Florida Statutes 631.714 – Definitions
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Terms Used In Florida Statutes 631.714
- 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.
- Association: means the Florida Life and Health Insurance Guaranty Association created in…. See Florida Statutes 631.714
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Insolvent insurer: means a member insurer authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred, and against which an order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction. See Florida Statutes 631.714
- 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 any person licensed to transact in this state any kind of insurance as set out in…. See Florida Statutes 631.714
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. See Florida Statutes 631.714
- Premium: means any direct gross insurance premium and any annuity consideration written on covered policies, less return premium and consideration thereon and dividends paid or credited to policyholders on such direct business. See Florida Statutes 631.714
- Resident: means any person who resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom contractual obligations are owed by such impaired or insolvent member insurer. See Florida Statutes 631.714
As used in this part, the term:
(1) “Account” means any of the three accounts created in s. 631.715.
(2) “Association” means the Florida Life and Health Insurance Guaranty Association created in s. 631.715.
(3) “Contractual obligation” means any obligation under covered policies.
(4) “Covered policy” means any policy or contract set out in s. 631.713 and reduced to written, printed, or other tangible form.
(5) “Impaired insurer” means a member insurer deemed by the department to be potentially unable to fulfill its contractual obligations and not an insolvent insurer.
(6) “Insolvent insurer” means a member insurer authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred, and against which an order of liquidation with a finding of insolvency has been entered by a court of competent jurisdiction.
(7) “Member insurer” means any person licensed to transact in this state any kind of insurance as set out in s. 631.713.
(8) “Moody’s Corporate Bond Yield Average” means the monthly average corporate bond yields published by Moody’s Investors Service, Inc., or any successor thereto.
(9) “Premium” means any direct gross insurance premium and any annuity consideration written on covered policies, less return premium and consideration thereon and dividends paid or credited to policyholders on such direct business. “Premium” does not include premium and consideration on contracts between insurers and reinsurers.
(10) “Person” means any individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization.
(11) “Resident” means any person who resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom contractual obligations are owed by such impaired or insolvent member insurer. A person may be a resident of only one state, which in the case of a person other than an individual shall be the person’s principal place of business. Citizens of the United States who are residents of foreign countries or United States possessions, territories, or protectorates that do not have an association similar to the guaranty association created by this part shall be deemed residents of the state of domicile of the insurer issuing the policies or contracts.