Sections
Article 1 Life Insurance and Annuities 20-1201 – 20-1233
Article 1.1 Replacement of Life Insurance Policies and Annuity Contracts 20-1241 – 20-1241.09
Article 1.2 Annuity Disclosure 20-1242 – 20-1242.05
Article 1.3 Protection in Annuity Transactions 20-1243 – 20-1243.07
Article 2 Group Life Insurance and Group Annuity Contracts 20-1251 – 20-1277
Article 3 Industrial Life Insurance 20-1301 – 20-1318
Article 4 Disability Insurance 20-1341 – 20-1384
Article 5 Group and Blanket Disability Insurance 20-1401 – 20-1412
Article 7 Property Insurance 20-1501 – 20-1509
Article 8 Surety Insurance 20-1531 – 20-1534
Article 8.1 Mortgage Guaranty Insurance 20-1541 – 20-1560
Article 9 Title Insurers 20-1561 – 20-1593
Article 10 Consumer Credit Insurance 20-1602 – 20-1616.01
Article 10.1 Credit Property Insurance 20-1621 – 20-1621.11
Article 11 Cancellation or Nonrenewal of Motor Vehicle Insurance 20-1631 – 20-1634
Article 12 Cancellation or Nonrenewal of Insurance 20-1651 – 20-1656
Article 13 Mass Marketed Life or Health Insurance 20-1661 – 20-1663
Article 14 Cancellation or Nonrenewal of Commercial Insurance 20-1671 – 20-1679
Article 15 Long-Term Care Insurance 20-1691 – 20-1691.12
Article 16 Adopted Child Coverage 20-1692 – 20-1692.03
Article 17 Portable Electronics Insurance 20-1693 – 20-1693.06
Article 18 Identity Theft Group Insurance Policies 20-1694 – 20-1694.02

Terms Used In Arizona Laws > Title 20 > Chapter 6

  • Abstract of title: means a written representation that is provided pursuant to a written or oral contract that is intended to be relied on by the person who has contracted for the receipt of the representation. See Arizona Laws 20-1562
  • Advance fee: means a fee, interest or other consideration directly or indirectly received by a person prior to a loan of money or extension of credit or a commitment to loan money or extend credit being made by the person. See Arizona Laws 6-1301
  • Advance fee loan broker: means a person who is not exempt under section 6-1302 and who for an advance fee or in the expectation of an advance fee either directly or indirectly makes or procures, attempts to make or procure or offers to make or procure or attempt to make or procure a loan of money or extension of credit. See Arizona Laws 6-1301
  • 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.
  • Alternate recipient: means a child of a participant who has a right to enrollment under a group health plan pursuant to a medical child support order. See Arizona Laws 20-1692
  • 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.
  • Amortization: Paying off a loan by regular installments.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: means an annuity that is individually solicited, whether the product is classified as an individual or group annuity. See Arizona Laws 20-1243
  • 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.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • 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.
  • Applicant: means :

    (a) In the case of an individual long-term care insurance policy, the person who seeks to contract for such benefits. See Arizona Laws 20-1691

  • Appraisal: A determination of property value.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • Authorized delegate: means a person designated by the licensee under section 6-1208. See Arizona Laws 6-1201
  • Authorized real estate security: means either:

    (a) Any amortized note, bond or other evidence of indebtedness that is secured by both a mortgage, deed of trust or other instrument that constitutes or is equivalent to a first lien or charge on real estate and the balance on any pledged cash account or collateralized guaranty agreement that is contracted for by a parent, blood relative, employer or nonprofit corporation for the benefit of the borrower if all of the following apply:

    (i) The loan amount does not exceed one hundred three per cent of the fair market value of the combined security at the time that the loan is made where any percentage greater than one hundred per cent is used to finance fees and closing costs on the indebtedness. See Arizona Laws 20-1541

  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • basic coverage: means any of the following:

    1. See Arizona Laws 20-1631

  • 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
  • Branch: means any banking office other than the principal banking office. See Arizona Laws 6-101
  • Business of title insurance: shall be deemed to be:

    (a) The making as insurer, guarantor or surety, or proposing to make as insurer, guarantor or surety, of any contract or policy of title insurance. See Arizona Laws 20-1562

  • Cancellation: means termination of a policy at a date other than its expiration date. See Arizona Laws 20-1672
  • Certificate: means a certificate issued under a group long-term care insurance policy, which group policy has been delivered or issued for delivery in this state. See Arizona Laws 20-1691
  • Certificate holder: means the individual insured group member. See Arizona Laws 20-1694
  • Check: means a draft signed by the maker and made payable to a person that is licensed pursuant to this chapter with the name of the maker preprinted on the face of the check. See Arizona Laws 6-1251
  • Child: means an individual who is under eighteen years of age as of the date of the adoption or placement for adoption. See Arizona Laws 20-1692
  • Chronically ill individual: means any individual who has been certified by a licensed health care practitioner as meeting the definition of illness established by title III of the health insurance portability and accountability act of 1996 (P. See Arizona Laws 20-1691
  • commission: means the department of insurance. See Arizona Laws 20-101
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conditional renewal: means a renewal that is conditioned on change of limits, change in type of coverage, reduction or elimination of coverage, increased deductibles or addition of exclusions or increased premiums in excess of ten percent, except for premium increases that are generated as a result of increased exposure units or as a result of experience rating, loss rating, retrospective rating or audit. See Arizona Laws 20-1694
  • Consumer credit insurance: means any one or a combination of the following:

