Terms Used In Delaware Code > Title 18 > Chapter 65 > Subchapter II - Commercial Insurance

• Account: means either of the 2 accounts created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
• Administrator: means the Insurance Coverage Administrator, hereinafter established by § 6505 of this title. See Delaware Code Title 18 Sec. 6501
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the Delaware Life and Health Insurance Guaranty Association created under § 4406 of this title. See Delaware Code Title 18 Sec. 4405
• authorized: when used in the context of assessments, means a resolution by the board of directors has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. See Delaware Code Title 18 Sec. 4405
• called: when used in the context of assessments, means that a notice has been issued by the Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See Delaware Code Title 18 Sec. 4405
• Commissioner: means the Commissioner of Insurance of this State. See Delaware Code Title 18 Sec. 4405
• Committee: means the Insurance Coverage Determination Committee, hereinafter established by § 6502 of this title. See Delaware Code Title 18 Sec. 6501
• 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.
• 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}
• 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.
• Impaired insurer: means a member insurer which, after the effective date of this chapter, is not an insolvent insurer, and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Delaware Code Title 18 Sec. 4405
• Insolvent insurer: means a member insurer which after the effective date of this chapter, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Delaware Code Title 18 Sec. 4405
• 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.
• Member insurer: means an insurer, managed care organization, or health maintenance organization licensed or that holds a certificate of authority to transact in this State any kind of insurance, managed care organization, or health maintenance organization business for which coverage is provided under § 4403 of this title, and includes an insurer, managed care organization, or health maintenance organization whose license or certificate of authority in this State may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:

  a. See Delaware Code Title 18 Sec. 4405

• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Oversight: Committee review of the activities of a Federal agency or program.
• Premiums: means amounts or considerations (by whatever name called) received on covered policies or contracts less returned premiums, considerations and deposits and less dividends and experience credits. See Delaware Code Title 18 Sec. 4405
• State: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory or protectorate. See Delaware Code Title 18 Sec. 4405
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302