Terms Used In Kansas Statutes > Chapter 40 > Article 29 - Kansas Insurance Guaranty Association Act

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the Kansas insurance guaranty association created by this act. See Kansas Statutes 40-2903
• Commissioner: means the commissioner of insurance of this state. See Kansas Statutes 40-2903
• 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.
• Covered claim: means an unpaid claim, including one for unearned premiums, which arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this act applies issued by an insurer, if such insurer becomes an insolvent insurer after the effective date of this act and:

  (1) The claimant or insured is a resident of this state at the time of the insured event. See Kansas Statutes 40-2903

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Domiciliary state: means :

  (1) The state in which an insurer is incorporated or organized; or

  (2) in the case of an alien insurer, the state of entry of such insurer. See Kansas Statutes 40-2903

• 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}
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Insolvent insurer: means :

  (1) An insurer licensed by the commissioner to transact insurance in this state either at the time the policy was issued or when the insured event occurred; and

  (2) determined to be insolvent by a court of competent jurisdiction and against whom a final order of liquidation has been entered by a court of competent jurisdiction in the insurer's domiciliary state. See Kansas Statutes 40-2903

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Member insurer: means any person who (1) is authorized to write any kind of insurance to which this act applies under Kan. See Kansas Statutes 40-2903
• Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
• Net direct written premiums: means first gross premiums written in this state on insurance policies to which this act applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See Kansas Statutes 40-2903
• 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.
• 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 any individual, corporation, partnership, association or voluntary organization. See Kansas Statutes 40-2903
• Property: includes personal and real property. See Kansas Statutes 77-201
• Residence: means the place which is adopted by a person as the person's place of habitation and to which, whenever the person is absent, the person has the intention of returning. See Kansas Statutes 77-201
• 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.
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
• Verdict: The decision of a petit jury or a judge.