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Glossary of Idaho Insurance Licensing Terms

Insurance has many terms that have specific meanings to the industry. Below is a list of the terms that Idaho has codified as they pertain to insurance licensing.

Actuary: person who is a member in good standing of the American academy of actuaries.

Adjuster:

  1. A person who, on behalf of the insurer, for compensation as an independent contractor or as the employee of such an independent contractor, or for fee or commission, investigates and negotiates settlement of claims arising under insurance contracts.
  2. None of the following is an “adjuster” for the purposes of this chapter:
    1.  A licensed attorney at law who is qualified to practice law in this state.
    2. The salaried employee of an authorized insurer, or group of such insurers under common control or ownership, or of a managing general agent, who adjusts losses for such insurer or insurers or for the authorized insurers represented by the general agent.
    3. The licensed agent of an authorized insurer who, at the insurer’s request, from time to time adjusts or assists in adjustment of losses arising under policies issued by such insurer.
    4. An individual who collects claim information from, or furnishes claim information to, claimants or those who are insured and who conducts data entry, including entering data into an automated claims adjudication system, provided that the individual is an employee of a licensed adjuster or its affiliate where no more than twenty-five (25) such persons are under the supervision of one licensed adjuster or licensed agent. A licensed agent who acts as a supervisor or adjusts claims pursuant to the provisions of this paragraph is not required to also be licensed as an adjuster. For purposes of this section, “automated claims adjudication system” means a pre-programmed computer system designed for the collection, data entry, calculation, and final resolution of portable electronics insurance claims that:
  3. May only be utilized by a licensed adjuster, licensed agent or supervised individuals operating pursuant to the provisions of this paragraph.
  4. Must comply with all claims payment requirements of the insurance code; and
  5. Must be certified as compliant with this section by a licensed adjuster who is an officer of a licensed business entity pursuant to the provisions of this chapter.

Administrator: any person who directly or indirectly underwrites, collects charges or premiums from or adjusts or settles claims on residents of this state in connection with life, annuity or health insurance coverage offered or provided by an insurer, except any of the following:

  1. An employer, or a wholly owned direct or indirect subsidiary of an employer, on behalf of its employees or the employees of one (1) or more subsidiaries or affiliated corporations of such employer.
  2. A union on behalf of its members.
  3. An insurance company that is either authorized to transact insurance in this state or acting as an insurer with respect to a policy lawfully issued and delivered by such company in and pursuant to the laws of a state in which the insurer was authorized to transact an insurance business, or a hospital, medical, dental or optometric service corporation or a health care service organization, including their sales representatives, possessing a valid certificate of authority in this state when engaged in the performance of their duties.
  4. An insurance producer licensed to sell life, annuities, or health coverage in this state whose activities are limited exclusively to the sale, solicitation, and negotiation of insurance.
  5. A creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors.
  6. A trust, its trustees, agents, and employees acting pursuant to such trust established in conformity with 29 U.S.C. 186
  7. A trust exempt from taxation under section 501(a) of the Internal Revenue Code, its trustees and employees acting pursuant to such trust or a custodian and the custodian’s agents or employees acting pursuant to a custodian account that meets the requirements of section 401(f) of the Internal Revenue Code.
  8. A credit union or a financial institution that is subject to supervision or examination by federal or state banking authorities, or a mortgage lender, to the extent they collect and remit premiums to licensed insurance producers or to limited lines producers or authorized insurers in connection with loan payments.
  9. A credit card issuing company that advances for and collects premiums or charges from its credit cardholders who have authorized such collection.
  10. A person who adjusts or settles claims in the normal course of that person’s practice or employment as an attorney at law and who does not collect charges or premiums in connection with life, annuity or health insurance coverage.
  11. A person licensed as a managing general agent in this state whose activities are limited exclusively to the scope of activities conveyed under such license.
  12. A person who is affiliated with an insurer and who acts solely as an administrator for the direct and assumed insurance business of an affiliated insurer. The insurer is responsible for the acts of the administrator and is responsible for providing all of the administrator’s books and records to the insurance director upon a request from the insurance director. For purposes of this paragraph, “insurer” means a licensed insurance company, hospital or professional service corporation or a managed care organization.

Affiliate or affiliated: an entity or person who directly or indirectly through one (1) or more intermediaries’ controls or is controlled by, or is under common control with, a specified entity or person.

