Terms Used In Arizona Laws > Title 20 > Chapter 3 > Article 8 - Life and Health Actuarial Opinion and Memorandum Requirements

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Actuarial opinion: means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items that is based on an asset adequacy analysis conducted pursuant to Section 20-696. See Arizona Laws 20-696.01
• Actuarial standards board: means the board that is established by the American academy of actuaries to develop and promulgate actuarial standards of practice. See Arizona Laws 20-696.01
• Annual statement: means the statement that an insurer annually files with the director pursuant to section 20-223. See Arizona Laws 20-696.01
• Appointed actuary: means an individual who is appointed or retained pursuant to Section 20-696. See Arizona Laws 20-696.01
• Asset adequacy analysis: means an analysis that meets the standards and other requirements prescribed pursuant to Section 20-696. See Arizona Laws 20-696.01
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Company: means an insurer, fraternal benefit society or reinsurer that is subject to this article pursuant to section 20-696. See Arizona Laws 20-696.01
• Contract: A legal written agreement that becomes binding when signed.
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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.
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Qualified actuary: means any individual who meets the requirements prescribed in Section 20-696. See Arizona Laws 20-696.01