Tennessee Code 56-50-103 – License and bond requirements
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Terms Used In Tennessee Code 56-50-103
- Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Tennessee Code 56-16-102
- Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-50-102
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: A judgement of guilt against a criminal defendant.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
- Fraud: Intentional deception resulting in injury to another.
- Life insurance producer: means any person licensed in this state as a resident or nonresident insurance producer that has received qualification or authority for life insurance coverage or a life line of coverage pursuant to chapter 6, part 1 of this title. See Tennessee Code 56-50-102
- Person: means a natural person or a legal entity, including, but not limited to, an individual, partnership, limited liability company, association, trust or corporation. See Tennessee Code 56-50-102
- Policy: means an individual or group policy, group certificate, contract or arrangement of life insurance owned by a resident of this state, regardless of whether delivered or issued for delivery in this state. See Tennessee Code 56-50-102
- Service of process: The service of writs or summonses to the appropriate party.
- 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: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Viatical settlement broker: means a person, including a life insurance producer, as provided for in §. See Tennessee Code 56-50-102
- Viatical settlement contract: includes a premium finance loan made for a life insurance policy by a lender to a viator on, before or after the date of issuance of the policy where:
(i) The viator or the insured receives on the date of the premium finance loan a guarantee of a future viatical settlement value of the policy. See Tennessee Code 56-50-102 - Viatical settlement investment agent: means a person who is an appointed or contracted agent of a licensed viatical settlement provider who solicits or arranges the funding for the purchase of a viatical settlement by a viatical settlement purchaser and who is acting on behalf of a viatical settlement provider. See Tennessee Code 56-50-102
- Viatical settlement provider: means a person, other than a viator, that enters into or effectuates a viatical settlement contract with a viator resident in this state. See Tennessee Code 56-50-102
- Viatical settlement purchase agreement: means a contract or agreement, entered into by a viatical settlement purchaser, to which the viator is not a party, to purchase a life insurance policy or an interest in a life insurance policy that is entered into for the purpose of deriving an economic benefit. See Tennessee Code 56-50-102
- Viatical settlement purchaser: means a person who provides a sum of money as consideration for a life insurance policy or an interest in the death benefits of a life insurance policy, or a person who owns or acquires or is entitled to a beneficial interest in a trust that owns a viatical settlement contract or is the beneficiary of a life insurance policy that has been or will be the subject of a viatical settlement contract, for the purpose of deriving an economic benefit. See Tennessee Code 56-50-102
- viator: includes , but is not limited to, an owner of a life insurance policy or a certificate holder under a group policy insuring the life of an individual with a terminal or chronic illness or condition except where specifically addressed. See Tennessee Code 56-50-102
- written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105