Affiliated group: means any group of entities that are all affiliated.

Bail Agent: a producer licensed in the line of surety insurance and authorized by an insurer to execute or countersign undertakings of bail in connection with judicial proceedings.

Broker: a surplus line broker duly licensed as such under Idaho Title 41, Chapter 12, including resident surplus line brokers and nonresident surplus line brokers. A Broker is required to procure certain insurance coverage that cannot be procured from authorized insurers.

Business entity: a corporation, association, partnership, Limited Liability Company, limited liability partnership or other legal entity. Not to be confused with a Company (an insurer or carrier.)

Casualty insurance:

    1. Vehicle insurance. Insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained therein or thereon or being loaded or unloaded therein or therefrom, from any hazard or cause, and against any loss, liability or expense resulting from or incidental to ownership, maintenance or use of any such vehicle, aircraft or animal; and provision of medical, hospital, surgical, disability benefits to injured persons and funeral and death benefits to dependents, beneficiaries, or personal representatives of persons killed, irrespective of legal liability of the insured, when issued as an incidental coverage with or supplemental to insurance on the vehicle, aircraft or animal.
    2. Automobile guaranty. Insurance of the mechanical condition, or freedom from defective or worn parts or equipment, of motor vehicles.
    3. Liability insurance. Insurance against legal liability for the death, injury, or disability of any human being, or for damage to property; and provision of medical, hospital, surgical, disability benefits to injured persons and funeral and death benefits to dependents, beneficiaries or personal representatives of persons killed, irrespective of legal liability of the insured, when issued as an incidental coverage with or supplemental to liability insurance.
    4. Workmen’s compensation. Insurance of the obligations accepted by, imposed upon, or assumed by employers under law for death, disablement, or injury of employees.
    5. Burglary and theft. Insurance against loss or damage by burglary, theft, larceny, robbery, forgery, fraud, vandalism, malicious mischief, confiscation, or wrongful conversion, disposal, or concealment, or from any attempt at any of the foregoing; including supplemental coverage for medical, hospital, surgical, and funeral expense incurred by the named insured or any other person as a result of bodily injury during the commission of a burglary, robbery, or theft by another; also insurance against loss of or damage to moneys, coins, bullion, securities, notes, drafts, acceptances, or any other valuable papers and documents, resulting from any cause.
    6. Personal property floater. Insurance upon personal effects against loss or damage from any cause, under a personal property floater.
    7. Glass. Insurance against loss or damage to glass, including its lettering, ornamentation, and fittings.
    8. Boiler and machinery. Insurance against any liability and loss or damage to property or interest resulting from accidents to or explosions of boilers, pipes, pressure containers, machinery, or apparatus, and to make inspection of and issue certificates of inspection upon boilers, machinery, and apparatus of any kind, whether or not insured.
    9. Leakage and fire extinguishing equipment. Insurance against loss or damage to any property or interest caused by the breakage or leakage of sprinklers, hoses, pumps, and other fire extinguishing equipment or apparatus, water pipes or containers, or by water entering through leaks or openings in buildings, and insurance against loss or damage to such sprinklers, hoses, pumps, and other fire extinguishing equipment or apparatus.
    10. Credit. Insurance against loss or damage resulting from failure of debtors to pay their obligations to the insured.
    11. Malpractice. Insurance against legal liability of the insured, and against loss, damage, or expense incidental to a claim of such liability, and including medical, hospital, surgical, and funeral benefits to injured persons, irrespective of legal liability of the insured, arising out of the death, injury or disablement of any person, or arising out of damage to the economic interest of any person, as the result of negligence in rendering expert, fiduciary, or professional service.
    12. Congenital defects. Insurance against congenital defects in human beings.
    13. Livestock. Insurance against loss or damage to livestock, and services of a veterinary for such animals.
    14. Elevator. Insurance against loss of or damage to any property of the insured, resulting from the ownership, maintenance or use of elevators, except loss or damage by fire, and to make inspections of and issue certificates of inspection upon, elevators.
    15. Entertainments. Insurance indemnifying the producer of any motion picture, television, radio, theatrical, sport, spectacle, entertainment, or similar production, event, or exhibition against loss from interruption, postponement, or cancelation thereof due to death, accidental injury, or sickness of perfomers [performers], participants, directors, or other principals.
    16. Failure to file certain instruments. Insurance against loss resulting from failure to file or record written instruments affecting the title of or creating a lien upon personal property.
    17. Miscellaneous. Miscellaneous casualty insurance shall include, but not be limited to, credit unemployment insurance indemnifying a debtor for installment or other periodic payments on the indebtedness while a debtor suffers a loss of income due to involuntary unemployment. Insurance against any other kind of loss, damage, or liability properly a subject of insurance and not within any other kind of insurance as defined in this chapter, if such insurance is not disapproved by the director as being contrary to law or public policy.
  1. Provision of medical, hospital, surgical, and funeral benefits, and of coverage against accidental death or injury, as incidental to and part of other insurance as stated under subdivisions (a) (vehicle), (c) (liability), (e) (burglary), and (k) (malpractice) of subsection (1) shall for all purposes be deemed to be the same kind of insurance to which it is so incidental, and shall not be subject to provisions of this code applicable to life or disability insurances.

