Arizona Laws > Title 6 > Chapter 9 – Mortgage Brokers, Mortgage Bankers and Loan Originators

		Sections
Article 1	Mortgage Brokers	6-901 – 6-913
Article 2	Mortgage Bankers	6-941 – 6-949
Article 3	Commercial Mortgage Bankers	6-971 – 6-985
Article 4	Loan Originators	6-991 – 6-991.22

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Terms Used In Arizona Laws > Title 6 > Chapter 9 - Mortgage Brokers, Mortgage Bankers and Loan Originators

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
Account: means any one of the three accounts within the Arizona property and casualty insurance guaranty fund. See Arizona Laws 20-661
Account: means any of the three accounts established pursuant to section 20-683. See Arizona Laws 20-681
Accredited state: means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards that are adopted and established by the national association of insurance commissioners. See Arizona Laws 20-487
Act: means a bodily movement. See Arizona Laws 13-105
Actuarial opinion: means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items that is based on an asset adequacy analysis conducted pursuant to Section 20-696. See Arizona Laws 20-696.01
Actuarial standards board: means the board that is established by the American academy of actuaries to develop and promulgate actuarial standards of practice. See Arizona Laws 20-696.01
Actuary: means a person who is a member in good standing of the American academy of actuaries. See Arizona Laws 20-486
Adequate provocation: means conduct or circumstances sufficient to deprive a reasonable person of self-control. See Arizona Laws 13-1101
Administrative fee: means a fixed amount paid by a corporation on a periodic basis to a contracted attorney for the contracted attorney's overhead and administrative costs. See Arizona Laws 20-1097
Administrator: means any person who collects charges or premiums from or paid on behalf of, or who adjusts or settles claims by, residents of this state in connection with life or health insurance coverage or annuities other than any of the following:
(a) An employer on behalf of the employer's employees or the employees of one or more subsidiary or affiliated corporations of the employer. See Arizona Laws 20-485
Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
affiliated: means a person who directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with a specified person. See Arizona Laws 20-485
Agency captive insurer: means a captive insurer that is owned by one or more business entities that are licensed in any state as insurance producers or managing general agents and that only insure risks on policies placed through their owners. See Arizona Laws 20-1098
Agricultural pilot program: means the industrial hemp program that is designed to research the growth, cultivation and marketing of industrial hemp, hemp seeds and hemp products as authorized by this article and rules and orders adopted by the director pursuant to this article. See Arizona Laws 3-311
Alien captive insurer: means any insurer that is formed to write insurance business for its affiliates and that is licensed pursuant to the laws of an alien jurisdiction that imposes statutory or regulatory standards that are acceptable to the director on companies transacting the business of insurance in such a jurisdiction. See Arizona Laws 20-1098
ALIRT agreement: means the Arizona livestock incident response team agreement established between the department and a university under the jurisdiction of the Arizona board of regents. See Arizona Laws 3-2601
Allegation: something that someone says happened.
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
Amortization: Paying off a loan by regular installments.
Ancillary state: means any state other than a domiciliary state. See Arizona Laws 20-611
Annual statement: means the statement that an insurer annually files with the director pursuant to section 20-223. See Arizona Laws 20-696.01
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
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
Appointed actuary: means an individual who is appointed or retained pursuant to Section 20-696. See Arizona Laws 20-696.01
Appraisal: A determination of property value.
Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
aquaculture facility: means the controlled propagation, growth and harvest of aquatic animals or plants, including fish, amphibians, shellfish, mollusks, crustaceans, algae and vascular plants. See Arizona Laws 3-2901
Aquatic products: means aquatic animals and plants, or their by-products, that are produced, grown, managed, harvested or marketed. See Arizona Laws 3-2901
Aquatic wildlife: means amphibians, fish, mollusks, crustaceans and soft shelled turtles found in a state of nature. See Arizona Laws 3-2901
Asset adequacy analysis: means an analysis that meets the standards and other requirements prescribed pursuant to Section 20-696. See Arizona Laws 20-696.01
Assistant director: means the assistant director of the office of agricultural safety in the Arizona department of agriculture. See Arizona Laws 3-3101
Associate director: means the associate director of the division. See Arizona Laws 3-2901
Associate director: means the associate director of the animal services division of the Arizona department of agriculture. See Arizona Laws 3-2661
Association: means any lawfully formed association of individuals or business entities that has been in existence for at least one year and that is organized for a primary purpose other than procuring or providing insurance for its members. See Arizona Laws 20-1098
Association captive insurer: means a captive insurer that is completely under the direct or indirect voting control of an association. See Arizona Laws 20-1098
Association or order: means any association or order that is a nonprofit military mutual aid association, whose members are officers or enlisted, regular or reserve, active, retired or honorably discharged members of the armed forces or sea services of the United States, and whose principal purpose is to provide life insurance and annuities to its members and their dependents or beneficiaries. See Arizona Laws 20-861
Attorney: as used in this article refers to the attorney-in-fact of a reciprocal insurer. See Arizona Laws 20-767
Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
Authorized: means , when used in the context of assessments pursuant to this article, an assessment for a specified amount approved by the board of directors to be called immediately or in the future from member insurers. See Arizona Laws 20-681
Authorized control level event: means any of the following events:
(a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is more than or equal to its mandatory control level RBC but less than its authorized control level RBC. See Arizona Laws 20-488
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
Balanced budget: A budget in which receipts equal outlays.
Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
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}
Benefit contract: means an agreement for the provision of benefits. See Arizona Laws 20-861
Benefit member: means an adult who is a member of a fraternal benefit society and who is designated by the laws or rules of the society to be a benefit member under a benefit contract. See Arizona Laws 20-861
Board: means the board of directors of a converting mutual insurer. See Arizona Laws 20-482
Board: means the guaranty fund board. See Arizona Laws 20-661
Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
Branch business: means any insurance business that is transacted by a branch captive insurer in this state. See Arizona Laws 20-1098
Branch captive insurer: means an alien captive insurer or a foreign captive insurer that establishes a business unit with a principal place of business in this state and that is licensed pursuant to this chapter to transact the business of insurance through the business unit. See Arizona Laws 20-1098
Branch operations: means any business operations of a branch captive insurer in this state. See Arizona Laws 20-1098
Brand: means the term, design or trademark and other specific designation under which an individual commercial feed is distributed in this state. See Arizona Laws 3-2601
Business entity: means any legal entity other than an individual or sole proprietorship. See Arizona Laws 20-1098
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
Called: means , when used in the context of assessments pursuant to this article, an authorized assessment for which a notice has been issued by the fund to member insurers requiring payment within the time set forth in the notice. See Arizona Laws 20-681
Cancellation: means termination of a policy at a date other than its expiration date. See Arizona Laws 20-1672
Captive insurer: means any pure captive insurer, agency captive insurer, group captive insurer or protected cell captive insurer that is domiciled in this state and that is formed and licensed under this article. See Arizona Laws 20-1098
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 document that is issued as written evidence of the benefit contract. See Arizona Laws 20-861
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
CGAD: means a confidential report that is filed by the insurer or insurance group and that is made in accordance with the requirements of this article. See Arizona Laws 20-492
Charges: means cost sharing requirements, including applicable coinsurance, copayments, deductibles or other amounts payable by an insured under the terms of an insurance contract. See Arizona Laws 20-485
Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
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 feed: means all materials, except whole seeds unmixed or physically altered entire unmixed seeds, that are distributed for use as feed or for mixing in feed. See Arizona Laws 3-2601
Commercial mortgage banker: means a person who engages in the following:
(a) Originating commercial mortgage loans. See Arizona Laws 6-971
Commercial mortgage broker: means a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a commercial mortgage loan. See Arizona Laws 6-901
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 that is created with the consent of the owner of the commercial property. See Arizona Laws 6-901
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
Commercial property: means real property that is not a residential dwelling of one to four units. See Arizona Laws 6-901
Commercial property: means real estate that is located in this state and that is not used for a one to four family residence. See Arizona Laws 6-971
Commodity contract: means :
(i) A contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a board of trade or contract market under the commodity exchange act or a board of trade outside the United States. See Arizona Laws 20-611
Commodity exchange act: means the federal commodity exchange act (7 United States Code chapter 1). See Arizona Laws 20-611
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Community supervision: means that portion of a felony sentence that is imposed by the court pursuant to section 13-603, subsection I and that is served in the community after completing a period of imprisonment or served in prison in accordance with Section 41-1604. See Arizona Laws 13-105
Company: means an insurer, fraternal benefit society or reinsurer that is subject to this article pursuant to section 20-696. See Arizona Laws 20-696.01
Company action level event: means any of the following:
(a) The filing of an RBC report by an insurer indicating either that:
(i) The insurer's total adjusted capital is more than or equal to its regulatory action level RBC but less than its company action level RBC. See Arizona Laws 20-488
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 6-901
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 6-941
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
Conduct: means an act or omission and its accompanying culpable mental state. See Arizona Laws 13-105
Consumer: means a buyer other than for purposes of resale of any consumer product, any person to whom the product is transferred during the duration of an implied or written warranty or service contract applicable to the product and any other person who is entitled by the terms of the warranty or service contract or under applicable federal or state law to enforce against the warrantor or issuer of the service contract the obligations of the warranty or service contract. See Arizona Laws 20-1096
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 product: means any property that is distributed in commerce, that is normally used for personal, family or household purposes, including any such property intended to be attached to or installed in any real property without regard to whether it is so attached or installed, and that becomes part of the intended usefulness of real property or that is typically transferred with real property as an integral functioning utility appliance or system. See Arizona Laws 20-1095
Consumer product: means any tangible personal property which is distributed in commerce and which is normally used solely for personal, family or household purposes including any such property intended to be attached to or installed in any real property without regard to whether it is so attached or installed. See Arizona Laws 20-1096
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
Container: means any restrictive enclosure used to contain aquatic products for handling, packing or shipping. See Arizona Laws 3-2901
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
Contractual obligation: means an obligation under a covered policy or contract for which coverage is provided pursuant to this article. See Arizona Laws 20-681
Control: means the direct or ultimate possession of the power to direct or cause the direction of the management and policies of a person whether through voting rights, contracts, other than commercial contracts for goods or nonmanagement services, or otherwise, unless the power is the result of an official position or corporate office. See Arizona Laws 20-485
Controlled insurer: means a licensed insurer who is controlled by a producer. See Arizona Laws 20-487
Controlled unaffiliated business: means an individual or business entity that satisfies all of the following:
(a) Is not an affiliate of the captive insurer providing coverage or reinsurance. See Arizona Laws 20-1098
controlling: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See Arizona Laws 20-481
Controlling person: means a person, firm, association or corporation that directly or indirectly has the power to direct or cause to be directed the management, control or activities of the reinsurance intermediary. See Arizona Laws 20-486
Controlling producer: means a producer who controls, directly or indirectly, an insurer. See Arizona Laws 20-487
Conversion: means a process by which a domestic mutual insurer is converted to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
Converted stock insurer: means a domestic stock insurer into which a domestic mutual insurer is converted as part of a reorganization. See Arizona Laws 20-482
Converting mutual insurer: means a domestic mutual insurer that is converting to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
Conviction: A judgement of guilt against a criminal defendant.
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.
