Terms Used In Rhode Island General Laws > Chapter 27-51 - Managing General Agents Act

• Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Rhode Island General Laws 27-51-2
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Insurer: means any person, firm, association, or corporation duly licensed in this state as an insurance company pursuant to this title. See Rhode Island General Laws 27-51-2
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Producer: means insurance producer as defined in chapter 2. See Rhode Island General Laws 27-51-2
• 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.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8