Terms Used In California Codes > Insurance Code > Division 1 > Part 2 > Chapter 6 - Surplus Line Brokers

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Ancillary administration: Probate administration of property (usually real property) owned in a State other than the one in which the decedent had his (her) principal residence at the time of death.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Beneficiary: means a person to whom a donative transfer of property is made or that person's successor in interest, and:

  California Probate Code 24

• 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}
• Child: means any individual entitled to take as a child under this code by intestate succession from the parent whose relationship is involved. See California Probate Code 26
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Community property: means :

  California Probate Code 28

• County: includes "city and county. See California Insurance Code 14
• Creditor: means a person who may have a claim against estate property. See California Probate Code 9000
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Domestic partner: means one of two persons who have filed a Declaration of Domestic Partnership with the Secretary of State pursuant to Division 2. See California Probate Code 37
• Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}
• Electronic funds transfer: means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape, so as to order, instruct, or authorize a financial institution to debit or credit an account. See California Insurance Code 45
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Executor: A male person named in a will to carry out the decedent
• 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.
• Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
• Insurance agent: means a person authorized, by and on behalf of an insurer, to transact all classes of insurance other than life, disability, or health insurance, on behalf of an admitted insurance company. See California Insurance Code 31
• Insurance broker: means a person who, for compensation and on behalf of another person, transacts insurance other than life, disability, or health with, but not on behalf of, an insurer. See California Insurance Code 33
• interested person: includes any of the following:

  California Probate Code 48

• Intestate: Dying without leaving a will.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Parent: means any individual entitled to take as a parent under this code by intestate succession from the child whose relationship is involved. See California Probate Code 54
• 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
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Predeceased spouse: means a person who died before the decedent while married to the decedent, except that the term does not include any of the following:

  California Probate Code 59

• Probate: Proving a will
• 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 broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
• 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.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Resident: means residing in this State, "nonresident" means not residing in this State. See California Insurance Code 30
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• 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
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• Spouse: includes domestic partner, as defined in Section 37 of this code, as required by §. See California Probate Code 72
• 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
• Surplus line broker: means a person licensed under Section 1765 and authorized to do business under Chapter 6 (commencing with Section 1760) of Part 2 of Division 1. See California Insurance Code 47
• Testator: A male person who leaves a will at death.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• transaction: means a transaction affecting title to property in the estate, including, but not limited to, the following:

  California Probate Code 7260

• Transferor: means the testator, settlor, grantor, owner, or other person who executes an instrument. See California Probate Code 81
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust: includes the following:

  California Probate Code 82

• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trust company: means an entity that has qualified to engage in and conduct a trust business in this state. See California Probate Code 83
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See California Probate Code 84
• Trustee: A person or institution holding and administering property in trust.
• Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88