Terms Used In Illinois Compiled Statutes 215 ILCS 5/1006

  • Agent: means an individual, firm, partnership, association or corporation who is involved in the solicitation, negotiation or binding of coverages for or on applications or policies of insurance, covering property or risks located in this State. See Illinois Compiled Statutes 215 ILCS 5/1003
  • Individual: means any natural person who:
            (1) in the case of property or casualty insurance, is
    
a past, present or proposed named insured or certificateholder;
        (2) in the case of life, health or disability
    
insurance, is a past, present or proposed principal insured or certificateholder;
        (3) is a past, present or proposed policyowner;
        (4) is a past or present applicant;
        (5) is a past or present claimant; or
        (6) derived, derives or is proposed to derive
    
insurance coverage under an insurance policy or certificate subject to this Article. See Illinois Compiled Statutes 215 ILCS 5/1003
  • Insurance institution: means any corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyd's insurer, fraternal benefit society or other person engaged in the business of insurance, health maintenance organizations as defined in § 2 of the Health Maintenance Organization Act, voluntary health services plans as defined in § 2 of the Voluntary Health Services Plans Act, and dental service plans as defined in § 4 of the Dental Service Plan Act. See Illinois Compiled Statutes 215 ILCS 5/1003
  • Insurance transaction: means any transaction involving insurance primarily for personal, family or household needs rather than business or professional needs which entails:
            (1) the determination of an individual's eligibility
    •     
    for an insurance coverage, benefit or payment, or
            (2) the servicing of an insurance application,
        
    policy, contract or certificate. See Illinois Compiled Statutes 215 ILCS 5/1003
         An insurance institution or agent shall clearly specify those questions designed to obtain information solely for marketing or research purposes from an individual in connection with an insurance transaction.
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