New Hampshire Revised Statutes 415-B:1 – Definitions
Current as of: 2023 | Check for updates
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In this chapter:
I. “Commissioner” means the insurance commissioner.
II. “Insurance premium finance company” means a person engaged in whole or in part in the business of entering into premium finance agreements.
III. “Licensee” means an insurance premium finance company holding a license issued under this chapter.
IV. “Person” means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals however organized.
V. “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract, together with interest or discount and a service charge as authorized and limited by this chapter, and in which as security for the amount advanced the premium finance company receives an assignment of the gross unearned premiums of such insurance contract.
VI. “Default” means the failure of the named insured to discharge when due any of his obligations in connection with the payment of premiums on a policy, or any installment of such premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit.
I. “Commissioner” means the insurance commissioner.
Terms Used In New Hampshire Revised Statutes 415-B:1
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
II. “Insurance premium finance company” means a person engaged in whole or in part in the business of entering into premium finance agreements.
III. “Licensee” means an insurance premium finance company holding a license issued under this chapter.
IV. “Person” means an individual, partnership, association, business corporation, nonprofit corporation, common law trust, joint-stock company, or any other group of individuals however organized.
V. “Premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent or broker in payment of premiums of an insurance contract, together with interest or discount and a service charge as authorized and limited by this chapter, and in which as security for the amount advanced the premium finance company receives an assignment of the gross unearned premiums of such insurance contract.
VI. “Default” means the failure of the named insured to discharge when due any of his obligations in connection with the payment of premiums on a policy, or any installment of such premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit.