Terms Used In Louisiana Revised Statutes > Title 33 > Chapter 10-D - Louisiana Local Government Environmental Facilities and Community Development Authority

• 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.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• classification: means the process of grouping risks with similar risk characteristics so that differences in costs may be recognized. See Louisiana Revised Statutes 22:1452
• commissioner: shall mean the commissioner of insurance. See Louisiana Revised Statutes 22:1451
• Competitive market: means any market except those which have been found to be noncompetitive pursuant to La. See Louisiana Revised Statutes 22:1452
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Excessive: means a rate that is likely to produce a long-term profit that is unreasonably high for the insurance provided. See Louisiana Revised Statutes 22:1452
• Executor: A male person named in a will to carry out the decedent
• Expenses: means that portion of a rate attributable to acquisition, field supervision, collection expenses, general expenses, taxes, licenses, and fees and does not include loss adjustment expenses. See Louisiana Revised Statutes 22:1452
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Inadequate: means a rate which is unreasonably low for the insurance provided and either the continued use of which endangers the solvency of the insurer using it or will have the effect of substantially lessening competition or creating a monopoly in any market. See Louisiana Revised Statutes 22:1452
• Joint underwriting: means an arrangement established to provide insurance coverage for a risk, pursuant to which two or more insurers contract with the insured for a price and policy terms agreed upon between or among the insurers. See Louisiana Revised Statutes 22:1452
• Market: means the interaction between buyers and sellers in the procurement of a line of insurance pursuant to the provisions of this Subpart. See Louisiana Revised Statutes 22:1452
• 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.
• Personal property: All property that is not real property.
• Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:

              (a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266

• Rate: means that cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost, with an adjustment to account for the treatment of loss adjustment expenses, expenses, profit, and variation in expected future loss experience, prior to any application of individual risk variations based on actual past loss or expense considerations, and does not include minimum premiums. See Louisiana Revised Statutes 22:1452
• Residual market mechanism: means an arrangement, either voluntary or mandated by law, involving participation by insurers in the equitable apportionment of risks among insurers for insurance which may be afforded applicants who are unable to obtain insurance through ordinary methods. See Louisiana Revised Statutes 22:1452
• Supplementary rate information: means any manual or plan of rates, classification, rating schedule, minimum premium, policy fee, rating rule, and any other similar information needed to determine an applicable rate in effect or to be in effect. See Louisiana Revised Statutes 22:1452
• Supporting information: means the experience and judgment of the filer and the experience or data of other insurers or organizations relied upon by the filer, the interpretation of any statistical data relied upon by the filer, descriptions of methods used in making the rates, and other similar information relied upon by the filer. See Louisiana Revised Statutes 22:1452
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trustee: A person or institution holding and administering property in trust.
• Unfairly discriminatory: means not capable of being actuarially justified or based on race, color, creed, or national origin. See Louisiana Revised Statutes 22:1452