Company: the insurer or carrier of insurance providing products for sale.

Control including the terms “controlling,” “controlled by” and “under common control with,“: the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing ten percent (10%) or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided in section 41-3809(11), Idaho Code, that control does not exist in fact. The director may determine, after furnishing all persons in interest notice and an opportunity to be heard and making specific findings of fact to support the determination that control exists in fact, notwithstanding the absence of a presumption to that effect.

Controlling person: any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control or activities of the reinsurance intermediary.

Credit insurance: Credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection (GAP) insurance.

DBA or Assumed Business Name: any name other than the true name of any formally organized or registered entity, under which name the entity holds itself out for the transaction of business in the state of Idaho.

Designated Responsible Person (DRP): The DRP is a person designated by the entity to be responsible for the compliance of the entity with the laws and rules of Idaho.

Director: the director of the Idaho department of insurance.

Disability (Health): (1) “Disability insurance” includes:

  1.  Insurance of human beings against bodily injury, disablement, or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto. Disability insurance does not include worker’s compensation coverages; and
  2. A managed care plan for which a certificate of authority is required pursuant to chapter 39, title 41, Idaho Code.

Fingerprints: an impression of the lines on the finger taken for purpose of identification. The impression may be electronic or in ink converted to electronic format.

GAAP: United States “generally accepted accounting principles” consistently applied.

Home state:  The District of Columbia and any state or territory of the United States or any province of Canada in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer.

Independent Adjuster: An “adjuster” is a person who, on behalf of the insurer, for compensation as an independent contractor or as the employee of such an independent contractor, or for fee or commission, investigates and negotiates settlement of claims arising under insurance contracts.

Independent Review Organization: an entity that conducts independent external reviews of final adverse benefit determinations.

Individual: a natural person.

Individual or group accident and sickness insurance: any policy insuring against loss resulting from sickness or from bodily injury or death by accident, or both. “Individual or group accident and sickness insurance” shall also include comprehensive major medical coverage for medical and surgical benefits and high deductible health plans sold or maintained under the applicable provisions of section 223 of the Internal Revenue Code.

Insurer: a person, firm, association, or corporation duly licensed in this state pursuant to the applicable provisions of the insurance law as an insurer.

License: a document issued by the director 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.

Licensed producer: an agent, broker or reinsurance intermediary licensed pursuant to the applicable provision of the insurance law.

Life:  insurance on human lives. The transaction of life insurance includes also the granting of endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured’s disability, and optional modes of settlement of proceeds of life insurance. Life insurance does not include workmen’s compensation coverages.

Life Settlement Broker: a person who, working exclusively on behalf of an owner and for a fee, commission or other valuable consideration, offers or attempts to negotiate life settlement contracts between an owner and one or more life settlement providers or one or more life settlement brokers. No matter how the life settlement broker is compensated, a life settlement broker is deemed to represent only the owner, and not the insurer or the life settlement provider. A life settlement broker owes a fiduciary duty to the owner to act according to the owner’s instructions and in the best interest of the owner. The term does not include an attorney, certified public accountant or financial planner accredited by a nationally recognized accreditation agency who is retained to represent the owner and whose compensation is not paid directly or indirectly by the life settlement provider or purchaser.

