Iowa Code 512A.1 – Definitions
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Terms Used In Iowa Code 512A.1
- 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
- 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.
- 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 individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
512A.1 Definitions.
When used in this chapter:
1. A “”benevolent association”” shall mean any person, firm, company, partnership, association or corporation, organized to enroll persons as members of a group for the purpose of providing an agency by which persons so enrolled may in the event of the death of any other member of the group make voluntary contributions to be distributed in whole or in part by the benevolent association to the beneficiary of the deceased member, or to members as contribution towards expense incurred by accident or sickness.
2. A “”member”” shall be any person who participates in a plan or agreement to make voluntary contribution through a benevolent association.
3. “”Commissioner”” when used in this chapter shall mean the commissioner of insurance. [C71, 73, 75, 77, 79, 81, §512A.1]
When used in this chapter:
1. A “”benevolent association”” shall mean any person, firm, company, partnership, association or corporation, organized to enroll persons as members of a group for the purpose of providing an agency by which persons so enrolled may in the event of the death of any other member of the group make voluntary contributions to be distributed in whole or in part by the benevolent association to the beneficiary of the deceased member, or to members as contribution towards expense incurred by accident or sickness.
2. A “”member”” shall be any person who participates in a plan or agreement to make voluntary contribution through a benevolent association.
3. “”Commissioner”” when used in this chapter shall mean the commissioner of insurance. [C71, 73, 75, 77, 79, 81, §512A.1]