As used in this part, unless the context otherwise requires:

(1) “Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity;
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Terms Used In Tennessee Code 56-6-102

  • Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Tennessee Code 56-6-102
  • Commissioner: means the commissioner of commerce and insurance. See Tennessee Code 56-6-102
  • 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.
  • Crop insurance: means insurance providing protection against damage to crops from unfavorable weather conditions, fire or lightning, flood, hail, insect infestation, disease, or other yield-reducing conditions or perils provided by the private insurance market, or that is subsidized by the Federal Crop Insurance Corporation, including multi-peril crop insurance. See Tennessee Code 56-6-102
  • Department: means the department of commerce and insurance. See Tennessee Code 56-6-102
  • Insurance: means any of the lines of authority in §. See Tennessee Code 56-6-102
  • Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance. See Tennessee Code 56-6-102
  • Insurer: means any insurance company authorized to transact insurance business in this state. See Tennessee Code 56-6-102
  • License: means a document issued by this state's commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Tennessee Code 56-6-102
  • Limited line credit insurance: includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection (gap) insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the commissioner determines should be designated a form of limited line credit insurance. See Tennessee Code 56-6-102
  • Limited lines insurance: means those lines of insurance defined in §. See Tennessee Code 56-6-102
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • NAIC: means the National Association of Insurance Commissioners. See Tennessee Code 56-6-102
  • Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract. See Tennessee Code 56-6-102
  • 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 or a business entity. See Tennessee Code 56-6-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company. See Tennessee Code 56-6-102
  • Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company. See Tennessee Code 56-6-102
  • 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
  • Uniform application: means the current version of the NAIC uniform application for resident and nonresident producer licensing. See Tennessee Code 56-6-102
  • Uniform business entity application: means the current version of the NAIC uniform business entity application for resident and nonresident business entities. See Tennessee Code 56-6-102
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(2) “Commissioner” means the commissioner of commerce and insurance;
(3) “Crop insurance” means insurance providing protection against damage to crops from unfavorable weather conditions, fire or lightning, flood, hail, insect infestation, disease, or other yield-reducing conditions or perils provided by the private insurance market, or that is subsidized by the Federal Crop Insurance Corporation, including multi-peril crop insurance;
(4) “Department” means the department of commerce and insurance;
(5) “Home state” means any state or territory of the United States and the District of Columbia in which an insurance producer maintains a principal place of residence or principal place of business and is licensed to act as an insurance producer;
(6) “Insurance” means any of the lines of authority in § 56-2-201;
(7) “Insurance producer” means a person required to be licensed under the laws of this state to sell, solicit or negotiate insurance;
(8) “Insurer” means any insurance company authorized to transact insurance business in this state;
(9) “License” means a document issued by this state’s commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. The license itself does not create any authority, actual, apparent or inherent, in the holder to represent or commit an insurance carrier;
(10) “Limited line credit insurance” includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection (gap) insurance, and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the commissioner determines should be designated a form of limited line credit insurance;
(11) “Limited line credit insurance producer” means a person who sells, solicits or negotiates one or more forms of limited line credit insurance coverage to individuals through a master, corporate, group or individual policy;
(12) “Limited lines insurance” means those lines of insurance defined in § 56-6-110 or any other line of insurance that the commissioner deems necessary to recognize for the purposes of complying with § 56-6-108(e);
(13) “Limited lines producer” means a person authorized by the commissioner to sell, solicit or negotiate limited lines insurance;
(14) “NAIC” means the National Association of Insurance Commissioners;
(15) “Negotiate” means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract; provided, that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers;
(16) “Person” means an individual or a business entity;
(17) “Sell” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company;
(18) “Solicit” means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company;
(19) “Surplus lines producer” means a person authorized by the commissioner to sell, solicit or negotiate surplus lines insurance pursuant to the Surplus Lines Insurance Act, compiled in chapter 14 of this title. The person shall have the same authority given to a surplus lines agent licensed under the Surplus Lines Insurance Act;
(20) “Terminate” means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer’s authority to transact insurance;
(21) “Uniform application” means the current version of the NAIC uniform application for resident and nonresident producer licensing; and
(22) “Uniform business entity application” means the current version of the NAIC uniform business entity application for resident and nonresident business entities.
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