Terms Used In Arizona Laws > Title 6 > Chapter 9 > Article 1 - Mortgage Brokers

• Accredited state: means a state in which the insurance department or other regulatory agency has qualified as meeting the minimum financial regulatory standards that are adopted and established by the national association of insurance commissioners. See Arizona Laws 20-487
• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Actuary: means a person who is a member in good standing of the American academy of actuaries. See Arizona Laws 20-486
• Administrator: means any person who collects charges or premiums from or paid on behalf of, or who adjusts or settles claims by, residents of this state in connection with life or health insurance coverage or annuities other than any of the following:

  (a) An employer on behalf of the employer's employees or the employees of one or more subsidiary or affiliated corporations of the employer. See Arizona Laws 20-485

• 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 a person who directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with a specified person. See Arizona Laws 20-485
• 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.
• Amortization: Paying off a loan by regular installments.
• Ancillary state: means any state other than a domiciliary state. See Arizona Laws 20-611
• 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.
• 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.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Authorized control level event: means any of the following events:

  (a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is more than or equal to its mandatory control level RBC but less than its authorized control level RBC. See Arizona Laws 20-488

• 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 board of directors of a converting mutual insurer. See Arizona Laws 20-482
• Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
• CGAD: means a confidential report that is filed by the insurer or insurance group and that is made in accordance with the requirements of this article. See Arizona Laws 20-492
• Charges: means cost sharing requirements, including applicable coinsurance, copayments, deductibles or other amounts payable by an insured under the terms of an insurance contract. See Arizona Laws 20-485
• Commercial mortgage broker: means a person who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a commercial mortgage loan. See Arizona Laws 6-901
• Commercial mortgage loan: means a loan that is directly or indirectly secured by a mortgage or deed of trust or any lien interest on commercial property and that is created with the consent of the owner of the commercial property. See Arizona Laws 6-901
• Commercial property: means real property that is not a residential dwelling of one to four units. See Arizona Laws 6-901
• Commodity contract: means :

  (i) A contract for the purchase or sale of a commodity for future delivery on, or subject to the rules of, a board of trade or contract market under the commodity exchange act or a board of trade outside the United States. See Arizona Laws 20-611

• Commodity exchange act: means the federal commodity exchange act (7 United States Code chapter 1). See Arizona Laws 20-611
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company action level event: means any of the following:

  (a) The filing of an RBC report by an insurer indicating either that:

  (i) The insurer's total adjusted capital is more than or equal to its regulatory action level RBC but less than its company action level RBC. See Arizona Laws 20-488

