Idaho Code 41-5802 – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter:
(1) "Business entity" means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity.
Terms Used In Idaho Code 41-5802
- Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. See Idaho Code 41-5802
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Home state: means the District of Columbia or any state or territory of the United States in which the public adjuster’s principal place of residence or principal place of business is located. See Idaho Code 41-5802
- Individual: means a natural person. See Idaho Code 41-5802
- 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 an individual or a business entity. See Idaho Code 41-5802
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
- Property: includes both real and personal property. See Idaho Code 73-114
- Public adjuster: means any person who, for compensation or any other thing of value on behalf of the insured:
Idaho Code 41-5802Settlement: 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: 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
(2) "Fingerprints" means an impression of the lines on the finger taken for purpose of identification. The impression may be electronic or in ink converted to electronic format.
(3) "Home state" means the District of Columbia or any state or territory of the United States in which the public adjuster’s principal place of residence or principal place of business is located. If neither the state in which the public adjuster maintains the principal place of residence nor the state in which the public adjuster maintains the principal place of business has a substantially similar law governing public adjusters, the public adjuster may declare another state in which it becomes licensed and acts as a public adjuster to be the home state.
(4) "Individual" means a natural person.
(5) "Person" means an individual or a business entity.
(6) "Public adjuster" means any person who, for compensation or any other thing of value on behalf of the insured:
(a) Acts or aids, solely in relation to first party claims arising under insurance contracts that insure the real or personal property of the insured, on behalf of an insured in negotiating for, or effecting the settlement of, a claim for loss or damage covered by an insurance contract;
(b) Advertises for employment as a public adjuster of insurance claims or solicits business or represents himself or herself to the public as a public adjuster of first party insurance claims for losses or damages arising out of policies of insurance that insure real or personal property; or
(c) Directly or indirectly solicits business, investigates or adjusts losses, or advises an insured about first party claims for losses or damages arising out of policies of insurance that insure real or personal property for another person engaged in the business of adjusting losses or damages covered by an insurance policy, for the insured.