corporation: means any corporation organized for the purpose of selling prepaid legal insurance contracts in this state or any insurer licensed pursuant to this title. See Arizona Laws 20-1097
Corrective order: means an order that is issued by the director and that specifies corrective actions that the director has determined are required. See Arizona Laws 20-488
Court: means , unless the context otherwise requires, the judge of the superior court assigned to the delinquency proceeding. See Arizona Laws 20-611
Covered claim: means an unpaid claim, including one for unearned premium, which arises out of and is within the coverage of an insurance policy to which this article applies issued by an insurer, if such insurer becomes an insolvent insurer after August 27, 1977 and the claimant or insured is a resident of this state at the time of the insured event or the property from which the claim arises is permanently located in this state. See Arizona Laws 20-661
covered policy: means a policy or contract or part of a policy or contract for which coverage is provided pursuant to this article. See Arizona Laws 20-681
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 and disability reinsurer: means a domestic life and disability reinsurer that reinsures only credit life insurance or credit disability insurance that is issued according to chapter 6, article 10 of this title by an insurer that is authorized to transact insurance in this state, as certified in a form prescribed by the director and reaffirmed annually in conjunction with the annual statement filed pursuant to section 20-223. See Arizona Laws 20-1082
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
Crime: means a misdemeanor or a felony. See Arizona Laws 13-105
Criminal negligence: means , with respect to a result or to a circumstance described by a statute defining an offense, that a person fails to perceive a substantial and unjustifiable risk that the result will occur or that the circumstance exists. See Arizona Laws 13-105
Crop: means any industrial hemp that is grown under a single industrial hemp license issued by the department. See Arizona Laws 3-311
Customer: means a person who purchases portable electronics or services. See Arizona Laws 20-1693
Customer-formula feed: means a mixture of commercial feed or feed materials, or both, each batch of which is mixed according to the specific instructions of the final purchaser. See Arizona Laws 3-2601
Dangerous drug: means dangerous drug as defined in section 13-3401. See Arizona Laws 13-105
Dangerous instrument: means anything that under the circumstances in which it is used, attempted to be used or threatened to be used is readily capable of causing death or serious physical injury. See Arizona Laws 13-105
Dangerous offense: means an offense involving the discharge, use or threatening exhibition of a deadly weapon or dangerous instrument or the intentional or knowing infliction of serious physical injury on another person. See Arizona Laws 13-105
De minimis violation: means a condition or practice which, although undesirable, has no direct or immediate relationship to safety or health. See Arizona Laws 3-3101
Deadly physical force: means force that is used with the purpose of causing death or serious physical injury or in the manner of its use or intended use is capable of creating a substantial risk of causing death or serious physical injury. See Arizona Laws 13-105
Deadly weapon: means anything designed for lethal use, including a firearm. See Arizona Laws 13-105
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
Deductible reimbursement: means insurance coverage that reimburses the insured for the deductible it paid under a separate commercial insurance policy issued to the same insured, without other conditions related to the underlying loss. See Arizona Laws 20-1098
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.
Delinquency proceeding: means any proceeding commenced against an insurer pursuant to this article for the purpose of liquidating, rehabilitating, reorganizing or conserving such insurer. See Arizona Laws 20-611
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.
Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
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.
Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
Distribute: means to offer for sale, sell, barter or otherwise supply commercial feeds or customer-formula feeds, but does not include or apply to any feeds supplied for consumption on the premises of the supplier. See Arizona Laws 3-2601
Division: means the financial institutions division within the department. See Arizona Laws 6-101
Division: means the animal services division of the Arizona department of agriculture. See Arizona Laws 3-2901
Division: means the environmental services division of the Arizona department of agriculture. See Arizona Laws 3-2601
Docket: A log containing brief entries of court proceedings.
Domestic insurer: means a life or health insurer, or both, a property or casualty insurer, or both, or a health organization that is authorized to transact insurance business in this state and that is organized in this state. See Arizona Laws 20-488
Domestic life and disability reinsurer: means an incorporated stock reinsurer holding a certificate of authority to accept insurance ceded by any domestic insurer or foreign insurer. See Arizona Laws 20-1082
Domiciliary state: means the state in which an insurer is incorporated or organized, or in the case of an insurer incorporated or organized in a foreign country, the state in which such insurer, having become authorized to do business in such state, has, at the commencement of delinquency proceedings, the largest amount of its assets held in trust and assets held on deposit for the benefit of its policyholders or policyholders and creditors in the United States, and any such insurer is deemed to be domiciled in such state. See Arizona Laws 20-611
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
Economic loss: means any loss incurred by a person as a result of the commission of an offense. See Arizona Laws 13-105
Effective date: means , with respect to a plan, the date on which the plan or a part of the plan becomes effective as set forth in an order of the director. See Arizona Laws 20-482
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}
Eligible member: means a member of the converting mutual insurer whose insurance policy is in force as of the date on which the board adopts the plan of reorganization or on some other date that the plan specifies as the record date and that the director approves. See Arizona Laws 20-482
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}
Employee: means any person performing agricultural services for an employer. See Arizona Laws 3-3101
Employer: means any individual or type of organization, including this state and its political subdivisions, which has in its employ one or more individuals performing agricultural services for it in employment, including self-employed persons. See Arizona Laws 3-3101
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
Enrollee: means an individual who has been enrolled in a health care plan. See Arizona Laws 20-1051
Enterprise: includes any corporation, association, labor union or other legal entity. See Arizona Laws 13-105
Enterprise: means any person under the jurisdiction of the department other than a financial institution. See Arizona Laws 6-101
Enterprise risk: means any activity, circumstance, event or series of events involving one or more affiliates of an insurer that if not remedied promptly is likely to have a material adverse effect on the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including causing the insurer's risk-based capital to decrease to or below a company action level under Section 20-488. See Arizona Laws 20-481
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}
escape: means :
(i) A departure from custody or from a juvenile secure care facility, a juvenile detention facility or an adult correctional facility in which the person is held or detained, with knowledge that the departure is not allowed, or the failure to return to custody or detention following a temporary leave granted for a specific purpose or for a limited period. See Arizona Laws 13-105
Escrow: Money given to a third party to be held for payment until certain conditions are met.
establishment: means a house or place in which horses, asses, mules, burros, cows, sheep or goats are slaughtered, packed or processed. See Arizona Laws 3-2691
Evidence of coverage: means any certificate, agreement or contract issued to an enrollee and setting out the coverage to which the enrollee is entitled. See Arizona Laws 20-1051
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
Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
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 Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
Federal deposit insurance corporation: includes any successor to the corporation or other agency or instrumentality of the United States that undertakes to discharge the purposes of the corporation. See Arizona Laws 6-101
Federal home loan bank: means an institution that is established under the federal home loan bank act (12 United States Code §§ 1421 through 1449) or its successor statute. See Arizona Laws 20-611
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}
Fee fishing: means removing aquatic animals by any harvesting method from a privately controlled body of water as authorized by a direct or indirect payment of a fee. See Arizona Laws 3-2901
Feed ingredient: means each of the constituent materials making up a commercial feed. See Arizona Laws 3-2601
Felony: means an offense for which a sentence to a term of imprisonment in the custody of the state department of corrections is authorized by any law of this state. See Arizona Laws 13-105
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
Firearm: means any loaded or unloaded handgun, pistol, revolver, rifle, shotgun or other weapon that will or is designed to or may readily be converted to expel a projectile by the action of expanding gases, except that it does not include a firearm in permanently inoperable condition. See Arizona Laws 13-105
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}
Foreign captive insurer: means any captive insurer that is domiciled in and licensed under the laws of another state that imposes statutory or regulatory standards on captive insurance companies in that state that are acceptable to the director. See Arizona Laws 20-1098
Foreign country: means territory not in any state. See Arizona Laws 20-611
Foreign insurer: means a life or health insurer, or both, a property or casualty insurer, or both, or a health organization that is authorized to transact insurance business in this state but that is not domiciled in this state. See Arizona Laws 20-488
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}
Fraternal benefit society: means a society, order or supreme lodge without capital stock, including an incorporated or unincorporated society that is exempt under section 20-893, that is conducted solely for the benefit of its members and their beneficiaries, is not for profit, operates on a lodge system with a ritualistic form of work, has a representative form of government and provides benefits according to this article. See Arizona Laws 20-861
Fraud: Intentional deception resulting in injury to another.
