Missouri Laws 380.201 – Definitions
As used in sections 380.201 to 380.601, unless the context clearly indicates otherwise, the following terms mean:
(1) “Assessment”, the amount, or the policyholder’s share of such amount, determined by the company to be necessary to pay accrued liabilities, to meet or defray anticipated needs of the company and/or to add to or restore the guaranty fund;
Terms Used In Missouri Laws 380.201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Department: the department of commerce and insurance. See Missouri Laws 380.005
- Director: the director of the department of commerce and insurance. See Missouri Laws 380.005
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) “Director”, the director of the department of commerce and insurance of the state of Missouri;
(3) “Fee”, the charge or that portion of such charge collected by the company which is used for or allocated to the payment of acquisition or survey costs;
(4) “Guaranty fund”, accumulated assets in excess of accrued losses and expenses;
(5) “Initial charge”, such charge or that portion of such charge not otherwise defined herein collected by the company before or at the time of the issuance or the renewal of the policy and used for, or allocated to, any purpose which the company deems desirable not prohibited by law;
(6) “Premium”, a stipulated amount charged for a specified policy period, which the company is required to charge as a liability and maintain as an unearned premium reserve until the end of the specified policy period.