• Compensation: means anything of value or any benefit, including points, commissions, bonuses, referral fees, loan origination fees and other similar fees but excluding periodic interest resulting from the application of the note rate of interest to the outstanding principal balance remaining unpaid from time to time. See Arizona Laws 6-901
• 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 the direct or ultimate possession of the power to direct or cause the direction of the management and policies of a person whether through voting rights, contracts, other than commercial contracts for goods or nonmanagement services, or otherwise, unless the power is the result of an official position or corporate office. See Arizona Laws 20-485
• Controlled insurer: means a licensed insurer who is controlled by a producer. See Arizona Laws 20-487
• controlling: means 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. See Arizona Laws 20-481
• Controlling person: means a person, firm, association or corporation that directly or indirectly has the power to direct or cause to be directed the management, control or activities of the reinsurance intermediary. See Arizona Laws 20-486
• Controlling producer: means a producer who controls, directly or indirectly, an insurer. See Arizona Laws 20-487
• Conversion: means a process by which a domestic mutual insurer is converted to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
• Converted stock insurer: means a domestic stock insurer into which a domestic mutual insurer is converted as part of a reorganization. See Arizona Laws 20-482
• Converting mutual insurer: means a domestic mutual insurer that is converting to a domestic stock insurer as part of a reorganization. See Arizona Laws 20-482
• 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.
• Corrective order: means an order that is issued by the director and that specifies corrective actions that the director has determined are required. See Arizona Laws 20-488
• Court: means , unless the context otherwise requires, the judge of the superior court assigned to the delinquency proceeding. See Arizona Laws 20-611
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Delinquency proceeding: means any proceeding commenced against an insurer pursuant to this article for the purpose of liquidating, rehabilitating, reorganizing or conserving such insurer. See Arizona Laws 20-611
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Department: means the department of insurance and financial institutions. See Arizona Laws 6-101
• Dependent: A person dependent for support upon another.
• Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Domestic insurer: means a life or health insurer, or both, a property or casualty insurer, or both, or a health organization that is authorized to transact insurance business in this state and that is organized in this state. See Arizona Laws 20-488
• Domiciliary state: means the state in which an insurer is incorporated or organized, or in the case of an insurer incorporated or organized in a foreign country, the state in which such insurer, having become authorized to do business in such state, has, at the commencement of delinquency proceedings, the largest amount of its assets held in trust and assets held on deposit for the benefit of its policyholders or policyholders and creditors in the United States, and any such insurer is deemed to be domiciled in such state. See Arizona Laws 20-611
• Effective date: means , with respect to a plan, the date on which the plan or a part of the plan becomes effective as set forth in an order of the director. See Arizona Laws 20-482
• Eligible member: means a member of the converting mutual insurer whose insurance policy is in force as of the date on which the board adopts the plan of reorganization or on some other date that the plan specifies as the record date and that the director approves. See Arizona Laws 20-482
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Enterprise: means any person under the jurisdiction of the department other than a financial institution. See Arizona Laws 6-101
• Enterprise risk: means any activity, circumstance, event or series of events involving one or more affiliates of an insurer that if not remedied promptly is likely to have a material adverse effect on the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including causing the insurer's risk-based capital to decrease to or below a company action level under Section 20-488. See Arizona Laws 20-481
• 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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Federal deposit insurance corporation: includes any successor to the corporation or other agency or instrumentality of the United States that undertakes to discharge the purposes of the corporation. See Arizona Laws 6-101
• Federal home loan bank: means an institution that is established under the federal home loan bank act (12 United States Code §§ 1421 through 1449) or its successor statute. See Arizona Laws 20-611
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreign country: means territory not in any state. See Arizona Laws 20-611
• Foreign insurer: means a life or health insurer, or both, a property or casualty insurer, or both, or a health organization that is authorized to transact insurance business in this state but that is not domiciled in this state. See Arizona Laws 20-488
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• General assets: means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons, and as to such specifically encumbered property the term includes all such property or its proceeds in excess of the amount necessary to discharge the amount or amounts secured thereby. See Arizona Laws 20-611
• Generally accepted accounting principles: means United States generally accepted accounting principles issued by the financial accounting standards board or the international financial reporting standards issued by the international accounting standards board. See Arizona Laws 6-901
• Group capital calculation instructions: means the national association of insurance commissioners group capital calculation instructions as adopted and amended in accordance with the national association of insurance commissioners' procedures. See Arizona Laws 20-481
• Group-wide supervisor: means the regulatory official who is authorized to engage in conducting and coordinating group-wide supervision activities and who is determined or acknowledged by the director pursuant to Section 20-481. See Arizona Laws 20-481
• guaranteed investment contract: means any unallocated group contract, investment contract, funding agreement, guaranteed interest contract or other similar instrument by whatever name in which an insurance company agrees to guarantee a fixed or variable rate of interest or a future payment that is based on an index or any other similar criteria, that is payable at a predetermined date on monies that are deposited with the insurance company and that is not dependent on the continuance of human life. See Arizona Laws 20-208
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Health organization: means a hospital service corporation, medical service corporation, dental service corporation or optometric service corporation or a hospital, medical, dental and optometric service corporation that has a certificate of authority pursuant to chapter 4, article 3 of this title, a prepaid dental plan organization that has a certificate of authority pursuant to chapter 4, article 7 of this title or a health care services organization that has a certificate of authority pursuant to chapter 4, article 9 of this title. See Arizona Laws 20-488
• Holocaust victim: means a person who was killed or injured or who lost real or personal property or financial assets as the result of discriminatory laws, policies or actions directed against a discrete group of which the person was a member, during the period beginning in 1920 through 1945, in Germany, areas occupied by Germany or countries allied with Germany. See Arizona Laws 20-490
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• insolvency: means that the capital of a stock insurer or limited capital stock insurer, or the surplus of a mutual or reciprocal insurer, is deemed impaired and the insurer is deemed insolvent, when the insurer is not possessed of assets at least equal to all liabilities and required reserves together with its total issued and outstanding capital stock if a stock insurer, or the minimum surplus if a mutual or reciprocal insurer, required by this title to be maintained for the kind or kinds of insurance it is then authorized to transact. See Arizona Laws 20-611
• Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in section 20-481. See Arizona Laws 20-492
• Insurance holding company system: means two or more affiliated persons, one or more of whom is an insurer. See Arizona Laws 20-481
• Insurance policy: includes a life insurance policy, an annuity, a property insurance policy, a casualty insurance policy, a liability insurance policy and reinsurance on a risk covered under such a policy. See Arizona Laws 20-490
• Insurer: means any person who provides life or health insurance coverage in this state or who transacts annuity business in this state. See Arizona Laws 20-485
• Insurer: means a person, firm, association or corporation licensed to transact insurance business in this state. See Arizona Laws 20-486
• insurer: means a person, firm, association or corporation that is duly licensed to transact property or casualty insurance business in this state. See Arizona Laws 20-487
• Insurer: means any person, firm, corporation, association or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the director or the equivalent insurance supervisory official of another state. See Arizona Laws 20-611
• Insurer: means every person engaged in the business of making contracts of insurance except:

