Terms Used In Tennessee Code 56-53-102

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Department: means the department of commerce and insurance. See Tennessee Code 56-1-102
• Insurance policy: means the written instrument in which are set forth the terms of any certificate of insurance, binder of coverage or contract of insurance, including a certificate, binder or contract issued by a state-assigned risk plan, benefit plan, nonprofit hospital service plan, health maintenance organization, motor club service plan, or surety bond, cash bond or any other alternative to insurance authorized by a state's financial responsibility act. See Tennessee Code 56-53-101
• Insurance professional: means sales agents, managing general agents, brokers, producers, adjusters and third-party administrators. See Tennessee Code 56-53-101
• Insurance transaction: means a transaction by, between or among:
  (A) An insurer or a person who acts on behalf of an insurer. See Tennessee Code 56-53-101
• Insurer: includes , but is not limited to, an insurance company, self-insurer, reinsurer, reciprocal exchange, interinsurer, risk retention group, Lloyd's insurer, fraternal benefit society, surety, medical service, health maintenance organization, dental, optometric or any other similar health service plan, and any other legal entity engaged or purportedly engaged in the business of insurance, including any person or entity that falls within the definition of "insurer" found within this title. See Tennessee Code 56-53-101
• Person: means a natural person, company, corporation, unincorporated association, partnership, professional corporation, agency of government and any other entity. See Tennessee Code 56-53-101
• Premium: includes any payments, whether due within the insurance policy term or otherwise, and deductible payments, whether advanced by the insurer or insurance professional and subject to reimbursement by the insured or otherwise, any self-insured retention or payments, whether advanced by the insurer or insurance professional and subject to reimbursement by the insured or otherwise, and any collateral or security to be provided to collateralize obligations to pay any of the above. See Tennessee Code 56-53-101
• Premium finance company: means a person engaged or purporting to engage in the business of advancing money, directly or indirectly, to an insurer or producer at the request of an insured pursuant to the terms of a premium finance agreement, including but not limited to loan contracts, notes, agreements or obligations, wherein the insured has assigned the unearned premiums, accrued dividends, or loss payments as security for the advancement in payment of premiums on insurance policies only, and does not include the financing of insurance premiums purchased in connection with the financing of goods and services. See Tennessee Code 56-53-101
• Premium finance transaction: means a transaction by, between or among an insured, a producer or other party claiming to act on behalf of an insured and a third-party premium finance company, for the purposes of purportedly or actually advancing money directly or indirectly to an insurer or producer at the request of an insured pursuant to the terms of a premium finance agreement, wherein the insured has assigned the unearned premiums, accrued dividends or loan payments as security for the advancement in payment of premiums on insurance policies only, and does not include the financing of insurance premiums purchased in connection with the financing of goods and services. See Tennessee Code 56-53-101
• Property: includes both personal and real property. See Tennessee Code 1-3-105