Terms Used In Illinois Compiled Statutes > 215 ILCS 5 > Article XXXVIIIA - Mine Subsidence Insurance

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Commercial Building: means any building, other than a residence, permanently affixed to realty located in Illinois, including basements, footings, foundations, septic systems and underground pipes directly servicing the building, but does not include sidewalks, driveways, parking lots, living units, land, trees, plants, crops or agricultural field drainage tile. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Commercial Coverage: means mine subsidence insurance for a commercial building. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Fraud: Intentional deception resulting in injury to another.
• Fund: means the fund established by this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Insurers: means insurance companies and reciprocals licensed and authorized to write Class 3 policies of insurance, as defined in this Code, within Illinois. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Intergovernmental cooperative: means an intergovernmental cooperative organized pursuant to Article VII, Section 10 of the Illinois Constitution and Section 6 of the Intergovernmental Cooperation Act. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Living Unit: shall mean that physical portion designated for separate ownership or occupancy for residential purposes, of a building or group of buildings, permanently affixed to realty located in Illinois, having elements which are owned or used in common, including a condominium unit, a cooperative unit or any other similar unit. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Living Unit Coverage: means mine subsidence insurance for a living unit covering the losses described in Section 805. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Mine Subsidence: means lateral or vertical ground movement caused by a failure initiated at the mine level, of man-made underground mines, including, but not limited to coal mines, clay mines, limestone mines, and fluorspar mines that directly damages residences or commercial buildings. See Illinois Compiled Statutes 215 ILCS 5/802.1
• policies: means any contract or contracts of insurance providing the coverage of the Standard Fire Policy and Extended Coverage Endorsement on any residence, living unit or commercial building. See Illinois Compiled Statutes 215 ILCS 5/802.1
• premiums: means the gross amount charged to policyholders for the mine subsidence insurance made available under this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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.
• Residence: means a building used principally for residential purposes up to and including a four family dwelling, permanently affixed to realty located in Illinois, including appurtenant structures, driveways, sidewalks, basements, footings, foundations, septic systems and underground pipes directly servicing the dwelling or building, but does not include living units, land, trees, plants, crops or agricultural field drainage tile. See Illinois Compiled Statutes 215 ILCS 5/802.1
• Residential Coverage: means mine subsidence insurance for a residence. See Illinois Compiled Statutes 215 ILCS 5/802.1
• State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
• United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14