  (a) Agencies, authorities or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia or a state or political subdivision of a state. See Arizona Laws 20-481

• Insurer member: means an insurer that is a member of a federal home loan bank. See Arizona Laws 20-611
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intermediate stock holding company: means a corporation that satisfies all of the following:

  (a) The corporation was incorporated under title 10. See Arizona Laws 20-482

• Internationally active insurance group: means an insurance holding company system that includes an insurer registered pursuant to Section 20-481. See Arizona Laws 20-481
• Investor: means a person who lends or invests money in mortgage loans. See Arizona Laws 6-901
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• License: means a license issued under this article. See Arizona Laws 6-901
• Licensed producer: means an insurance producer or reinsurance intermediary who is licensed pursuant to this title. See Arizona Laws 20-486
• Licensee: means a person licensed under this article. See Arizona Laws 6-901
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life or health insurer: means an insurer authorized to transact life insurance, annuities or accident and health insurance in this state, a fraternal benefit society or an authorized property or casualty insurer writing only accident and health insurance, but does not include a health organization. See Arizona Laws 20-488
• Liquidity stress test framework: means a separate publication by the national association of insurance commissioners that may include any amendment adopted in accordance with national association of insurance commissioners' procedures and instructions and reporting templates for a specific data year and that may contain the following information:

  (a) A history of the regulatory liquidity stress testing. See Arizona Laws 20-481

• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mandatory control level event: means any of the following:

  (a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is less than its mandatory control level RBC. See Arizona Laws 20-488

• Member: means :

  (a) With respect to a domestic mutual insurer, a member as described in section 20-715. See Arizona Laws 20-482

• Membership interest: means :

  (a) With respect to a converting mutual insurer, interest as set forth in section 20-716. See Arizona Laws 20-482

• Minor: means a person under eighteen years of age. See Arizona Laws 1-215
• Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage broker: means a person who is not exempt under section 6-902 and who for compensation or in the expectation of compensation either directly or indirectly makes, negotiates or offers to make or negotiate a mortgage loan. See Arizona Laws 6-901
• Mortgage loan: means a loan secured by a mortgage or deed of trust or any lien interest on real estate located in this state created with the consent of the owner of the real estate. See Arizona Laws 6-901
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan closing: means the day by which all documents relating to the mortgage loan have been executed and recorded and all monies have been accounted for under the terms of the escrow instructions. See Arizona Laws 6-901
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mutual holding company: means a corporation that is formed and existing under the laws of this state and pursuant to the reorganization of a mutual insurance company. See Arizona Laws 20-482
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Negative trend: means , with respect to an insurer, a negative trend over a period of time as determined in accordance with the trend test calculation included in the RBC instructions. See Arizona Laws 20-488
• Netting agreement: means :

  (a) A contract or an agreement including a master agreement that documents one or more transactions between the parties to the agreement for or involving one or more qualified financial contracts and that provides for the netting, liquidation, setoff, termination, acceleration or close out under or in connection with one or more qualified financial contracts or present or future payment or delivery obligations or payment or delivery entitlements thereunder, including liquidation or close-out values relating to the obligations or entitlements, among the parties to the netting agreement. See Arizona Laws 20-611

