Terms Used In North Carolina General Statutes > Chapter 58 > Article 62 - Life and Health Insurance Guaranty Association

• Account: means any of the two accounts created under N. See North Carolina General Statutes 58-62-16
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• 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 North Carolina Life and Health Insurance Guaranty Association created under N. See North Carolina General Statutes 58-62-16
• authorized: when used in the context of assessments means a resolution by the Board has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount. See North Carolina General Statutes 58-62-16
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit plan: means a specific employee, union, or association of natural persons benefit plan. See North Carolina General Statutes 58-62-16
• Board: means the board of directors of the Association established under N. See North Carolina General Statutes 58-62-16
• called: when used in the context of assessments means that a notice has been issued by the Association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice. See North Carolina General Statutes 58-62-16
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Contractual obligation: means any obligation under a policy, contract, or certificate under a group policy, or contract, or part thereof, for which coverage is provided under N. See North Carolina General Statutes 58-62-16
• 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 policy: means any policy, contract, or portion of a policy or contract for which coverage is provided under N. See North Carolina General Statutes 58-62-16
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Delinquent insurer: means an impaired insurer or an insolvent insurer; and "delinquency" means an insurer impairment or insolvency. See North Carolina General Statutes 58-62-16
• 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}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Extra-contractual claims: shall include claims relating to bad faith in the payment of claims, punitive or exemplary damages, or attorneys' fees and costs. See North Carolina General Statutes 58-62-16
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Health insurance: includes hospital or medical service corporation contracts, health maintenance organization subscriber contracts and certificates, accident and health insurance, accident insurance, and disability insurance. See North Carolina General Statutes 58-62-16
• Impaired insurer: means a member insurer that, after the effective date of this Article, is not an insolvent insurer, and (i) is deemed by the Commissioner to be potentially unable to fulfill its contractual obligations or (ii) is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See North Carolina General Statutes 58-62-16
• in writing: may be construed to include printing, engraving, lithographing, and any other mode of representing words and letters: Provided, that in all cases where a written signature is required by law, the same shall be in a proper handwriting, or in a proper mark. See North Carolina General Statutes 12-3
• Insolvent insurer: means a member insurer that, after the effective date of this Article, is placed under an order of liquidation with a finding of insolvency by a court of competent jurisdiction. See North Carolina General Statutes 58-62-16
• Insurance regulator: means the official or agency of another state that is responsible for the regulation of a foreign insurer. See North Carolina General Statutes 58-62-16
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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 any insurer, health maintenance organization that is governed by Article 67 of this Chapter, and any full-service corporation that is governed by Article 65 of this Chapter and that is licensed or that holds a license to transact in this State any kind of insurance or health maintenance organization business for which coverage is provided under N. See North Carolina General Statutes 58-62-16
• month: shall be construed to mean a calendar month, unless otherwise expressed; and the word "year" a calendar year, unless otherwise expressed; and the word "year" alone shall be equivalent to the expression "year of our Lord. See North Carolina General Statutes 12-3
• 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: includes an individual, corporation, limited liability company, partnership, association, governmental body or entity, or voluntary organization. See North Carolina General Statutes 58-62-16
• Plan: means the plan of operation established under N. See North Carolina General Statutes 58-62-16
• Plan sponsor: means any of the following:

  a. See North Carolina General Statutes 58-62-16

• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Premiums: means amounts or considerations received on covered policies or contracts less returned premiums, considerations, and deposits, and less dividends and experience credits. See North Carolina General Statutes 58-62-16
• property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Receivership court: means the court in the delinquent insurer's state having jurisdiction over the conservation, rehabilitation, or liquidation of the member insurer. See North Carolina General Statutes 58-62-16
• Resident: means any person who resides in this State when a member insurer is determined to be a delinquent insurer and to whom a contractual obligation is owed. See North Carolina General Statutes 58-62-16
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means any state, the District of Columbia, Puerto Rico, and a United States possession, territory, or protectorate. See North Carolina General Statutes 58-62-16
• Statute: A law passed by a legislature.
• Structured settlement annuities: means any contracts or certificates for annuities issued to fund, in whole or in part, a settlement agreement for a matter involving personal injury or illness, including any settlement agreement permitted under Chapter 97 of the N. See North Carolina General Statutes 58-62-16
• Subaccount: means any of the subaccounts created under N. See North Carolina General Statutes 58-62-16
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trustee: A person or institution holding and administering property in trust.
• Unallocated annuity contract: means any annuity contract or group annuity certificate that is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under the contract or certificate. See North Carolina General Statutes 58-62-16
• United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.