Fresh meat: means meat of a horse, mule, ass, burro, cow, sheep or goat, and includes any product containing any such meat. See Arizona Laws 3-2691
Fund: means the Arizona property and casualty insurance guaranty fund. See Arizona Laws 20-661
Fund: means the life and disability insurance guaranty fund. See Arizona Laws 20-681
Garbage: means waste consisting in whole or in part of animal waste resulting from handling, preparing, cooking and consuming of foods, including the offal from animal or poultry carcasses or parts thereof. See Arizona Laws 3-2661
General assets: means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons, and as to such specifically encumbered property the term includes all such property or its proceeds in excess of the amount necessary to discharge the amount or amounts secured thereby. See Arizona Laws 20-611
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 6-901
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 6-941
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
Genetic information: means information about genes, gene products and inherited characteristics that may derive from the individual or a family member, including information regarding carrier status and information derived from laboratory tests that identify mutations in specific genes or chromosomes, physical medical examinations, family histories and direct analysis of genes or chromosomes. See Arizona Laws 20-1051
Germane: On the subject of the pending bill or other business; a strict standard of relevance.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Government: means the state, any political subdivision of the state or any department, agency, board, commission, institution or governmental instrumentality of or within the state or political subdivision. See Arizona Laws 13-105
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 capital calculation instructions: means the national association of insurance commissioners group capital calculation instructions as adopted and amended in accordance with the national association of insurance commissioners' procedures. See Arizona Laws 20-481
Group captive insurer: means any of the following:
(a) A risk retention group. See Arizona Laws 20-1098
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
Group-wide supervisor: means the regulatory official who is authorized to engage in conducting and coordinating group-wide supervision activities and who is determined or acknowledged by the director pursuant to Section 20-481. See Arizona Laws 20-481
Grower: means an individual, partnership, company or corporation that propagates industrial hemp under this article and rules and orders adopted by the director pursuant to this article. See Arizona Laws 3-311
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
guaranteed investment contract: means any unallocated group contract, investment contract, funding agreement, guaranteed interest contract or other similar instrument by whatever name in which an insurance company agrees to guarantee a fixed or variable rate of interest or a future payment that is based on an index or any other similar criteria, that is payable at a predetermined date on monies that are deposited with the insurance company and that is not dependent on the continuance of human life. See Arizona Laws 20-208
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.
Harvester: means an individual, partnership, company or corporation that is licensed by the department to harvest industrial hemp for a licensed grower. See Arizona Laws 3-311
Health care plan: means any contractual arrangement whereby any health care services organization undertakes to provide directly or to arrange for all or a portion of contractually covered health care services and to pay or make reimbursement for any remaining portion of the health care services on a prepaid basis through insurance or otherwise. See Arizona Laws 20-1051
Health care services: means services for the purpose of diagnosing, preventing, alleviating, curing or healing human illness or injury. See Arizona Laws 20-1051
Health care services organization: means any person that undertakes to conduct one or more health care plans. See Arizona Laws 20-1051
Health organization: means a hospital service corporation, medical service corporation, dental service corporation or optometric service corporation or a hospital, medical, dental and optometric service corporation that has a certificate of authority pursuant to chapter 4, article 3 of this title, a prepaid dental plan organization that has a certificate of authority pursuant to chapter 4, article 7 of this title or a health care services organization that has a certificate of authority pursuant to chapter 4, article 9 of this title. See Arizona Laws 20-488
Health status-related factor: means any factor in relation to the health of the individual or a dependent of the individual enrolled or to be enrolled in a health care services organization including:
(a) Health status. See Arizona Laws 20-1051
Hemp products: means all products made from industrial hemp, including cloth, cordage, fiber, fuel, grain, paint, paper, construction materials, plastics and by-products derived from sterile hemp seed or hemp seed oil. See Arizona Laws 3-311
Hemp seed: means any viable cannabis sativa L. See Arizona Laws 3-311
Homicide: means first degree murder, second degree murder, manslaughter or negligent homicide. See Arizona Laws 13-1101
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
Impaired insurer: means a member insurer that is not an insolvent insurer and that is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Arizona Laws 20-681
Incidental costs: means expenses that are specified in the vehicle protection product warranty incurred by the warranty holder relating to the failure of the vehicle protection product to perform as provided in the warranty. See Arizona Laws 20-1099
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
Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
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.
