Terms Used In Arizona Laws > Title 6 > Chapter 8 > Article 2 - Uniform Common Trust Fund Act

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affiliated: means , with respect to an insured, any entity that controls, is controlled by or is under common control with the insured. See Arizona Laws 20-401
• Affiliated group: means any group of entities that are affiliated. See Arizona Laws 20-401
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the workers' compensation appeals board established by section 20-367. See Arizona Laws 20-343
• Classification plan: means the plan or system that groups industries, occupations or operations with a similar exposure to loss into rate classifications for workers' compensation rating, rate making and statistical reporting purposes. See Arizona Laws 20-343
• Clearinghouse: means the mechanism or entity established pursuant to a multistate agreement or compact for the receipt and distribution of premium taxes and transaction data related to the sale of unauthorized insurance. See Arizona Laws 20-401
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• control: means either:

  (a) Directly or indirectly acting through one or more other persons who own, control or have the power to vote twenty-five percent or more of any class of voting securities of the other entity. See Arizona Laws 20-401

• 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.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Designated rating organization: means the rating organization selected by the director pursuant to section 20-371, subsection F. See Arizona Laws 20-343
• Designated statistical agent: means the organization designated by the director under section 20-371, subsection D. See Arizona Laws 20-343
• Diligent effort: means having sought insurance for the same risk from at least three insurers authorized in this state to write the particular insurance coverage or type, class or kind of insurance. See Arizona Laws 20-401
• Docket: A log containing brief entries of court proceedings.
• Domestic surplus lines insurer: means an insurer that is domiciled in and authorized to transact insurance in this state and that has received approval from the department pursuant to Section 20-407. See Arizona Laws 20-401
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• Executor: A male person named in a will to carry out the decedent
• Experience rating plan: means a mandatory rating plan for all eligible insureds that establishes a workers' compensation rating procedure that compares the actual loss experience of individual insureds to the industry average for the same classification with differences reflected in the insured's premium. See Arizona Laws 20-343
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a personal representative, administrator, guardian, conservator, trustee, agent or other person who acts in a fiduciary capacity and who is not exempt by section 6-852. See Arizona Laws 6-851
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreign decree: means any decree or order in equity of a court located in a reciprocal state, including a court of the United States located therein, obtained by a qualified party against any insurer incorporated or authorized to do business in this state. See Arizona Laws 20-401
• Grantee: includes every person to whom an estate or interest in real property passes, in or by a deed. See Arizona Laws 1-215
• Home state: means one of the following:

  (a) The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal place of residence. See Arizona Laws 20-401

• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Loss cost modification factor: means that rating factor filed by an insurer with the director for the purpose of modifying the rate service organization's prospective loss cost filing. See Arizona Laws 20-381
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Multistate risk: means a risk covered by an unauthorized insurer with insured exposures in more than one state. See Arizona Laws 20-401
• nonadmitted insurance: means any insurance permitted to be placed directly or through a surplus lines broker with an insurer who is not licensed to transact insurance in this state or with a domestic surplus lines insurer. See Arizona Laws 20-401
• 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: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Population: means the population according to the most recent United States decennial census. See Arizona Laws 1-215
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Property: includes both real and personal property. See Arizona Laws 1-215
• Prospective loss costs: means the historical aggregate losses and loss adjustment expenses filed by a rate service organization with the director on which a portion of a rate is based, adjusted through actuarial trending to a future point in time and developed to their ultimate values. See Arizona Laws 20-381
• Qualified party: means a state regulatory agency acting in its capacity to enforce the insurance laws of that state. See Arizona Laws 20-401
• Quorum: The number of legislators that must be present to do business.
• Reciprocal state: means any state or territory of the United States the laws of which give to insurers organized under the laws of this state the same right to defend actions as that granted to foreign insurers under the laws of this state and the laws of which contain procedures substantially similar to those specified in this article for the enforcement of decrees or orders in equity issued by courts located in other states or territory of the United States against any insurer incorporated or authorized to do business in that state or territory. See Arizona Laws 20-401
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Schedule rating plan: means a rating plan by which an insurer increases or decreases workers' compensation rates to reflect the individual risk characteristics or the loss ratios of the subject of insurance. See Arizona Laws 20-343
• sent: means to deliver by United States mail, personal delivery or fax or by electronic means consistent with the requirements of section 20-239. See Arizona Laws 20-117
• 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.
• Statistical plan: means the plan, system or arrangement used in collecting workers' compensation data. See Arizona Laws 20-343
• Statute: A law passed by a legislature.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trust company: means a corporation holding a certificate issued under this article. See Arizona Laws 6-851
• Trustee: A person or institution holding and administering property in trust.
• Uniform rate filing: means the rate filing that is made by the designated rating organization and that includes all of the workers' compensation rates to which insurers transacting workers' compensation insurance in this state shall adhere except as provided in section 20-359, subsections A and B. See Arizona Laws 20-343
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Wilfully: means , with respect to conduct or to a circumstance described by a statute defining an offense, that a person is aware or believes that the person's conduct is of that nature or that the circumstance exists. See Arizona Laws 1-215
• Writing: includes printing. See Arizona Laws 1-215