Terms Used In Louisiana Revised Statutes > Title 36 > Chapter 19 - Department of Public Service

• Association: means the Louisiana Insurance Guaranty Association created under Louisiana Revised Statutes 22:2055
• Association similar to the association: means any guaranty association, security fund or other insolvency mechanism that affords protection similar to that of the association. See Louisiana Revised Statutes 22:2055
• Commissioner: means the commissioner of insurance of this state. See Louisiana Revised Statutes 22:2055
• Conviction: A judgement of guilt against a criminal defendant.
• Covered claim: means the following:

              (a) An unpaid claim, including one for unearned premiums that arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this Part applies issued by an insurer, if such insurer becomes an insolvent insurer after September 1, 1970, and the policy was issued by such insurer and any of the following:

              (i) The claimant or insured is a resident of this state at the time of the insured event, provided that, for entities, the residence of a claimant or insured is the state in which its principal place of business is located at the time of the insured event. See Louisiana Revised Statutes 22:2055

• Farm tractor: means every motor vehicle designed and used primarily as a farm implement, for drawing plows, mowing machines, and other implements of husbandry. See Louisiana Revised Statutes 32:1
• 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}
• Insolvent insurer: means an insurer who meets both of the following criteria:

              (a) Is licensed and authorized to transact insurance in this state, either at the time the policy was issued or when the insured event occurred. See Louisiana Revised Statutes 22:2055

• Insurance policy: means an insurance contract as defined in Louisiana Revised Statutes 22:2055
• Insured: means any named insured, any additional insured, any vendor, lessor, or any other party identified as an insured under the policy. See Louisiana Revised Statutes 22:2055
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Member insurer: means any person who meets both of the following criteria:

              (i) Is licensed and authorized to transact insurance in this state. See Louisiana Revised Statutes 22:2055

• Motorcycle: means every motor vehicle having a seat or saddle for the use of the rider and designed to travel on not more than three wheels in contact with the ground, but excluding a tractor, a motorized bicycle, and an electric-assisted bicycle. See Louisiana Revised Statutes 32:1
• Parking area: means an area used by the public as a means of access to and egress from, and for the free parking of motor vehicles by patrons of a shopping center, business, factory, hospital, institution, or similar building or location. See Louisiana Revised Statutes 32:1
• Person: means any natural or juridical person, company, insurer, association, organization, reciprocal or inter-insurance exchange, partnership, business, trust, corporation, or other entity, including governmental entities. See Louisiana Revised Statutes 22:2055
• Receiver: means liquidator, rehabilitator, conservator or ancillary receiver, as the context requires. See Louisiana Revised Statutes 22:2055
• School bus: means every motor vehicle that is used to transport students to and from school or in connection with school activities, but not including a charter bus or transit bus. See Louisiana Revised Statutes 32:1
• Self-insurer: means a person that covers its liabilities through a qualified individual or group self-insurance program created for the specific purpose of covering liabilities typically covered by insurance. See Louisiana Revised Statutes 22:2055