws 20-1603
• Credit life insurance: means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction that provides for the satisfaction of a debt, in whole or in part, on the death of an insured debtor. See Arizona Laws 20-1603
• Credit property insurance: means a policy of insurance that covers perils to goods purchased through a credit transaction or used as collateral for a credit transaction and that concerns a creditor's interest in the purchased goods or pledged collateral either in whole or in part. See Arizona Laws 20-1621.01
• Credit transaction: means a transaction in which the repayment of money loaned or credit commitment made or payment of goods, services or properties sold or leased is to be made at a future date. See Arizona Laws 20-1621.01
• Credit unemployment insurance: means casualty insurance on a debtor to provide indemnity for payments or debt becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed as defined in the policy. See Arizona Laws 20-1603
• Creditor: means the lender of money or vendor or lessor of goods, services, property, rights or privileges, including a lessor under a lease intended as a security, where payment is arranged through a credit transaction. See Arizona Laws 20-1603
• Creditor: means the lender of money or the vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, or any successor to the right, title or interest of a lender, vendor or lessor and an affiliate, associate or subsidiary of any of them, any director, officer or employee of any of them or any person in any way associated with any of them. See Arizona Laws 20-1621.01
• Creditor-placed insurance: means insurance that:

  (a) A creditor unilaterally purchases after the date of a credit transaction. See Arizona Laws 20-1621.01

• Customer: means a person who purchases portable electronics or services. See Arizona Laws 20-1693
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debtor: means a borrower of money or a person possessing a commitment for a loan of certain funds or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Arizona Laws 20-1603
• Debtor: means the borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Arizona Laws 20-1621.01
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Dependent: A person dependent for support upon another.
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Determinable elements: means elements that are derived from processes or methods that are guaranteed at issue and that are not subject to company discretion, but where the values or amounts cannot be determined until some point after issue. See Arizona Laws 20-1242
• Direct response solicitation: means a solicitation to purchase a policy or contract solely through mail, telephone, the internet or other mass communication media. See Arizona Laws 20-1241
• Direct response solicitation: means any offer by an insurer to persons in this state, either directly or through a third party, to effect life or health insurance coverage which enables the individual to apply or enroll for the insurance on the basis of the offer. See Arizona Laws 20-1661
• Direct solicitation: means personal contact to solicit someone to purchase a policy or contract, but does not include any group meeting held by an insurance producer solely for the purpose of educating or enrolling individuals or when initiated by an individual member of a group assisting the individual with selection of investment options offered by a single insurer in connection with enrolling that individual. See Arizona Laws 20-1241
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Division: means the financial institutions division within the department. See Arizona Laws 6-101
• Dual interest insurance: means a credit personal property insurance covering a seller's or creditor's interest and at least partially the borrower's interest in the goods purchased through the credit transaction or pledged as collateral for the credit transaction. See Arizona Laws 20-1621.01
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Enrolled customer: means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. See Arizona Laws 20-1693
• Enterprise: means any person under the jurisdiction of the department other than a financial institution. See Arizona Laws 6-101
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Excess liability insurance: means liability insurance, as prescribed in section 20-252, paragraph 1, that provides excess coverage after the certificate holder's primary liability insurance limits have been exhausted. See Arizona Laws 20-1491
• Excess uninsured or underinsured liability: means damages for bodily injury, personal injury or property damage that the certificate holder or an immediate family member of the certificate holder is legally entitled to receive from an uninsured or underinsured negligent person. See Arizona Laws 20-1491
• Executor: A male person named in a will to carry out the decedent
• Existing insurer: means the insurer whose policy or contract is or will be replaced. See Arizona Laws 20-1241
• Existing policy or contract: means a policy or contract that is in force and includes a policy under a binding or conditional receipt and a policy or contract that is within an unconditional refund period. See Arizona Laws 20-1241
• Experience: means earned premiums and incurred losses during the experience period. See Arizona Laws 20-1621.01
• Experience period: means the most recent period of time for which earned premiums and incurred losses are reported, not to exceed a period of three years. See Arizona Laws 20-1621.01
• Expiration date: means the date on which coverage under a policy ends as set forth in the policy. See Arizona Laws 20-1672
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal banking agency: means the board of governors of the federal reserve system, the comptroller of the currency, the director of the office of thrift supervision, the national credit union administration or the federal deposit insurance corporation. See Arizona Laws 6-991
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Financed purchase: means the purchase of a new policy involving the actual or intended use of monies obtained by the withdrawal or surrender of, or by borrowing from values of, an existing policy to pay all or part of any premium due on the new policy. See Arizona Laws 20-1241
• Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
• FINRA: means the financial industry regulatory authority or a succeeding agency. See Arizona Laws 20-1243
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Generally accepted accounting principles: means United States generally accepted accounting principles issued by the financial accounting standards board or the international financial reporting standards issued by the international accounting standards board. See Arizona Laws 6-971
• Generic name: means a short title descriptive of the annuity contract being applied for or illustrated such as "single premium deferred annuity". See Arizona Laws 20-1242
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Gross debt: means the sum of the remaining payments that a debtor owes a creditor. See Arizona Laws 20-1603
• Gross debt: means the sum of the remaining payments owed to a creditor by a debtor, including compensation, finance charges, interest or any other charges. See Arizona Laws 20-1621.01
• Group: means any of the following:

