Terms Used In Alaska Statutes > Title 21 > Chapter 12 - Kinds of Insurance, Limits of Risk, and Reinsurance

• 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.
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• articles: means articles of incorporation. See Alaska Statutes 10.15.595
• articles of incorporation: means the original or restated articles of incorporation or articles of consolidation and all amendments to them, including articles of merger. See Alaska Statutes 10.20.920
• Bequest: Property gifted by will.
• board: means board of directors. See Alaska Statutes 10.15.595
• bylaws: means the code or codes of rules adopted for the regulation or management of the affairs of the corporation irrespective of the name or names by which the rules are designated. See Alaska Statutes 10.20.920
• commissioner: means the commissioner of commerce, community, and economic development. See Alaska Statutes 10.15.595
• commissioner: means commissioner of commerce, community, and economic development. See Alaska Statutes 10.20.920
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• cooperative: means a cooperative corporation subject to the provisions of this chapter. See Alaska Statutes 10.15.595
• corporation: means a corporation that is not a cooperative. See Alaska Statutes 10.15.595
• court: means superior court. See Alaska Statutes 10.15.595
• Deed: The legal instrument used to transfer title in real property from one person to another.
• department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 10.15.595
• department: means the Department of Commerce, Community, and Economic Development. See Alaska Statutes 10.20.920
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• 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.
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• 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}
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• membership stock: means a class of stock, continuous ownership of which is required for membership in a cooperative. See Alaska Statutes 10.15.595
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• municipality: means a political subdivision incorporated under the laws of the state that is a home rule or general law city, a home rule or general law borough, or a unified municipality. See Alaska Statutes 01.10.060
• 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.
• Personal property: All property that is not real property.
• personal property: includes money, goods, chattels, things in action, and evidences of debt. See Alaska Statutes 01.10.060
• property: includes real and personal property. See Alaska Statutes 01.10.060
• 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.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}