Industrial hemp: means the plant cannabis sativa L. See Arizona Laws 3-311
Industry group: means two or more business entities or persons that are engaged in businesses or activities similar or related with respect to the liability that they are exposed to by virtue of any related, similar or common business, trade, product, services, premises or operations. See Arizona Laws 20-1098
insolvency: means that the capital of a stock insurer or limited capital stock insurer, or the surplus of a mutual or reciprocal insurer, is deemed impaired and the insurer is deemed insolvent, when the insurer is not possessed of assets at least equal to all liabilities and required reserves together with its total issued and outstanding capital stock if a stock insurer, or the minimum surplus if a mutual or reciprocal insurer, required by this title to be maintained for the kind or kinds of insurance it is then authorized to transact. See Arizona Laws 20-611
Insolvent insurer: means an insurer that is licensed to transact insurance in this state either at the time the policy was issued or when the insured event occurred and against whom an order of liquidation with a finding of insolvency has been entered after September 19, 2007 by a court of competent jurisdiction in the insurer's state of domicile or by this state pursuant to section 20-623, and the order of liquidation has not been stayed or been the subject of a writ of supersedeas or other comparable order. See Arizona Laws 20-661
Insolvent insurer: means a member insurer that is placed under an order of liquidation with a finding of insolvency by a court of competent jurisdiction. See Arizona Laws 20-681
Institutional investor: means a person who in the regular course of business makes commercial mortgage loans of more than two hundred fifty thousand dollars that are funded exclusively from the institutional investor's own resources. See Arizona Laws 6-971
Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in section 20-481. See Arizona Laws 20-492
Insurance holding company system: means two or more affiliated persons, one or more of whom is an insurer. See Arizona Laws 20-481
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
Insurer: means every person engaged in the business of making contracts of insurance except:
(a) Agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia or a state or political subdivision of a state. See Arizona Laws 20-481
Insurer: means any person who provides life or health insurance coverage in this state or who transacts annuity business in this state. See Arizona Laws 20-485
Insurer: means a person, firm, association or corporation licensed to transact insurance business in this state. See Arizona Laws 20-486
insurer: means a person, firm, association or corporation that is duly licensed to transact property or casualty insurance business in this state. See Arizona Laws 20-487
Insurer: means any person, firm, corporation, association or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the director or the equivalent insurance supervisory official of another state. See Arizona Laws 20-611
Insurer member: means an insurer that is a member of a federal home loan bank. See Arizona Laws 20-611
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
Intermediate stock holding company: means a corporation that satisfies all of the following:
(a) The corporation was incorporated under title 10. See Arizona Laws 20-482
Internationally active insurance group: means an insurance holding company system that includes an insurer registered pursuant to Section 20-481. See Arizona Laws 20-481
Investor: means a person who lends or invests money in mortgage loans. See Arizona Laws 6-901
Investor: means a person who directly or indirectly provides monies to a commercial mortgage banker that are, or are intended to be, used to make a loan, and any person who purchases a loan, or any interest in a loan, from a commercial mortgage banker or in a transaction that has been directly or indirectly arranged or negotiated by a commercial mortgage banker. See Arizona Laws 6-971
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
Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
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
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Juror: A person who is on the jury.
Knowingly: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 13-105
Label: means a display of written, printed or graphic matter on or affixed to the container in which a commercial feed is distributed, or on the invoice or delivery slip with which a commercial feed or customer-formula feed is distributed. See Arizona Laws 3-2601
Laws: means the articles of incorporation, constitution and bylaws of the society. See Arizona Laws 20-861
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
License: means the authorization that is granted by the department to propagate, harvest, transport or process industrial hemp in this state under this article and rules and orders adopted by the director pursuant to this article. See Arizona Laws 3-311
License: means a license issued under this article. See Arizona Laws 6-901
License: means a license issued under this article. See Arizona Laws 6-941
License: means a license issued under this article. See Arizona Laws 6-971
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
Licensed producer: means an insurance producer or reinsurance intermediary who is licensed pursuant to this title. See Arizona Laws 20-486
Licensee: means a grower, harvester, transporter or processor with a valid license. See Arizona Laws 3-311
Licensee: means a person licensed under this article. See Arizona Laws 6-901
Licensee: means a person licensed under this article. See Arizona Laws 6-941
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
Life or health insurer: means an insurer authorized to transact life insurance, annuities or accident and health insurance in this state, a fraternal benefit society or an authorized property or casualty insurer writing only accident and health insurance, but does not include a health organization. See Arizona Laws 20-488
Liquidity stress test framework: means a separate publication by the national association of insurance commissioners that may include any amendment adopted in accordance with national association of insurance commissioners' procedures and instructions and reporting templates for a specific data year and that may contain the following information:
(a) A history of the regulatory liquidity stress testing. See Arizona Laws 20-481
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
Lodge: means a subordinate member of the society, including any camp, court, council, branch or other designated unit. See Arizona Laws 20-861
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
Lot: means one or more consolidated containers identified as a single item or unit. See Arizona Laws 3-2901
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
Manager: means a person who is experienced in the field of captive insurance and who maintains all documents relating to a captive insurer's operations, transactions and affairs in this state and assists the captive insurer in its management and compliance with this article. See Arizona Laws 20-1098
Mandatory control level event: means any of the following:
(a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is less than its mandatory control level RBC. See Arizona Laws 20-488
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
Mechanical reimbursement insurance: means an insurance policy issued to an obligor to either provide reimbursement to the obligor under the terms of the insured service contracts issued or sold by the obligor or, in the event of the obligor's nonperformance, to pay on behalf of the obligor all covered contractual obligations incurred by the obligor under the terms of the insured service contracts issued or sold by the obligor. See Arizona Laws 20-1095
Mechanical reimbursement insurance: means an insurance policy issued to a motor vehicle dealer or to insure the performance of a service contract to a consumer if the motor vehicle dealer or the issuer of a service contract becomes insolvent or ceases to do business or, if approved by the director, similar such insurance. See Arizona Laws 20-1096
Member: means :
(a) With respect to a domestic mutual insurer, a member as described in section 20-715. See Arizona Laws 20-482
Member: means an individual who is enrolled in a group prepaid dental plan as a principal subscriber together with such person's dependents who are entitled to dental care services under the plan solely because of their status as dependents of the principal subscriber. See Arizona Laws 20-1001
Member: means any individual or business entity that belongs to a group captive insurer. See Arizona Laws 20-1098
Member insurer: means any person who writes any kind of insurance, unless such writing is restricted solely to life, title, surety, disability, credit, mortgage guaranty, ocean-marine or surplus lines insurance, including the exchange of reciprocal or inter-insurance contracts, and is licensed to transact insurance in this state. See Arizona Laws 20-661
Member insurer: means an insurer or health care services organization that holds a certificate of authority to transact in this state any kind of insurance or health care services organization business to which this article applies and includes an insurer or health care services organization whose license or certificate of authority in this state may have been suspended, revoked, not renewed or voluntarily withdrawn. See Arizona Laws 20-681
Membership coverage: means any certificate or contract issued to a member setting out the dental coverage to which such member is entitled. See Arizona Laws 20-1001
Membership interest: means :
(a) With respect to a converting mutual insurer, interest as set forth in section 20-716. See Arizona Laws 20-482
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
Misdemeanor: means an offense for which a sentence to a term of imprisonment other than to the custody of the state department of corrections is authorized by any law of this state. See Arizona Laws 13-105
Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
Mortgage banker: means a person who is not exempt under section 6-942 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage banking loan or a mortgage loan. See Arizona Laws 6-941
Mortgage banker: means a person who is licensed pursuant to article 2 of this chapter. See Arizona Laws 6-991
Mortgage banking loan: means a loan which is funded exclusively from the mortgage banker's own resources, which is directly or indirectly secured by a mortgage or deed of trust or any lien interest on real estate located in this state and which is created with the consent of the owner of the real property. See Arizona Laws 6-941