Life Settlement Provider:a person, other than an owner, who enters into a life settlement contract with an owner resident in this state. Provider does not include:

  • A bank, savings bank, savings and loan association, credit union or other licensed lending institution that takes an assignment of a life insurance policy solely as the collateral for a loan.
  • A premium finance company making premium finance loans that takes an assignment of a life insurance policy solely as collateral for a loan.
  • The insurer of the life insurance policy
  • An authorized or eligible insurer that provides stop-loss coverage or financial guaranty insurance to a life settlement provider, purchaser, financing entity, special purpose entity or related provider trust.
  • A financing entity a special purpose entity.
  • A related provider trust.
  • Any other person that the Director of the Department of Insurance determines is not the type of person intended to be covered by the definition of life settlement provider.

Limited lines insurance: is insurance which restricts the authority of the license to less than the total authority prescribed in the associated major lines pursuant to section 41-1008(1)(a) through (g), Idaho Code, and shall include, but not be limited to: credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection (GAP) insurance, transportation baggage insurance, transportation ticket policies covering personal accident insurance, pet insurance, portable electronics insurance or any other line of insurance that the director deems necessary to recognize for the purposes of complying with section 41-1009(5), Idaho Code.

Limited lines producer: a producer authorized by the director to sell, solicit or negotiate limited lines insurance. “Limited lines producer” includes a “limited lines travel insurance producer” as used in sections 41-1090 through 41-1096, Idaho Code.

Marine and transportation insurance:
  1.  Insurance against any kind of loss or damage to:
    1. Vessels, craft, aircraft, cars, automobiles and vehicles of every kind, as well as all goods, freights, cargoes, merchandise, effects, disbursements, profits, moneys, bullion, precious stones, securities, choses in action, evidences of debt, valuable papers, bottomry and respondentia interests and all other kinds of property and interests therein, in respect to, appertaining to or in connection with any and all risks or perils of navigation, transit, or transportation, including war risks, on or under any seas or other waters, on land or in the air, or while being assembled, packed, crated, baled, compressed or similarly prepared for shipment or while awaiting the same or during any delays, storage, transshipment, or reshipment incident thereto, including marine builder’s risks and all personal property floater risks, and
    2. Person or to property in connection with or appertaining to a marine, inland marine, transit or transportation insurance, including liability for loss of or damage to either, arising out of or in connection with the construction, repair, operation, maintenance or use of the subject matter of such insurance (but not including life insurance or surety bonds nor insurance against loss by reason of bodily injury to the person arising out of the ownership, maintenance or use of automobiles), and
    3. Precious stones, jewels, jewelry, gold, silver, and other precious metals, whether used in business or trade or otherwise and whether the same be in course of transportation or otherwise, and
    4. Bridges, tunnels and other instrumentalities of transportation and communication (excluding buildings, their furniture and furnishings, fixed contents and supplies held in storage) unless fire, tornado, sprinkler leakage, hail, explosion, earthquake, riot and/or civil commotion are the only hazards to be covered; piers, wharves, docks and slips, excluding the risks of fire, tornado, sprinkler leakage, hail, explosion, earthquake, riot and/or civil commotion; other aids to navigation and transportation, including dry docks and marine railways, against all risks.
  2. “Marine protection and indemnity insurance,” meaning insurance against, or against legal liability of the insured for, loss, damage or expense arising out of, or incident to, the ownership, operation, chartering, maintenance, use, repair or construction of any vessel, craft, or instrumentality in use in ocean or inland waterways, including liability of the insured for personal injury, illness or death or for loss of or damage to the property of another person.

NAIC: the “national association of insurance commissioners.

Negotiate: 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 the act either sells insurance or obtains insurance from insurers for purchasers.

Nonresident administrator: an administrator with a home state other than Idaho.

