Illinois Compiled Statutes 215 ILCS 5/500-10 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
In addition to the definitions in Section 2 of the Code, the following definitions apply to this Article:
“Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.
“Car rental limited line licensee” means a person authorized under the provisions of Section 500-105 to sell certain coverages relating to the rental of vehicles.
“Home state” means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer.
“Insurance” means any of the lines of authority in Section 500-35, any health care plan under the Health Maintenance Organization Act, or any limited health care plan under the Limited Health Service Organization Act.
“Insurance producer” means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance.
“Insurer” means a company as defined in subsection (e) of Section 2 of this Code, a health maintenance organization as defined in the Health Maintenance Organization Act, or a limited health service organization as defined in the Limited Health Service Organization Act.
“License” means a document issued by the Director authorizing an individual to act as an insurance producer for the lines of authority specified in the document or authorizing a business entity to act as an insurance producer. The license itself does not create any authority, actual, apparent, or inherent, in the holder to represent or commit an insurance carrier.
“Limited lines insurance” means those lines of insurance defined in Section 500-100 or any other line of insurance that the Director may deem it necessary to recognize for the purposes of complying with subsection (e) of Section 500-40.
“Limited lines producer” means a person authorized by the Director to sell, solicit, or negotiate limited lines insurance.
“Negotiate” means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers.
“Person” means an individual or a business entity.
“Rental agreement” means a written agreement setting forth the terms and conditions governing the use of a vehicle provided by a rental company for rental or lease.
“Rental company” means a person, or a franchisee of the person, in the business of providing primarily private passenger vehicles to the public under a rental agreement for a period not to exceed 30 days.
“Rental period” means the term of the rental agreement.
“Renter” means a person obtaining the use of a vehicle from a rental company under the terms of a rental agreement for a period not to exceed 30 days.
“Self-service storage facility limited line licensee” means a person authorized under the provisions of Section 500-107 to sell certain coverages relating to the rental of self-service storage facilities.
“Sell” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company.
“Solicit” means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company.
“Terminate” means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer’s authority to transact insurance.
“Travel insurance” has the meaning provided in Section 1630.
“Uniform Business Entity Application” means the current version of the National Association of Insurance Commissioners’ Uniform Business Entity Application for nonresident business entities.
“Uniform Application” means the current version of the National Association of Insurance Commissioners’ Uniform Application for nonresident producer licensing.
“Vehicle” or “rental vehicle” means a motor vehicle of (1) the private passenger type, including passenger vans, mini vans, and sport utility vehicles or (2) the cargo type, including cargo vans, pickup trucks, and trucks with a gross vehicle weight of less than 26,000 pounds the operation of which does not require the operator to possess a commercial driver’s license.
“Webinar” means an online educational presentation during which a live and participating instructor and participating viewers, whose attendance is periodically verified throughout the presentation, actively engage in discussion and in the submission and answering of questions.
“Business entity” means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/500-10
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- 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
- 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.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Car rental limited line licensee” means a person authorized under the provisions of Section 500-105 to sell certain coverages relating to the rental of vehicles.
“Home state” means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer.
“Insurance” means any of the lines of authority in Section 500-35, any health care plan under the Health Maintenance Organization Act, or any limited health care plan under the Limited Health Service Organization Act.
“Insurance producer” means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance.
“Insurer” means a company as defined in subsection (e) of Section 2 of this Code, a health maintenance organization as defined in the Health Maintenance Organization Act, or a limited health service organization as defined in the Limited Health Service Organization Act.
“License” means a document issued by the Director authorizing an individual to act as an insurance producer for the lines of authority specified in the document or authorizing a business entity to act as an insurance producer. The license itself does not create any authority, actual, apparent, or inherent, in the holder to represent or commit an insurance carrier.
“Limited lines insurance” means those lines of insurance defined in Section 500-100 or any other line of insurance that the Director may deem it necessary to recognize for the purposes of complying with subsection (e) of Section 500-40.
“Limited lines producer” means a person authorized by the Director to sell, solicit, or negotiate limited lines insurance.
“Negotiate” means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers.
“Person” means an individual or a business entity.
“Rental agreement” means a written agreement setting forth the terms and conditions governing the use of a vehicle provided by a rental company for rental or lease.
“Rental company” means a person, or a franchisee of the person, in the business of providing primarily private passenger vehicles to the public under a rental agreement for a period not to exceed 30 days.
“Rental period” means the term of the rental agreement.
“Renter” means a person obtaining the use of a vehicle from a rental company under the terms of a rental agreement for a period not to exceed 30 days.
“Self-service storage facility limited line licensee” means a person authorized under the provisions of Section 500-107 to sell certain coverages relating to the rental of self-service storage facilities.
“Sell” means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurance company.
“Solicit” means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular company.
“Terminate” means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer’s authority to transact insurance.
“Travel insurance” has the meaning provided in Section 1630.
“Uniform Business Entity Application” means the current version of the National Association of Insurance Commissioners’ Uniform Business Entity Application for nonresident business entities.
“Uniform Application” means the current version of the National Association of Insurance Commissioners’ Uniform Application for nonresident producer licensing.
“Vehicle” or “rental vehicle” means a motor vehicle of (1) the private passenger type, including passenger vans, mini vans, and sport utility vehicles or (2) the cargo type, including cargo vans, pickup trucks, and trucks with a gross vehicle weight of less than 26,000 pounds the operation of which does not require the operator to possess a commercial driver’s license.
“Webinar” means an online educational presentation during which a live and participating instructor and participating viewers, whose attendance is periodically verified throughout the presentation, actively engage in discussion and in the submission and answering of questions.