Mortgage banking loan closing: means the day by which all documents relating to the mortgage banking loan or mortgage loan have been executed and recorded and all monies have been accounted for. See Arizona Laws 6-941
Mortgage broker: means a person who is not exempt under section 6-902 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. See Arizona Laws 6-901
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}
Mortgage loan: means a loan secured by a mortgage or deed of trust or any lien interest on real estate located in this state created with the consent of the owner of the real estate. See Arizona Laws 6-901
Mortgage loan: means any loan, other than a mortgage banking loan, secured by a mortgage or deed of trust or any lien interest on real estate located in this state and created with the consent of the owner of the real estate. See Arizona Laws 6-941
Mortgage loan closing: means the day by which all documents relating to the mortgage loan have been executed and recorded and all monies have been accounted for under the terms of the escrow instructions. See Arizona Laws 6-901
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
Mutual holding company: means a corporation that is formed and existing under the laws of this state and pursuant to the reorganization of a mutual insurance company. See Arizona Laws 20-482
National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
Negative trend: means , with respect to an insurer, a negative trend over a period of time as determined in accordance with the trend test calculation included in the RBC instructions. See Arizona Laws 20-488
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 direct written premiums: means direct gross premiums written in this state on insurance policies to which this article applies, less return premiums and dividends paid or credited to policyholders on such direct business. See Arizona Laws 20-661
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
Netting agreement: means :
(a) A contract or an agreement including a master agreement that documents one or more transactions between the parties to the agreement for or involving one or more qualified financial contracts and that provides for the netting, liquidation, setoff, termination, acceleration or close out under or in connection with one or more qualified financial contracts or present or future payment or delivery obligations or payment or delivery entitlements thereunder, including liquidation or close-out values relating to the obligations or entitlements, among the parties to the netting agreement. See Arizona Laws 20-611
Network plan: means health care services that are provided by a health care services organization under which the financing and delivery of health care services are provided, in whole or in part, through a defined set of providers under contract with the health care services organization. See Arizona Laws 20-1051
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
Nonserious violation: means a condition or practice in a place of employment which does not constitute a serious violation but which violates a standard or rule and has a direct or immediate relationship to safety or health, unless the employer did not, and could not with the exercise of reasonable diligence, know of the presence of the condition or practice. See Arizona Laws 3-3101
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.
obligor: means any person that is contractually obligated to the contract holder under the terms of the service contract. See Arizona Laws 20-1095
Office: means the office of agricultural safety in the Arizona department of agriculture. See Arizona Laws 3-3101
Official sample: means any sample of feed taken by the director or the director's agent and designated as official. See Arizona Laws 3-2601
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}
Oversight: Committee review of the activities of a Federal agency or program.
own resources: means any of the following:
(a) Cash, corporate capital, warehouse credit lines at commercial banks, savings banks or savings and loan associations or other sources that are liability items on the mortgage banker's financial statements for which its assets are pledged. See Arizona Laws 6-941
Own resources: means any of the following:
(a) Cash, corporate capital, warehouse credit lines at commercial banks, savings banks or savings and loan associations or other sources that are liability items on the person's financial statements. See Arizona Laws 6-971
Owner: means the person in possession of and legally entitled to dispose of aquatic products. See Arizona Laws 3-2901
Participant: means an entity and any affiliates of the entity that are insured by a protected cell captive insurer pursuant to a participant contract. See Arizona Laws 20-1098
Participant contract: means a contract by which a protected cell captive insurer insures risks of one or more participants and limits losses under the contract to the assets of a protected cell. See Arizona Laws 20-1098
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.
Peace officer: means any person vested by law with a duty to maintain public order and make arrests and includes a constable. See Arizona Laws 13-105
Peace officers: means sheriffs of counties, constables, marshals, policemen of cities and towns, commissioned personnel of the department of public safety, personnel who are employed by the state department of corrections and the department of juvenile corrections and who have received a certificate from the Arizona peace officer standards and training board, peace officers who are appointed by a multicounty water conservation district and who have received a certificate from the Arizona peace officer standards and training board, police officers who are appointed by community college district governing boards and who have received a certificate from the Arizona peace officer standards and training board, police officers who are appointed by the Arizona board of regents and who have received a certificate from the Arizona peace officer standards and training board, police officers who are appointed by the governing body of a public airport pursuant to section 28-8426 and who have received a certificate from the Arizona peace officer standards and training board, peace officers who are appointed by a private postsecondary institution pursuant to section 15-1897 and who have received a certificate from the Arizona peace officer standards and training board and special agents from the office of the attorney general, or of a county attorney, and who have received a certificate from the Arizona peace officer standards and training board. See Arizona Laws 1-215
percentage: means percentage by weight. See Arizona Laws 3-2601
Person: means a human being and, as the context requires, an enterprise, a public or private corporation, an unincorporated association, a partnership, a firm, a society, a government, a governmental authority or an individual or entity capable of holding a legal or beneficial interest in property. See Arizona Laws 13-105
Person: means a human being. See Arizona Laws 13-1101
Person: means an individual, partnership, corporation, group, company, society or association. See Arizona Laws 3-2901
Person: includes an individual, partnership, corporation, firm, association or agent. See Arizona Laws 3-2601
Person: means the state, any municipality, political subdivision, institution, public or private corporation, individual partnership or other entity. See Arizona Laws 3-2661
Person: means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization and any similar entity or any combination of the foregoing acting in concert but does not include any joint venture partnership exclusively engaged in owning, managing, leasing or developing real or tangible personal property. See Arizona Laws 20-481
Person: means any natural or artificial person including individuals, partnerships, associations, providers of health care, trusts, insurers, hospital or medical service corporations or other corporations, prepaid group practice plans, foundations for medical care and health maintenance organizations. See Arizona Laws 20-1051
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
Petty offense: A federal misdemeanor punishable by six months or less in prison. ^{Source: U.S. Courts}
Petty offense: means an offense for which a sentence of a fine only is authorized by law. See Arizona Laws 13-105
Physical injury: means the impairment of physical condition. See Arizona Laws 13-105
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
Plan: means a plan of reorganization. See Arizona Laws 20-482
Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
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
Possess: means knowingly to have physical possession or otherwise to exercise dominion or control over property. See Arizona Laws 13-105
Possession: means a voluntary act if the defendant knowingly exercised dominion or control over property. See Arizona Laws 13-105
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}
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
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
Premeditation: means that the defendant acts with either the intention or the knowledge that he will kill another human being, when such intention or knowledge precedes the killing by any length of time to permit reflection. See Arizona Laws 13-1101
Premiums: means rates, dues or other required contributions that are payable under the certificate. See Arizona Laws 20-861
Prepaid dental plan: means any contractual arrangement whereby any prepaid dental plan organization undertakes to provide directly or to arrange for prepaid dental services and to pay or make reimbursement for any remaining portion of such prepaid dental services on a prepaid basis through insurance or otherwise. See Arizona Laws 20-1001
Prepaid dental plan organization: means any person who undertakes to conduct one or more prepaid dental plans providing only dental services. See Arizona Laws 20-1001
Prepaid dental services: means services included in the practice of dentistry as described in section 32-1202. See Arizona Laws 20-1001
Prepaid legal insurance contract: means a contractual obligation to pay or reimburse for specific legal services rendered in the normal and ordinary course of business by an active member of the state bar of Arizona. See Arizona Laws 20-1097
Presentence report: A report prepared by a court's probation officer, after a person has been convicted of an offense, summarizing for the court the background information needed to determine the appropriate sentence. ^{Source: U.S. Courts}
Principal: means a person who has the authority to enter into written agreements on behalf of the administrator pursuant to Section 20-485. See Arizona Laws 20-485
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
Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
Probation officers: Screen applicants for pretrial release and monitor convicted offenders released under court supervision.
Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
Processor: means an individual, partnership, company or corporation that is licensed by the department to receive industrial hemp for processing into hemp products or hemp seed. See Arizona Laws 3-311
Producer: means an insurance producer or any other person, firm, association or corporation when, for any compensation, commission or other thing of value, the person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association or corporation. See Arizona Laws 20-487
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
Property: means anything of value, tangible or intangible. See Arizona Laws 13-105
Property or casualty insurer: means an insurer licensed to transact insurance as described in section 20-256 or 20-252, respectively, but does not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers. See Arizona Laws 20-488
Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
Protected cell: means a separate account that is established and maintained by a protected cell captive insurer pursuant to a participant contract. See Arizona Laws 20-1098
Protected cell captive insurer: means a captive insurer:
(a) In which the minimum capital and surplus required by applicable law is provided by one or more sponsors. See Arizona Laws 20-1098
Provider: means any physician, hospital or other person that is licensed or otherwise authorized to furnish health care services in this state. See Arizona Laws 20-1051
Provider sponsored health care services organization: means a provider sponsored organization that provides at least one health care plan only to medicare beneficiaries under the medicare-plus-choice program established under the balanced budget act of 1997 (42 United States Code §§ 1395w-21 through 1395w-28 and title XVIII, part C of the social security act, sections 1851 through 1859). See Arizona Laws 20-1051
Provider sponsored organization: means an entity that:
(a) Is a legal aggregation of providers that operate collectively to provide health care services to medicare beneficiaries under the medicare-plus-choice program established under the balanced budget act of 1997 (42 United States Code §§ 1395w-21 through 1395w-28 and title XVIII, part C of the social security act, sections 1851 through 1859). See Arizona Laws 20-1051
Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
Pure captive insurer: means a captive insurer that insures only the risks of its affiliates and controlled unaffiliated business. See Arizona Laws 20-1098
Qualified actuary: means any individual who meets the requirements prescribed in Section 20-696. See Arizona Laws 20-696.01
Qualified financial contract: means any commodity contract, forward contract, repurchase agreement, securities contract and swap agreement and any similar agreement that the director determines by rule or order to be a qualified financial contract for the purposes of this article. See Arizona Laws 20-611
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
Quorum: The number of legislators that must be present to do business.
RBC: means risk-based capital. See Arizona Laws 20-488
RBC instructions: means the RBC report, including risk-based capital instructions adopted by the national association of insurance commissioners. See Arizona Laws 20-488
RBC plan: means a comprehensive financial plan containing the elements specified in Section 20-488. See Arizona Laws 20-488
RBC report: means the report required under Section 20-488. See Arizona Laws 20-488
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611
Reciprocal state: means any state other than this state in which in substance and effect the provisions of the uniform insurers liquidation act, as defined in section 20-631, are in force, including the provisions requiring that the director of insurance or equivalent insurance supervisory official be the receiver of a delinquent insurer. See Arizona Laws 20-611
Recklessly: means , with respect to a result or to a circumstance described by a statute defining an offense, that a person is aware of and consciously disregards a substantial and unjustifiable risk that the result will occur or that the circumstance exists. See Arizona Laws 13-105
Recognized hazard: means an unsafe or unhealthful condition or practice recognized as such with respect to the standard of knowledge in the industry. See Arizona Laws 3-3101
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
Registered mail: includes certified mail. See Arizona Laws 1-215
Regulatory action level event: means , with respect to any insurer, any of the following events:
(a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is more than or equal to its authorized control level RBC but less than its regulatory action level RBC. See Arizona Laws 20-488
Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager. See Arizona Laws 20-486
Reinsurance intermediary broker: means a person, other than an officer or employee of the ceding insurer, or a firm, association or corporation that solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See Arizona Laws 20-486
Reinsurance intermediary manager: means a person, firm, association or corporation that has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and that acts as an agent for the reinsurer whether the reinsurer is known as a reinsurance intermediary manager, a manager or another similar term. See Arizona Laws 20-486
Reinsurer: means a person, firm, association or corporation licensed to transact reinsurance business in this state. See Arizona Laws 20-486
reinsurer: means a domestic reinsurer reinsuring mechanical reimbursement insurance. See Arizona Laws 20-1096
Reorganization: means a process by which a domestic mutual insurer is converted to a domestic stock insurer and a mutual holding company is organized. See Arizona Laws 20-482
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
Resident: means a person to whom a contractual obligation is owed and who resides in this state on the date of entry of a court order that determines a member insurer to be an impaired insurer or an insolvent insurer. See Arizona Laws 20-681
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 property: means a house, townhouse, condominium or other habitable structure that is used principally as a residence. See Arizona Laws 20-1095
Residential property: means a house, townhouse, condominium or other habitable structure consisting of no more than four units which is used principally as a residence. See Arizona Laws 20-1096
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
Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. ^{Source: OCC}
Risk retention group: means a captive insurer that is organized pursuant to the liability risk retention act of 1986 (15 United States Code §§ 3901 and 3902) and chapter 14 of this title. See Arizona Laws 20-1098
Rule: means a written rule of agricultural safety and health governing places of agricultural employment which is adopted pursuant to section 3-3106 or 3-3108, exclusive of standards. See Arizona Laws 3-3101
Rules: means the rules, regulations and resolutions that are adopted by the supreme governing body or board of directors and that are intended to apply to the members of the society. See Arizona Laws 20-861
sale: includes exchange. See Arizona Laws 3-2601
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
Scope criteria: means the designated exposure bases and minimum magnitudes that may be used to establish a preliminary list of insurers that are selected into the liquidity stress test framework for a specific year and that are detailed in the liquidity stress test framework. See Arizona Laws 20-481
SEC: means the United States securities and exchange commission. See Arizona Laws 20-1243