Person: an individual or a business entity. Personal Lines: meaning property and casualty insurance coverage sold to individuals and families for primarily noncommercial purposes. Portable Electronics: Electronic devices that are portable in nature, their accessories and services related to the use of the device. Portable Electronics Insurance: Insurance covering the repair or replacement of portable electronics. Such insurance may provide coverage for portable electronics against loss, theft, and inoperability due to mechanical failure, malfunction, damage and other similar loss. The term does not include the following:
  • A service contract or extended warranty that provides coverage for repair, replacement, or maintenance only to address operational or structural failure caused by:
  • a defect in materials or workmanship.
  • accidental damage from power surge; or
  • normal wear and tear.
  • A policy of insurance that covers a seller’s or manufacturer’s obligations under a warranty.
  • Any of the following:
  • A homeowner’s insurance policy
  • A renter’s insurance policy
  • A private passenger automobile insurance policy
  • A commercial multi-peril insurance policy
  • An insurance policy that provides coverage similar to the insurance provided by a policy described in clauses a) through d).
Producer: a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. We refer to business entities as producers as well. Property:  is insurance on real or personal property of every kind and of every interest therein, whether on land, water, or in the air, against loss or damage from any and all hazard or cause, and against loss consequential upon such loss or damage, other than noncontractual legal liability for any such loss or damage. Property insurance does not include title insurance, as defined in section 41-508[, Idaho Code]. Public Adjuster: any person who, for compensation or any other thing of value on behalf of the insured:
  1. Acts or aids, solely in relation to first party claims arising under insurance contracts that insure the real or personal property of the insured, on behalf of an insured in negotiating for, or effecting the settlement of, a claim for loss or damage covered by an insurance contract.
  2. Advertises for employment as a public adjuster of insurance claims or solicits business or represents himself or herself to the public as a public adjuster of first party insurance claims for losses or damages arising out of policies of insurance that insure real or personal property; or
  3. Directly or indirectly solicits business, investigates, or adjusts losses, or advises an insured about first party claims for losses or damages arising out of policies of insurance that insure real or personal property for another person engaged in the business of adjusting losses or damages covered by an insurance policy, for the insured.
Qualified United States financial institution:
  1. Is organized or, in the case of a United States office of a foreign banking organization, licensed, under the laws of the United States or any state thereof;
  2.  Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
  3. Has been determined by either the director, or the securities valuation office of the national association of insurance commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the director.

Reinsurance intermediary: a reinsurance intermediary-broker, or a reinsurance intermediary-manager as these terms are defined in subsections (7) and (8) of this section.

Reinsurance intermediary-manager (RM): any person, firm, association or corporation who has authority to bind or manage all or part of the assumed reinsurance business of a reinsurer (including the management of a separate division, department or underwriting office) and acts as an agent for such reinsurer whether known as a RM, manager or other similar term. Notwithstanding the above, the following persons shall not be considered a RM, with respect to such reinsurer, for the purposes of this chapter:

  1. An employee of the reinsurer;
  2. A United States manager of the United States branch of an alien reinsurer;
  3. An underwriting manager which, pursuant to contract, manages all the reinsurance operations of the reinsurer, is under common control with the reinsurer, subject to chapter 38, title 41, Idaho Code, and whose compensation is not based on the volume of premiums written; or
  4. The manager of a group, association, pool or organization of insurers which engage in joint underwriting or joint reinsurance and which are subject to examination by the insurance director of the state in which the manager’s principal business office is located.

Reinsurer: any person, firm, association, or corporation duly licensed or authorized to do business in this state pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance

Resident: a person whose home state is Idaho or any other particular state identified in conjunction with the use of the term.

Sell: to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company.

Service of Process: a process whereby nonresident producers shall appoint the director as their agent for purposes of receiving service of legal process issued against the producer in this state upon causes of action arising within this state out of transactions under the license.

Solicit: attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company or companies.

Supervising Entity: A supervising entity means a business entity that is either an insurer or insurance producer that is licensed and issues – or is appointed by the insurer that issues – a portable electronics insurance policy that is sold, solicited, or negotiated by a vendor to supervise the activities of the vendor related to the portable electronics insurance policy.

Surety Insurance:

  1. Fidelity insurance, which is insurance guaranteeing the fidelity of persons holding positions of public or private trust.
  2. Insurance or guaranty of the obligations of employers under workmen’s compensation laws.
  3. Insurance guaranteeing the performance of contracts, other than insurance policies, and guaranteeing and executing bonds, undertakings, and contracts of suretyship.
  4. Insurance indemnifying banks, bankers, brokers, financial or moneyed corporations or associations against loss, resulting from any cause, of bills of exchange, notes, bonds, securities, evidences of debt, deeds, mortgages, warehouse receipts or other valuable papers, documents, money, precious metals and articles made therefrom, jewelry, watches, necklaces, bracelets, gems, precious and semiprecious stones, including any loss while the same are being transported in armored motor vehicles, or by messenger, but not including any other risks of transportation or navigation; also insurance against loss or damage to such an insured’s premises or to his furniture, furnishings, fixtures, equipment, safes, and vaults therein, caused by burglary, robbery, theft, vandalism or malicious mischief, or any attempt thereat.

