Terms Used In California Codes > Civil Code > Division 2 > Part 2 > Title 5 > Chapter 2 - Ancient Mortgages and Deeds of Trust

• Actuarial Standards Board: means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. See California Insurance Code 10509.953
• 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.
• Appraisal: A determination of property value.
• 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}
• Benefits and coverage: means the accident, sickness or disability indemnity available under a policy of disability insurance. See California Insurance Code 10601
• Claim: means a demand for payment for any of the following, whether due, not due, accrued or not accrued, or contingent, and whether liquidated or unliquidated:

  California Probate Code 9000

• Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
• court supervision: means the judicial order, authorization, approval, confirmation, or instructions that would be required if authority to administer the estate had not been granted under this part. See California Probate Code 10401
• Creditor: means a person who may have a claim against estate property. See California Probate Code 9000
• Currently payable scale: means a scale of nonguaranteed elements in effect for a policy form as of the preparation date of the illustration or declared to become effective within the next 95 days. See California Insurance Code 10509.953
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• Disability insurance: means every policy of disability insurance, self-insured employee welfare benefit plan, and nonprofit hospital service plan issued, delivered, or entered into pursuant to or described in Chapter 1 (commencing with Section 10110), Chapter 4 (commencing with Section 10270), or Chapter 11A (commencing with Section 11491) of this part. See California Insurance Code 10601
• Disciplined current scale: means a scale of nonguaranteed elements constituting a limit on illustrations currently being illustrated by an insurer that is reasonably based on actual recent historical experience, as certified annually by an illustration actuary designated by the insurer. See California Insurance Code 10509.953
• Disclosure form: means the standard supplemental disclosure form required pursuant to Section 10603. See California Insurance Code 10601
• Exception: means any provision in a policy whereby coverage for a specified hazard or condition is entirely eliminated. See California Insurance Code 10601
• 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.
• Family allowance: means an allowance provided for in Chapter 4 (commencing with Section 6540) of Part 3 of Division 6. See California Probate Code 38
• Financial institution: means a state or national bank, state or federal savings and loan association or credit union, or like organization. See California Probate Code 40
• 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}
• full authority: means authority to administer the estate under this part that includes all the powers granted under this part. See California Probate Code 10402
• Illustrated scale: means a scale of nonguaranteed elements currently being illustrated that is not more favorable to the policy owner than the lesser of either of the following:

  California Insurance Code 10509.953

• Illustration: means a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years and that is one of the three types defined below:

  California Insurance Code 10509.953

• Illustration actuary: means an actuary meeting the requirements of Section 10509. See California Insurance Code 10509.953
• In force illustration: means an illustration furnished at any time after the policy that it depicts has been in force for one year or more. See California Insurance Code 10509.953
• Insurer: means every insurer transacting disability insurance, every self-insured employee welfare plan, and every nonprofit hospital service plan specified in subdivision (e). See California Insurance Code 10601
• 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}
• interested person: includes any of the following:

  California Probate Code 48

• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life insurance: means insurance upon the lives of persons or appertaining thereto. See California Insurance Code 10509.953
• Limitation: means any provision other than an exception or a reduction which restricts coverage under the policy. See California Insurance Code 10601
• limited authority: means authority to administer the estate under this part that includes all the powers granted under this part except the power to do any of the following:

  California Probate Code 10403

• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
• Personal property: All property that is not real property.
• Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
• Policy owner: means the owner named in the policy or the certificate holder in the case of a group policy. See California Insurance Code 10509.953
• Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
• property: includes property real and personal. See California Civil Code 14
• Real property: includes a leasehold interest in real property. See California Probate Code 68
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reduction: means any provision in a policy which reduces the amount of a policy benefit to some amount or period less than would be otherwise payable for medically authorized expenses or services had such a reduction not been used. See California Insurance Code 10601
• Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. See California Probate Code 70
• 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.
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
• State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
• Trust: includes the following:

  California Probate Code 82

• Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88