  (a) One or more employers or labor organizations, or a trust or the trustees of a fund established by one or more employers or labor organizations for employees or former employees or members or former members of the labor organization. See Arizona Laws 20-1691

• Group excess liability insurance: means excess liability insurance that is issued on a group basis and that covers groups of persons as prescribed in this article. See Arizona Laws 20-1491
• Group health plan: means a plan covering employees of an employer as defined in section 607(1) of the employee retirement income security act of 1974. See Arizona Laws 20-1692
• Group long-term care insurance: means a long-term care insurance policy that is delivered or issued for delivery in this state to a group. See Arizona Laws 20-1691
• Group policyholder: means those groups identified in section 20-1492, subsection D to which a group excess liability insurance policy may be issued. See Arizona Laws 20-1491
• Group policyholder: means those groups described in Section 20-1694. See Arizona Laws 20-1694
• Guaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, noninterest based credits, charges, or elements of formulas used to determine any of these, that are guaranteed and determined at issue. See Arizona Laws 20-1242
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Identifiable charge: means a charge for a type of consumer credit insurance that is made to debtors having that insurance and not made to debtors not having the insurance, and that includes a charge for insurance that is disclosed in the credit or other instrument furnished to the debtor that states the financial elements of the credit transaction and any difference in the finance, interest, service or other similar charge made to debtors in like circumstances except for the insured or noninsured status of the debtor or of the property used as security for the credit transaction. See Arizona Laws 20-1603
• Identity theft group insurance: means a form of identity theft insurance covering groups of persons as prescribed in this article. See Arizona Laws 20-1694
• Identity theft insurance: means insurance against losses and expenses resulting from a stolen identity event. See Arizona Laws 20-1694
• Illustration: means a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years. See Arizona Laws 20-1241
• Immediate family member: means a spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild or stepsibling whether related by adoption or blood. See Arizona Laws 6-991
• Immediate family member: includes any of the following:

  (a) The certificate holder's spouse or domestic partner. See Arizona Laws 20-1491

• Incurred losses: means total claims paid during the experience period plus any change in claim and claim adjustment expense reserves and claim adjustment experiences. See Arizona Laws 20-1621.01
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• insured: as used in this article shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein. See Arizona Laws 20-1370
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intermediary: means an entity that is contracted directly with an insurer or with another entity that is contracted with an insurer to facilitate the sale of the insurer's annuities by producers. See Arizona Laws 20-1243
• Issued on a group basis: means the issuance of a master policy to a group policyholder, with certificates of insurance issued to certificate holders, solely for the benefit of persons other than the group policyholder. See Arizona Laws 20-1491
• Judgment: means either:

  (a) A final judgment in a court of competent jurisdiction. See Arizona Laws 6-991

