Terms Used In Kentucky Statutes > Chapter 34 - Judicial Commissions

• agent: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
• 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.
• Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, employer group, professional employer organization, or other legal entity. See Kentucky Statutes 304.9-020
• Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
• Home state: means the District of Columbia and any state or territory of the United States in which a licensee maintains his or her principal place of residence or principal place of business and is licensed by that state. See Kentucky Statutes 304.9-020
• Insurance producer: includes agent, managing general agent, surplus lines broker, reinsurance intermediary broker and manager, rental vehicle agent and rental vehicle agent managing employee, and consultant. See Kentucky Statutes 304.9-020
• Limited line credit insurance: includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the commissioner determines should be designated a form of limited line credit insurance. See Kentucky Statutes 304.9-020
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Negotiate: means the act of conferring directly with, or offering advice directly to, a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See Kentucky Statutes 304.9-020
• Rental vehicle insurance: means insurance underwritten by an insurer authorized to transact business in Kentucky that is sold in connection with, and incidental to, a rental vehicle agreement. See Kentucky Statutes 304.9-020
• Sell: means to exchange a contract of insurance by any means, for money or other valuable consideration, on behalf of an insurer. See Kentucky Statutes 304.9-020
• 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.
• Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer. See Kentucky Statutes 304.9-020
• Subpoena: A command to a witness to appear and give testimony.
• Surety: means insurance or bond that covers obligation to pay the debts of, or answer for the default of another, including faithlessness in a position of public or private trust. See Kentucky Statutes 304.9-020
• Testify: Answer questions in court.