Terminate: the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer’s authority to transact insurance for or on behalf of an insurer.

Third party administrator or Administrator or TPA: any person who directly or indirectly underwrites, collects charges or premiums from or adjusts or settles claims on residents of this state in connection with life, annuity or health insurance coverage offered or provided by an insurer, except any of the following:

  1. An employer, or a wholly owned direct or indirect subsidiary of an employer, on behalf of its employees or the employees of one (1) or more subsidiaries or affiliated corporations of such employer.
  2. A union on behalf of its members.
  3. An insurance company that is either authorized to transact insurance in this state or acting as an insurer with respect to a policy lawfully issued and delivered by such company in and pursuant to the laws of a state in which the insurer was authorized to transact an insurance business, or a hospital, medical, dental or optometric service corporation or a health care service organization, including their sales representatives, possessing a valid certificate of authority in this state when engaged in the performance of their duties.
  4. An insurance producer licensed to sell life, annuities or health coverage in this state whose activities are limited exclusively to the sale, solicitation and negotiation of insurance.
  5. A creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors.
  6. A trust, its trustees, agents and employees acting pursuant to such trust established in conformity with 29 U.S.C. 186.
  7. A trust exempt from taxation under section 501(a) of the Internal Revenue Code, its trustees and employees acting pursuant to such trust or a custodian and the custodian’s agents or employees acting pursuant to a custodian account that meets the requirements of section 401(f) of the Internal Revenue Code.
  8. A credit union or a financial institution that is subject to supervision or examination by federal or state banking authorities, or a mortgage lender, to the extent they collect and remit premiums to licensed insurance producers or to limited lines producers or authorized insurers in connection with loan payments.
  9. A credit card issuing company that advances for and collects premiums or charges from its credit cardholders who have authorized such collection.
  10. A person who adjusts or settles claims in the normal course of that person’s practice or employment as an attorney at law and who does not collect charges or premiums in connection with life, annuity or health insurance coverage.
  11. A person licensed as a managing general agent in this state whose activities are limited exclusively to the scope of activities conveyed under such license.
  12. A person who is affiliated with an insurer and who acts solely as an administrator for the direct and assumed insurance business of an affiliated in Licensed producer surer. The insurer is responsible for the acts of the administrator and is responsible for providing all of the administrator’s books and records to the insurance director upon a request from the insurance director. For purposes of this paragraph, “insurer” means a licensed insurance company, hospital or professional service corporation or a managed care organization.

Title insurance: the certification or guarantee of title or ownership, or insurance of owners of property or others having an interest therein or liens or encumbrances thereon, against loss by encumbrance, or defective titles, or invalidity, or adverse claim to title. This definition shall not be deemed to apply as to the business of preparing and issuing abstracts of, but not certifying, guaranteeing, or insuring, title to or ownership of property or certifying to the validity of documents relative to such title.

A title insurer may also insure:

  • The identity, due execution, and validity of any note or bond secured by mortgage or deed of trust; and
  • The identity, due execution, validity and recording of any such mortgage or deed of trust.

To be in violation: the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provision of this chapter.

Travel insurance: Transportation baggage insurance, transportation ticket policies covering personal accident insurance.

Underwrites or underwriting: is but is not limited to, the acceptance of employer or individual applications for coverage of individuals in accordance with the written rules of the insurer or self-funded plan, or the overall planning and coordinating of a benefits program.

Uniform application:  the current version of the national association of insurance commissioners (NAIC) uniform application for resident and nonresident producer licensing.

Uniform Business Entity Application: the current version of the NAIC uniform business entity application for resident and nonresident business entities.

Variable: life and variable annuity products, meaning insurance coverage provided under variable life insurance contracts and variable annuities.

Vendor: A business entity engaging in the business of portable electronics transactions directly or indirectly.

Violation (to be in): the reinsurance intermediary, insurer, or reinsurer for whom the reinsurance intermediary was acting failed to substantially comply with the provision of this chapter.

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