• Judgment debtor: means any defendant under this article who is the subject of a judgment. See Arizona Laws 6-991
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under this article. See Arizona Laws 6-991
• Licensed health care practitioner: means any physician licensed pursuant to Title 32, Chapter 13 or 17, any registered nurse or registered nurse practitioner licensed pursuant to Title 32, Chapter 15 or any other individual who meets the requirements prescribed by the United States secretary of the treasury. See Arizona Laws 20-1691
• Licensee: means a person who is licensed under this article. See Arizona Laws 6-971
• Licensee: means a person licensed under this article. See Arizona Laws 6-991
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Loan: means an advance or commitment of certain funds pursuant to a repayment agreement. See Arizona Laws 20-1603
• Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person who is licensed or who is exempt from licensure under article 1 or 2 of this chapter. See Arizona Laws 6-991
• Location: means any physical location in this state or any website, call center site or similar location directed to residents of this state. See Arizona Laws 20-1693
• Long-term care insurance: means an individual or group insurance policy or rider issued by insurers, fraternal benefit societies, nonprofit health, hospital and medical service corporations, prepaid health plans, health care services organizations or any similar organization and advertised, marketed, offered or designed to provide coverage for each covered person on an expense-incurred, indemnity, prepaid or other basis for one or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, personal or custodial care services provided in a setting other than an acute care unit of a hospital. See Arizona Laws 20-1691
• Loss ratio: means incurred losses divided by the sum of earned premiums. See Arizona Laws 20-1621.01
• Maintenance or personal care services: means any care the primary purpose of which is to provide assistance needed with any disability that results in the individual being a chronically ill individual, including the protection from threats to health and safety due to severe cognitive impairment. See Arizona Laws 20-1691
• Mass marketed life or health insurance: means insurance under any franchise, group or blanket policy of life or health insurance which is offered by means of direct response solicitation through a sponsoring organization or through the mails or other mass communications media and under which the person who is insured pays all or substantially all of the cost of his insurance. See Arizona Laws 20-1661
• Minimum policyholder position: means the amount computed pursuant to section 20-1550. See Arizona Laws 20-1541
• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage banker: means a person who is licensed pursuant to article 2 of this chapter. See Arizona Laws 6-991
• Mortgage broker: means a person who is licensed pursuant to article 1 of this chapter. See Arizona Laws 6-991
• Mortgage guaranty insurance: means insurance against financial loss by reason of nonpayment of:

  (a) Principal, interest or other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real estate if the improvement on such real estate is a residential building or a condominium unit or buildings designed for occupancy by not more than four families. See Arizona Laws 20-1541

• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• motor vehicle: means a licensed land, motor-driven vehicle but does not mean:

  1. See Arizona Laws 20-1631

• Negligent person: means a natural person who is identifiable by legal name, who is not an immediate family member of the certificate holder and who is legally responsible for any damages that were sustained by the certificate holder or the certificate holder's immediate family member and that were caused by an accident or offense to which the group excess liability insurance policy applies. See Arizona Laws 20-1491
• Net debt: means the amount necessary to liquidate a debt in a single lump sum payment, excluding all unearned interest and other unearned finance charges. See Arizona Laws 20-1603
• Net retained liability: means the total liability retained by a title insurer under any policy or contract of insurance, or under a single insurance risk as defined in or computed in accordance with paragraph 7, after the purchase of reinsurance. See Arizona Laws 20-1562
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Noncash compensation: means any form of compensation that is not cash compensation, including health insurance, office rent, office support and retirement benefits. See Arizona Laws 20-1243
• Nonguaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, noninterest based credits, charges, or elements of formulas used to determine any of these, that are subject to company discretion and that are not guaranteed at issue. See Arizona Laws 20-1242
• Nonguaranteed elements: means the premiums, credited interest rates including any bonus, benefits, values, dividends, noninterest based credits, charges or elements of formulas used to determine any of these that are subject to company discretion and are not guaranteed at issue. See Arizona Laws 20-1243
• Nonpayment of premium: means the failure or inability of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance subject to this article, whether the payments are payable directly to the insurer or its agent or payable through a premium finance plan or extension of credit. See Arizona Laws 20-1672
• Nonrecording insurance: means insurance that protects a creditor if the creditor suffers a loss as a result of its failure to perfect its security interest in collateral by failure to file a lien or record a security interest in the collateral as required by law for perfection of a security interest. See Arizona Laws 20-1621.01
• Nonrenewal: means termination of a policy at its expiration date. See Arizona Laws 20-1672
• 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.
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• 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.
• personal or controlled insurance: means a policy of title insurance where the insured or one of the insureds under such policy is, or the loss thereunder is payable to:

