Terms Used In South Carolina Code > Title 38 > Chapter 75 > Article 1 - Property Insurance Generally

• Coinsurance: means a stipulation or requirement that the insured undertakes to be his own insurer to the extent that he fails to maintain insurance of a given percentage of the value of the property against loss or damage. See South Carolina Code 38-1-20
• 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.
• Director: means the Director of the Department of Labor, Licensing and Regulation or the director's designee. See South Carolina Code 41-8-10
• Employer: means every person, firm, partnership, association, corporation, receiver, or other officer of a court of this State, the State or any political subdivision thereof, and any agent or officer of the above classes employing any person in this State. See South Carolina Code 41-10-10
• 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.
• insurance: includes annuities. See South Carolina Code 38-1-20
• Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Personal property: All property that is not real property.
• Policy: means a contract of insurance. See South Carolina Code 38-1-20
• Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20
• Private employer: means any:
  
  (1) person or entity that transacts business in this State, is required to have a license issued by an agency, department, board, commission, or political subdivision of this State that issues licenses for the purposes of operating a business in this State, and employs one or more employees in this State, as defined in § 12-8-10;
  
  (2) person or entity carrying on any employment and the legal representative of a deceased person or the receiver or trustee of any person; or
  
  (3) person or entity for whom an individual performs a service or sells a good, of whatever nature, as an employee, as defined in § 12-8-10. See South Carolina Code 41-8-10
• Wages: means all amounts at which labor rendered is recompensed, whether the amount is fixed or ascertained on a time, task, piece, or commission basis, or other method of calculating the amount and includes vacation, holiday, and sick leave payments which are due to an employee under any employer policy or employment contract. See South Carolina Code 41-10-10