Terms Used In New York Laws > Tax > Article 33-A - Tax On Independently Procured Insurance

• 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.
• 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.
• Fiduciary: A trustee, executor, or administrator.
• home state: means :
  
  (1) In general. See N.Y. Tax Law 1550
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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 an individual, corporation, partnership, limited liability company, society, association, joint stock company, estate, receiver, trustee, assignee, referee and any other person acting in a fiduciary capacity, whether appointed by a court or otherwise, and any combination of the foregoing. See N.Y. Tax Law 1550
• premium: includes all amounts paid as consideration for insurance contracts and shall include premium deposits, assessments, policy fees, membership fees, and every other compensation for such contract. See N.Y. Tax Law 1550
• Principal residence: means , with respect to determining the home state of the insured, the state where:
  
  (a) the insured resides for the greatest number of days during a calendar year; or
  
  (b) if the insured's principal residence is located outside any state, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated. See N.Y. Tax Law 1550
• taxable insurance contract: means a contract of insurance of the kind described in subsection (a) of § 2105 of the insurance law. See N.Y. Tax Law 1550
• Testify: Answer questions in court.
• Trustee: A person or institution holding and administering property in trust.