  1. See Arizona Laws 20-1587

• Personal property: All property that is not real property.
• Personal property: means all tangible property not classified as real property. See Arizona Laws 20-1621.01
• Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
• Placement for adoption: means the assumption and retention by a person of a legal obligation for total or partial support of a child in anticipation of adoption of the child. See Arizona Laws 20-1692
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Policy: means a policy, contract, endorsement, binder, certificate or evidence of credit property insurance, by whatever name called, and includes all attached or incorporated clauses, endorsements and papers. See Arizona Laws 20-1621.01
• Policy: means an individual or group policy, contract, subscriber agreement, rider or endorsement delivered or issued for delivery in this state by an insurer, fraternal benefit society, nonprofit health, hospital or medical service corporation, prepaid health plan or health care services organization or any similar organization. See Arizona Laws 20-1691
• Policy summary: means a description of a policy or contract that meets the requirements in Section 20-1241. See Arizona Laws 20-1241
• Policyholder position: means the contingency reserve prescribed in section 20-1556 and surplus as regards policyholders. See Arizona Laws 20-1541
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Portable electronics: means personal, self-contained, easily carried by an individual, battery-operated electronic communication, viewing, listening, recording, gaming, computing or global positioning devices, including cell or satellite phones, pagers, personal global positioning satellite units, portable computers, portable audio listening devices, video viewing or recording devices, digital cameras, video camcorders, portable gaming systems, docking stations, automatic answering devices and other similar devices and the devices' accessories. See Arizona Laws 20-1693
• Preexisting condition: means a condition for which medical advice or treatment was recommended by or received from a health care services provider within six months before the effective date of coverage of an insured person. See Arizona Laws 20-1691
• Private passenger motor vehicle: means any vehicle that is rated or insured under a family automobile policy, standard automobile policy, personal automobile policy or similar private passenger automobile policy written for personal use, including use by an insured of a motor vehicle in the course of the insured's volunteer work for a tax-exempt organization as described in section 501(c)(3) of the internal revenue code, as opposed to a motor vehicle rated or insured under a commercial automobile policy. See Arizona Laws 20-117
• Producer: means a person or entity that receives a commission for insurance written or that, on behalf of an insurer or creditor, solicits, negotiates, effects, procures, delivers, renews, continues or binds credit insurance to which this article applies. See Arizona Laws 20-1621.01
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Qualified long-term care insurance contract: means :

  (a) Any insurance policy that meets the requirements of section 7702B(b) of the internal revenue code of 1986, as amended. See Arizona Laws 20-1691

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Registered loan originator: means any individual who is both of the following:

  (a) A loan originator who is registered with and maintains a unique identifier through the nationwide mortgage licensing system and registry established by the secure and fair enforcement for mortgage licensing act of 2008 (P. See Arizona Laws 6-991

• replacement: means a transaction in which a new policy or contract is to be purchased and it is known or should be known to the proposing insurance producer, or to the proposing insurer if there is no insurance producer, that by reason of the transaction an existing policy or contract has been or is to be:

  (a) Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer or otherwise terminated. See Arizona Laws 20-1241

• Replacement: means a transaction in which a new annuity is to be purchased and it is known or should be known to the proposing producer or to the proposing insurer, whether or not a producer is involved, that by reason of the transaction, an existing annuity or other insurance policy has been or is to be any of the following:

  (a) Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer or otherwise terminated. See Arizona Laws 20-1243

• Replacing insurer: means the insurer that issues or proposes to issue a new policy or contract that replaces an existing policy or contract or is a financed purchase. See Arizona Laws 20-1241
• residential mortgage loan: means a loan for personal family or household use that is secured by a mortgage, deed of trust or other equivalent consensual security interest on a dwelling, as defined in the truth in lending act (15 United States Code § 1602(v)), or residential real estate on which a dwelling is constructed or intended to be constructed. See Arizona Laws 6-991
• Residential mortgage loan servicer: means any person who does either of the following:

  (a) On behalf of the noteholder, collects or receives payments, including payments of principal, interest, escrow monies and other monies due, on obligations due and owing to the noteholder pursuant to a residential mortgage loan. See Arizona Laws 6-991

• Residential real estate: means any property that is located in this state and on which a dwelling is constructed or intended to be constructed. See Arizona Laws 6-991
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Sales material: means a sales illustration and any other written, printed or electronically presented information that is created, completed or provided by an insurer or insurance producer, that is used in the presentation to the policy or contract owner and that is related to the policy or contract purchased. See Arizona Laws 20-1241
• SEC: means the United States securities and exchange commission. See Arizona Laws 20-1243
• sent: means to deliver by United States mail, personal delivery or fax or by electronic means consistent with the requirements of section 20-239. See Arizona Laws 20-117
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Severe cognitive impairment: means an impairment determined by a licensed health care practitioner as meeting the definition of an impairment as established by title III of the health insurance portability and accountability act of 1996 (P. See Arizona Laws 20-1691
• Single insurance risk: means the insured amount of any policy or contract of title insurance issued by a title insurer unless two or more policies or contracts are simultaneously issued on different estates in identical real property, in which event, it means the sum of the insured amounts of all such policies or contracts, except that any such policy or contract that insures a mortgage interest or a vendor's interest that is excepted in a fee or leasehold policy or contract, and which does not exceed the insured amount of such fee or leasehold policy or contract, shall be excluded in computing the amount of a single insurance risk. See Arizona Laws 20-1562
• Single interest insurance: means credit property insurance covering only a seller's or creditor's interest in the goods purchased through the credit transaction or pledged as collateral in the credit transaction. See Arizona Laws 20-1621.01
• Statute: A law passed by a legislature.
• Stolen identity event: includes the theft, accidental release, publication or misappropriation of information related to an individual's personal identification or social security number or other method of identifying the individual that results in or could reasonably result in the wrongful use of the information. See Arizona Laws 20-1694
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Supervising entity: means a business entity that is a licensed insurer or insurance producer and that is authorized by an insurer to supervise the administration of a portable electronics insurance policy. See Arizona Laws 20-1693
• Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
• Title insurance agent: means a domestic or foreign stock corporation or limited liability company authorized in writing by a title insurer to solicit insurance and collect premiums and to issue or countersign policies in its behalf, except that the term "title insurance agent" shall not include officers or salaried employees of any title insurer authorized to do a title insurance business within this state. See Arizona Laws 20-1562
• Title insurance plant: means a set of records in which an entry has been made of all documents or matters which under the law impart constructive notice of matters affecting title to real property or any interest therein or encumbrance thereon and which have been filed or recorded in the county for which such title plant is maintained for a period of not less than the immediately preceding twenty years. See Arizona Laws 20-1562
• Title insurance policy: means a written instrument or contract by means of which title insurance liability is accepted. See Arizona Laws 20-1562
• Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562
• to renew: means the issuance of or the offer to issue by an insurer a policy succeeding a policy previously issued and delivered by the same insurer or an insurer within the same group of insurers or the issuance of a certificate or notice extending the term of an existing policy for a specified period beyond its expiration date. See Arizona Laws 20-1672
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Unique identifier: means the number assigned to the loan originator by the nationwide mortgage licensing system and registry or its successor or as the term is used under the secure and fair enforcement for mortgage licensing act of 2008 (P. See Arizona Laws 6-991
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Vendor: means a business in the business of engaging in portable electronics transactions directly or indirectly. See Arizona Laws 20-1693
• Volunteer work: means work performed without compensation other than reimbursement of actual expenses incurred, or disbursement of meals or other incidental benefits. See Arizona Laws 20-117
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writ: means an order or precept in writing issued in the name of the state or by a court or judicial officer. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215