North Carolina General Statutes 58-13-15. Definitions
As used in this Article:
(1) “Assets” means all property, real or personal, tangible or intangible, legal or equitable, owned by an insurer.
Terms Used In North Carolina General Statutes 58-13-15
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) “Claimants” means any owners, beneficiaries, assignees, certificate holders, or third-party beneficiaries of any insurance benefit or right arising out of and within the coverage of an insurance policy covered by this Article.
(3) “Reserve assets” means those assets of an insurer that are authorized investments for policy reserves in accordance with this Chapter.
(4) “Policyholder-related liabilities” means those liabilities that are required to be established by an insurer for all of its outstanding insurance policies in accordance with this Chapter. (1985, c. 327, s. 1; 1993, c. 504, s. 8; 2001-223, ss. 13.2, 13.3.)