Terms Used In Delaware Code > Title 5 > Chapter 15 > Subchapter II - Formation

• Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Delaware Code Title 18 Sec. 1802
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• affiliated group: means any group of entities that are all affiliated. See Delaware Code Title 18 Sec. 1904
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• 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
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• 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.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• 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}
• broker: as used in this chapter and unless context otherwise requires, means a surplus lines broker duly licensed as such under this chapter. See Delaware Code Title 18 Sec. 1904
• Case law: The law as laid down in cases that have been decided in the decisions of the courts.
• Child: means a person who has not reached the age of 18 years. See Delaware Code Title 1 Sec. 302
• Claim: means a request from a pharmacy or pharmacist to be reimbursed for the cost of filling or refilling a prescription for a drug or for providing a medical supply or device. See Delaware Code Title 18 Sec. 3321A
• clearinghouse: means a mechanism or entity established for the receipt and distribution of premium taxes and transaction data related to the sale of nonadmitted insurance. See Delaware Code Title 18 Sec. 1904
• 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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Contracted pharmacy: means a pharmacy that participates in the network of a pharmacy benefits manager through a contract with a pharmacy benefits manager, a pharmacy services administration organization, or a group purchasing organization. See Delaware Code Title 18 Sec. 3321A
• 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.
• Customer: means a person who purchases portable electronics or services. See Delaware Code Title 18 Sec. 2051
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• 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:
• dollars: means lawful money of the United States. See Delaware Code Title 1 Sec. 302
• Donor: The person who makes a gift.
• Drug shortage list: means a list of drug products listed on the federal Food and Drug Administration's Drug Shortages website. See Delaware Code Title 18 Sec. 3321A
• 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}
• Enrolled customer: means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. See Delaware Code Title 18 Sec. 2051
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• export: means to place insurance in a nonadmitted insurer under this surplus lines law. See Delaware Code Title 18 Sec. 1904
• 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 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 Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• 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}
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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 premium: means the amount charged by an insurer for consideration for insurance. See Delaware Code Title 18 Sec. 1904
• 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.
• home state: means , with respect to an insured

  1. See Delaware Code Title 18 Sec. 1904

• independently procured insurance: means insurance procured directly by an insured from a nonadmitted insurer. See Delaware Code Title 18 Sec. 1904
• 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.
• Infant: means a person who has not reached the age of 18 years. See Delaware Code Title 1 Sec. 302
• insured: as used in this subchapter , 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 Delaware Code Title 18 Sec. 3328
• Insurer: means any person, firm, association or corporation duly licensed in this State as an insurance company pursuant to Chapter 17 of this title. See Delaware Code Title 18 Sec. 1802
• Insurer: means any entity that provides health insurance coverage in this State as defined in § 903 of this title. See Delaware Code Title 18 Sec. 3321A
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• 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}
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited license: means the authority of a person or entity authorized to sell certain coverages relating to the rental of vehicles pursuant to this chapter. See Delaware Code Title 18 Sec. 2002
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Location: means any physical location in the State or any website, call center site or similar location directed to residents of the State. See Delaware Code Title 18 Sec. 2051
• Maximum allowable cost: means the maximum amount that a pharmacy benefits manager will reimburse a pharmacist or pharmacy for the cost of a multi-sourced drug, medical product, or device. See Delaware Code Title 18 Sec. 3321A
• Maximum allowable cost list: means the multi-source generic drugs, medical products, and devices for which a maximum allowable cost has been established by a pharmacy benefits manager or a purchaser. See Delaware Code Title 18 Sec. 3321A
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• NAIC: means the National Association of Insurance Commissioners or any successor entity. See Delaware Code Title 18 Sec. 1904
• Network providers: means those pharmacists and pharmacies who provide covered health-care services or supplies to an insured or a member pursuant to a contract with an insurer or pharmacy benefits manager. See Delaware Code Title 18 Sec. 3321A
• nonadmitted insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a nonadmitted insurer eligible to accept such insurance. See Delaware Code Title 18 Sec. 1904
• Oath: A promise to tell the truth.
• Oath: includes affirmation in all cases where an affirmation may be substituted for an oath, and "sworn" includes affirmed; and the forms shall be varied accordingly. See Delaware Code Title 1 Sec. 302
• 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.
• Occupant: means a person or the person's sublesee, successor, or assign entitled to the use of a storage space or spaces at a self-service storage facility, to the exclusion of others. See Delaware Code Title 18 Sec. 2061
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner: means the owner, operator, lessor, or sublessor of a self-service storage facility, him or her agent or any other person authorized by him or her to manage the facility or to receive rent from an occupant under a rental agreement. See Delaware Code Title 18 Sec. 2061
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• Personal property: means movable property that is not affixed to land and includes but is not limited to all of the following:

