Idaho Code 41-1003 – Definitions
Current as of: 2023 | Check for updates
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(1) "Business entity" means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity.
(2) "Home state" means the District of Columbia and any state or territory of the United States or any province of Canada in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer.
Terms Used In Idaho Code 41-1003
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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: includes a corporation as well as a natural person;
Idaho Code 73-114Property: includes both real and personal property. See Idaho Code 73-114 State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 Travel insurance: means insurance coverage for personal risks incident to planned travel including, but not limited to:
Idaho Code 41-1091
(3) "License" means a document issued by the director authorizing a person to act as an insurance producer for the lines of authority specified in the document. The license itself does not create any authority, actual, apparent or inherent, in the holder to represent or commit an insurance carrier.
(4) "Limited lines insurance" is insurance which restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to section 41-1008(1)(a) through (g), Idaho Code, and shall include, but not be limited to: credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection (GAP) insurance, transportation baggage insurance, transportation ticket policies covering personal accident insurance, pet insurance, portable electronics insurance, travel insurance or any other line of insurance that the director deems necessary to recognize for the purposes of complying with section 41-1009(5), Idaho Code.
(5) "Limited lines producer" means a producer authorized by the director to sell, solicit or negotiate limited lines insurance. "Limited lines producer" includes a "limited lines travel insurance producer" as used in sections 41-1090 through 41-1096, Idaho Code.
(6) "Negotiate" means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract, provided that the person engaged in the act either sells insurance or obtains insurance from insurers for purchasers.
(7) "Person" means an individual or a business entity.
(8) "Producer" means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance.
(9) "Resident" means a person whose home state is Idaho or any other particular state identified in conjunction with the use of the term.
(10) "Sell" means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company.
(11) "Solicit" means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company or companies.
(12) "Terminate" means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer’s authority to transact insurance for or on behalf of an insurer.
(13) "Uniform application" means the current version of the national association of insurance commissioners (NAIC) uniform application for resident and nonresident producer licensing.
(14) "Uniform business entity application" means the current version of the NAIC uniform business entity application for resident and nonresident business entities.