Secured claim: means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, including federal, state or local tax liens that are perfected before the commencement of a delinquency proceeding but not including a special deposit claim or claims against general assets. See Arizona Laws 20-611
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
Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
Serious physical injury: includes physical injury that creates a reasonable risk of death, or that causes serious and permanent disfigurement, serious impairment of health or loss or protracted impairment of the function of any bodily organ or limb. See Arizona Laws 13-105
Serious violation: means a condition or practice in a place of agricultural employment which violates a standard or rule or section 3-3104, subsection A and produces a substantial probability that death or serious physical harm could result, unless the employer did not, and could not with the exercise of reasonable diligence, know of the presence of such condition or practice. See Arizona Laws 3-3101
Service contract: means a written contract for a prepaid separately stated consideration to perform, over a fixed period of time or for a specified duration, services relating to the maintenance or repair, including replacement, of:
(a) A consumer product. See Arizona Laws 20-1096
Service contract administrator: means a person who is responsible for the administration of the service contracts or the service contracts plan or who is responsible for any submission required under this article. See Arizona Laws 20-1095
Service of process: The service of writs or summonses to the appropriate party.
Servicing commercial mortgage loans: means collecting payments at a location in this state on commercial mortgage loans, including:
(a) Principal. See Arizona Laws 6-971
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
Society: means a fraternal benefit society. See Arizona Laws 20-861
Special deposit claim: means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any general assets. See Arizona Laws 20-611
Sponsor: means an entity that meets the requirements of Section 20-1098. See Arizona Laws 20-1098
Standard: means any agricultural safety and health standard which has been adopted and promulgated by a nationally recognized standards-producing organization or the federal government and has the same meaning as and includes the term "code". See Arizona Laws 3-3101
State: means any state of the United States, the District of Columbia and the territories and possessions of the United States. See Arizona Laws 20-611
Statute: A law passed by a legislature.
Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
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
Structured settlement annuity: means an annuity purchased in order to fund periodic payments for a plaintiff or other claimant in payment for or with respect to personal injury suffered by the plaintiff or other claimant. See Arizona Laws 20-681
subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
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
Supervisor: means the supervisor of aquaculture or the supervisor's authorized representative. See Arizona Laws 3-2901
Supervisory college: means a temporary or permanent forum for communication and cooperation between regulators charged with the supervision of entities that belong to an insurance holding company system that has international operations. See Arizona Laws 20-481
Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
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
Ton: means a net weight of two thousand pounds avoirdupois. See Arizona Laws 3-2601
Total adjusted capital: means the sum of:
(a) An insurer's statutory capital and surplus. See Arizona Laws 20-488
Trainer: means a person who is certified by the department pursuant to section 3-3125 for training individuals in agricultural health and safety standards. See Arizona Laws 3-3101
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.
Transporter: means a person that transports live aquatic animals or plants to persons who are licensed to resell, process or stock aquatic animals or plants. See Arizona Laws 3-2901
Transporter: means an individual, partnership, company or corporation that is licensed by the department to transport industrial hemp for a licensed grower to a processor. See Arizona Laws 3-311
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}
Unaffiliated: means not affiliated with another insurer as defined in section 20-104. See Arizona Laws 20-1082
Unallocated annuity contract: means an annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate. See Arizona Laws 20-681
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
Unlawful: means contrary to law or, where the context so requires, not allowed by law. See Arizona Laws 13-105
Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
Vehicle: means a device in, upon or by which any person or property is, may be or could have been transported or drawn upon a highway, waterway or airway, excepting devices moved by human power or used exclusively upon stationary rails or tracks. See Arizona Laws 13-105
Vehicle protection product: means a vehicle protection device, system or service that:
(a) Is installed on or applied to a vehicle. See Arizona Laws 20-1099
Vendor: means a business in the business of engaging in portable electronics transactions directly or indirectly. See Arizona Laws 20-1693
Venue: The geographical location in which a case is tried.
Violation: means the failure of the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting to substantially comply with the provisions of this article. See Arizona Laws 20-486
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
Voting security: means a security that carries with it a right to vote in decisions and also includes securities that are convertible into or evidence a right to acquire a security that includes such right to vote. See Arizona Laws 20-481
warrantor: means a person who is contractually obligated to the warranty holder under the terms of the vehicle protection product warranty agreement. See Arizona Laws 20-1099
Warranty: means :
(a) Any written affirmation by a manufacturer or seller of fact or written promise made in connection with the sale of a consumer product that relates to the nature of the material or workmanship and affirms or promises that the material or workmanship is free of defects or will meet a specified level of performance over a specified period of time. See Arizona Laws 20-1095
Warranty: means :
(a) Any written affirmation by a manufacturer or seller of fact or written promise made in connection with the sale of a consumer product which relates to the nature of the material or workmanship and affirms or promises that the material or workmanship is free of defects or will meet a specified level of performance over a specified period of time. See Arizona Laws 20-1096
Warranty reimbursement insurance policy: means a policy of insurance issued to the vehicle protection product warrantor to pay on behalf of the warrantor all covered contractual obligations incurred by the warrantor under the terms and conditions of the vehicle protection product warranty. See Arizona Laws 20-1099
Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
Workplace: means a location or site where temporary or permanent work is conducted in connection with agriculture. See Arizona Laws 3-3101
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

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Arizona Laws > Title 6 > Chapter 9 – Mortgage Brokers, Mortgage Bankers and Loan Originators

Terms Used In Arizona Laws > Title 6 > Chapter 9 - Mortgage Brokers, Mortgage Bankers and Loan Originators

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