  a. See Delaware Code Title 18 Sec. 2061

• Pharmacist: means as defined under § 2502 of Title 24. See Delaware Code Title 18 Sec. 3321A
• Pharmacy: means as defined under § 2502 of Title 24. See Delaware Code Title 18 Sec. 3321A
• Pharmacy benefits management services: means as defined under § 3351A of this title. See Delaware Code Title 18 Sec. 3321A
• Pharmacy benefits manager: means as defined under § 3302A of this title. See Delaware Code Title 18 Sec. 3321A
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Portable electronics: means electronic devices that are portable in nature, their accessories and services related to the use of the device. See Delaware Code Title 18 Sec. 2051
• Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics which may provide coverage for portable electronics against any 1 or more of the following: loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar cause of need for repair or replacement. See Delaware Code Title 18 Sec. 2051
• 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.
• premium tax: means , with respect to surplus lines or independently procured insurance coverage, any tax, fee, assessment, or other charge imposed by a government entity directly or indirectly based on any payment made as consideration for an insurance contract for such insurance, including premium deposits, assessments, registration fees, and any other compensation given in consideration for a contract of insurance. See Delaware Code Title 18 Sec. 1904
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Purchaser: means as defined under § 3351A of this title. See Delaware Code Title 18 Sec. 3321A
• qualified risk manager: means , with respect to a policyholder of commercial insurance, a person who meets all of the following requirements:

  a. See Delaware Code Title 18 Sec. 1904

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rental agreement: means any written agreement setting forth the terms and conditions governing the use of a vehicle provided by the rental company for rental or lease. See Delaware Code Title 18 Sec. 2002
• Rental company: means any person or entity in the business of providing primarily motor vehicles to the public under a rental agreement for a rental period not to exceed 90 days. See Delaware Code Title 18 Sec. 2002
• rental vehicle: means a motor vehicle of the private passenger type including passenger vans, minivans and sport utility vehicles, and of the cargo type, including cargo vans, pickup trucks with a gross vehicle weight of less than 26,000 pounds and which do not require the operator to possess a commercial driver's license. See Delaware Code Title 18 Sec. 2002
• Renter: means any person obtaining the use of a vehicle from a rental company under the terms of a rental agreement for a rental period not to exceed 90 days. See Delaware Code Title 18 Sec. 2002
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• Self-service storage facility: means any real property designed and used for the purpose of renting or leasing individual storage space to occupants who are to have access to such for the purpose of storing and removing personal property. See Delaware Code Title 18 Sec. 2061
• Self-service storage producer: means an owner who is licensed under this section. See Delaware Code Title 18 Sec. 2061
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• state: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, the Virgin Islands, and American Samoa. See Delaware Code Title 18 Sec. 1904
• State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• subsidiaries: shall include , in addition to those such corporations where the insurer owns a majority of their stock, those corporations formed or acquired by an insurer where it owns less than a majority of such corporation's voting stock due to the laws of a foreign national which require the insurer to own less than a majority of the voting stock of such subsidiary insurance corporation if it is to operate in that nation. See Delaware Code Title 18 Sec. 1313
• Supervising entity: means a business entity that is a licensed insurer or insurance producer that is appointed by an insurer to supervise the administration of a portable electronics insurance program. See Delaware Code Title 18 Sec. 2051
• surplus lines broker: means an individual, firm, or corporation which is licensed in this State to sell, solicit, negotiate, or procure insurance in this state with nonadmitted insurers. See Delaware Code Title 18 Sec. 1904
• surplus lines insurance: means insurance procured by a surplus lines licensee from a surplus lines insurer or other nonadmitted insurer as permitted under the law of the home state; for purposes of this chapter "surplus lines insurance" shall also mean excess lines insurance as may be defined by applicable state law. See Delaware Code Title 18 Sec. 1904
• surplus lines insurer: means a nonadmitted insurer eligible under the law of the home state to accept business from a surplus lines licensee; for purposes of this chapter "surplus lines insurer" shall also mean an insurer that is permitted to write surplus lines insurance under the laws of the state where such insurer is domiciled. See Delaware Code Title 18 Sec. 1904
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Delaware Code Title 18 Sec. 2051
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302