Terms Used In Montana Code > Title 33 > Chapter 10 > Part 1 - Casualty and Property Insurance Guaranty Associations

• 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 Montana insurance guaranty association created under 33-10-103. See Montana Code 33-10-102
• 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, 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 the insurer becomes an insolvent insurer after July 1, 1971, and:

  (i)the claimant or insured is a resident of this state at the time of the insured event; or

  (ii)the property from which the claim arises is permanently located in this state. See Montana Code 33-10-102

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

  (a)authorized to transact insurance in this state either at the time the policy was issued or when the insured event occurred; and

  (b)against whom an order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. See Montana Code 33-10-102

• 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 a person who:

  (a)writes any kind of insurance to which this part applies under 33-10-101(3), including the exchange of reciprocal or interinsurance contracts; and

  (b)is licensed to transact insurance in this state. See Montana Code 33-10-102

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Net direct written premiums: means direct gross premiums written in this state on insurance policies to which this part applies, less return premiums on the policies and dividends paid or credited to policyholders of policies to which this part applies. See Montana Code 33-10-102
• 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 Montana Code 33-10-102
• Property: means real and personal property. See Montana Code 1-1-205
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Verdict: The decision of a petit jury or a judge.
• Writing: includes printing. See Montana Code 1-1-203