Terms Used In Illinois Compiled Statutes > 110 ILCS 335 - Institution for Tuberculosis Research Act

• Adjusted RBC Report: means an RBC Report that has been adjusted by the Director in accordance with subsection (f) of Section 35A-10. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• 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.
• 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.
• 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.
• Assets: means all assets or property, whether real, personal or mixed, tangible or intangible, and any right or interest therein, including all rights under contracts and other agreements. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• attorney-in-fact: shall mean the representative of the subscribers. See Illinois Compiled Statutes 215 ILCS 5/61
• 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.
• 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}
• Capital: means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Conviction: A judgement of guilt against a criminal defendant.
• Corrective Order: means an order issued by the Director in accordance with Article XII 1/2 specifying corrective actions that the Director determines are required. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• 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.
• division: means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article;
       "Dividing company" means a domestic stock company that approves a plan of division pursuant to Section 35B-20;
       "Domestic stock company" means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Domestic insurer: means any insurance company domiciled in this State under Article II, Article III, Article III 1/2, or Article IV or a health organization as defined by this Article, except this shall include only those health maintenance organizations that are "domestic companies" in accordance with § 5-3 of the Health Maintenance Organization Act and only those limited health service organizations that are "domestic companies" in accordance with § 4003 of the Limited Health Service Organization Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• 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.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Foreign insurer: means any foreign or alien insurance company licensed under Article VI that is not domiciled in this State and any health maintenance organization that is not a "domestic company" in accordance with § 5-3 of the Health Maintenance Organization Act and any limited health service organization that is not a "domestic company" in accordance with § 4003 of the Limited Health Service Organization Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraternal benefit society: means any insurance company licensed under Article XVII of this Code. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Fraud: Intentional deception resulting in injury to another.
• governmental reciprocal: shall mean a reciprocal in which all subscribers are governmental entities, including, but not limited to, federal, State, territorial, commonwealth, and local governments and agencies, subdivisions, departments, joint ventures, partnerships, and consortia of these governments. See Illinois Compiled Statutes 215 ILCS 5/61
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Health organization: means an entity operating under a certificate of authority issued pursuant to the Health Maintenance Organization Act, the Dental Service Plan Act, the Limited Health Service Organization Act, or the Voluntary Health Services Plans Act, unless the entity is otherwise defined as a "life, health, or life and health insurer" pursuant to this Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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}
• Legacy: A gift of property made by will.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Liability: means a liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• NAIC: means the National Association of Insurance Commissioners. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Negative trend: means , with respect to a life, health, or life and health insurer or a fraternal benefit society, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the Life or Fraternal RBC Instructions. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• New company: means a domestic stock company that is created by a division occurring on or after the effective date of this amendatory Act of the 100th General Assembly. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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.
• Plan of division: means a plan of division approved by a dividing company in accordance Section 35B-20. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• 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}
• Probate: Proving a will
• Property and casualty insurer: means an insurance company that has authority to transact the kinds of insurance in either or both Class 2 or Class 3 of Section 4 or a licensed insurer writing only insurance authorized under clause (c) of Class 1, but does not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• RBC: means risk-based capital. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• RBC Instructions: means the RBC Report including risk-based capital instructions adopted by the NAIC as those instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• RBC Plan: means a comprehensive financial plan containing the elements specified in subsection (b) of Section 35A-15. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• RBC Report: means the risk-based capital report required under Section 35A-10. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Receivership: means conservation, rehabilitation, or liquidation under Article XIII. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• reciprocal: shall mean the organization or group of all the subscribers. See Illinois Compiled Statutes 215 ILCS 5/61
• Recorder: means the office of the recorder of the county where the principal office of a domestic stock company is located. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Resulting company: means a domestic stock company created by a division or a dividing company that survives a division. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Revised RBC Plan: means an RBC Plan rejected by the Director and revised by the insurer with or without the Director's recommendations. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• 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.
• Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• signature: includes a manual, facsimile, or conformed or electronic signature. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• subscriber: shall mean the participant or policyholder. See Illinois Compiled Statutes 215 ILCS 5/61
• Surplus: means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Total adjusted capital: means the sum of (1) an insurer's statutory capital and surplus and (2) any other items that the RBC Instructions may provide. See Illinois Compiled Statutes 215 ILCS 5/35A-5
• Transfer: includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law. See Illinois Compiled Statutes 215 ILCS 5/35B-10
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.