• Oath: includes an affirmation or declaration. See Arizona Laws 1-215
• Oath: A promise to tell the truth.
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Person: means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization and any similar entity or any combination of the foregoing acting in concert but does not include any joint venture partnership exclusively engaged in owning, managing, leasing or developing real or tangible personal property. See Arizona Laws 20-481
• Plan: means a plan of reorganization. See Arizona Laws 20-482
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Principal: means a person who has the authority to enter into written agreements on behalf of the administrator pursuant to Section 20-485. See Arizona Laws 20-485
• Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
• Producer: means an insurance producer or any other person, firm, association or corporation when, for any compensation, commission or other thing of value, the person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association or corporation. See Arizona Laws 20-487
• Property: includes both real and personal property. See Arizona Laws 1-215
• Property or casualty insurer: means an insurer licensed to transact insurance as described in section 20-256 or 20-252, respectively, but does not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers. See Arizona Laws 20-488
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Qualified financial contract: means any commodity contract, forward contract, repurchase agreement, securities contract and swap agreement and any similar agreement that the director determines by rule or order to be a qualified financial contract for the purposes of this article. See Arizona Laws 20-611
• Quorum: The number of legislators that must be present to do business.
• RBC: means risk-based capital. See Arizona Laws 20-488
• RBC instructions: means the RBC report, including risk-based capital instructions adopted by the national association of insurance commissioners. See Arizona Laws 20-488
• RBC plan: means a comprehensive financial plan containing the elements specified in Section 20-488. See Arizona Laws 20-488
• RBC report: means the report required under Section 20-488. See Arizona Laws 20-488
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Receiver: means the director as receiver, liquidator, rehabilitator or conservator as the context may require. See Arizona Laws 20-611
• Reciprocal state: means any state other than this state in which in substance and effect the provisions of the uniform insurers liquidation act, as defined in section 20-631, are in force, including the provisions requiring that the director of insurance or equivalent insurance supervisory official be the receiver of a delinquent insurer. See Arizona Laws 20-611
• Registered mail: includes certified mail. See Arizona Laws 1-215
• Regulatory action level event: means , with respect to any insurer, any of the following events:

  (a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is more than or equal to its authorized control level RBC but less than its regulatory action level RBC. See Arizona Laws 20-488

• Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager. See Arizona Laws 20-486
• Reinsurance intermediary broker: means a person, other than an officer or employee of the ceding insurer, or a firm, association or corporation that solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of the insurer. See Arizona Laws 20-486
• Reinsurance intermediary manager: means a person, firm, association or corporation that 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 that acts as an agent for the reinsurer whether the reinsurer is known as a reinsurance intermediary manager, a manager or another similar term. See Arizona Laws 20-486
• Reinsurer: means a person, firm, association or corporation licensed to transact reinsurance business in this state. See Arizona Laws 20-486
• Reorganization: means a process by which a domestic mutual insurer is converted to a domestic stock insurer and a mutual holding company is organized. See Arizona Laws 20-482
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. ^{Source: OCC}
• Scope criteria: means the designated exposure bases and minimum magnitudes that may be used to establish a preliminary list of insurers that are selected into the liquidity stress test framework for a specific year and that are detailed in the liquidity stress test framework. See Arizona Laws 20-481
• Secured claim: means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, including federal, state or local tax liens that are perfected before the commencement of a delinquency proceeding but not including a special deposit claim or claims against general assets. See Arizona Laws 20-611
• 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
• Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
• 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.
• Special deposit claim: means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any general assets. See Arizona Laws 20-611
• State: means any state of the United States, the District of Columbia and the territories and possessions of the United States. See Arizona Laws 20-611
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
• Supervisory college: means a temporary or permanent forum for communication and cooperation between regulators charged with the supervision of entities that belong to an insurance holding company system that has international operations. See Arizona Laws 20-481
• Testify: includes every manner of oral statement under oath or affirmation. See Arizona Laws 1-215
• Testify: Answer questions in court.
• Total adjusted capital: means the sum of:

  (a) An insurer's statutory capital and surplus. See Arizona Laws 20-488

• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
• Venue: The geographical location in which a case is tried.
• Violation: means the failure of the reinsurance intermediary, insurer or reinsurer for whom the reinsurance intermediary was acting to substantially comply with the provisions of this article. See Arizona Laws 20-486
• Voting security: means a security that carries with it a right to vote in decisions and also includes securities that are convertible into or evidence a right to acquire a security that includes such right to vote. See Arizona Laws 20-481
• 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