Hawaii Revised Statutes 431:16-103 – Scope
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This part shall apply to all types of direct insurance, but shall not apply to the following:
Terms Used In Hawaii Revised Statutes 431:16-103
- 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.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means any individual, corporation, partnership, association, or voluntary organization. See Hawaii Revised Statutes 431:16-105