    (a) Credit life insurance. See Arizona Laws 20-1603

  • Contingency reserve: means an additional premium reserve established to protect policyholders against the effect of adverse economic cycles. See Arizona Laws 20-1541
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Contract: means a contract for the purchase of an annuity. See Arizona Laws 20-1241
  • Control: means ownership of fifteen per cent or more of a licensee or controlling person, or the power to vote fifteen per cent or more of the outstanding voting securities of a licensee or controlling person. See Arizona Laws 6-1201
  • Controlling person: means a person directly or indirectly in control of a licensee. See Arizona Laws 6-1201
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Credit disability insurance: means insurance on a debtor to provide indemnity for payments becoming due or outstanding on a specific loan or other credit transaction while the debtor is a person with a disability as defined in the policy or certificate. See Arizona Laws 20-1603
  • Credit life insurance: means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction that provides for the satisfaction of a debt, in whole or in part, on the death of an insured debtor. See Arizona Laws 20-1603
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Credit unemployment insurance: means casualty insurance on a debtor to provide indemnity for payments or debt becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed as defined in the policy. See Arizona Laws 20-1603
  • Creditor: means the lender of money or vendor or lessor of goods, services, property, rights or privileges, including a lessor under a lease intended as a security, where payment is arranged through a credit transaction. See Arizona Laws 20-1603
  • Customer: means a person who purchases portable electronics or services. See Arizona Laws 20-1693
  • Debtor: means a borrower of money or a person possessing a commitment for a loan of certain funds or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Arizona Laws 20-1603
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Deferred presentment services: means a transaction pursuant to a written agreement in which the licensee accepts a check and agrees to hold the check for at least five days before presentment for payment or deposit. See Arizona Laws 6-1251
  • Department: means the department of financial institutions. See Arizona Laws 6-101
  • Dependent: A person dependent for support upon another.
  • Determinable elements: means elements that are derived from processes or methods that are guaranteed at issue and that are not subject to company discretion, but where the values or amounts cannot be determined until some point after issue. See Arizona Laws 20-1242
  • Devise: To gift property by will.
  • Direct response solicitation: means a solicitation to purchase a policy or contract solely through mail, telephone, the internet or other mass communication media. See Arizona Laws 20-1241
  • Direct response solicitation: means any offer by an insurer to persons in this state, either directly or through a third party, to effect life or health insurance coverage which enables the individual to apply or enroll for the insurance on the basis of the offer. See Arizona Laws 20-1661
  • Direct solicitation: means personal contact to solicit someone to purchase a policy or contract, but does not include any group meeting held by an insurance producer solely for the purpose of educating or enrolling individuals or when initiated by an individual member of a group assisting the individual with selection of investment options offered by a single insurer in connection with enrolling that individual. See Arizona Laws 20-1241
  • Director: means the director of insurance. See Arizona Laws 20-1603
  • Director: means the director of the department of insurance. See Arizona Laws 20-1691
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • 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
  • Enrolled customer: means a customer who elects coverage under a portable electronics insurance policy issued to a vendor of portable electronics. See Arizona Laws 20-1693
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • 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
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Executor: A male person named in a will to carry out the decedent
  • Existing insurer: means the insurer whose policy or contract is or will be replaced. See Arizona Laws 20-1241
  • Existing policy or contract: means a policy or contract that is in force and includes a policy under a binding or conditional receipt and a policy or contract that is within an unconditional refund period. See Arizona Laws 20-1241
  • Expiration date: means the date on which coverage under a policy ends as set forth in the policy. See Arizona Laws 20-1672
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Financed purchase: means the purchase of a new policy involving the actual or intended use of monies obtained by the withdrawal or surrender of, or by borrowing from values of, an existing policy to pay all or part of any premium due on the new policy. See Arizona Laws 20-1241
  • Financial institution: means banks, trust companies, savings and loan associations, credit unions, consumer lenders, international banking facilities and financial institution holding companies under the jurisdiction of the department. See Arizona Laws 6-101
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Generic name: means a short title descriptive of the annuity contract being applied for or illustrated such as "single premium deferred annuity". See Arizona Laws 20-1242
  • Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
  • Gross debt: means the sum of the remaining payments that a debtor owes a creditor. See Arizona Laws 20-1603
  • Group: means any of the following:

    (a) One or more employers or labor organizations, or a trust or the trustees of a fund established by one or more employers or labor organizations for employees or former employees or members or former members of the labor organization. See Arizona Laws 20-1691

  • Group health plan: means a plan covering employees of an employer as defined in section 607(1) of the employee retirement income security act of 1974. See Arizona Laws 20-1692
  • Group long-term care insurance: means a long-term care insurance policy that is delivered or issued for delivery in this state to a group. See Arizona Laws 20-1691
  • Group policyholder: means those groups described in section 20-1694. See Arizona Laws 20-1694
  • Guaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, noninterest based credits, charges, or elements of formulas used to determine any of these, that are guaranteed and determined at issue. See Arizona Laws 20-1242
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • 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.
  • Identifiable charge: means a charge for a type of consumer credit insurance that is made to debtors having that insurance and not made to debtors not having the insurance, and that includes a charge for insurance that is disclosed in the credit or other instrument furnished to the debtor that states the financial elements of the credit transaction and any difference in the finance, interest, service or other similar charge made to debtors in like circumstances except for the insured or noninsured status of the debtor or of the property used as security for the credit transaction. See Arizona Laws 20-1603
  • Identity theft group insurance: means a form of identity theft insurance covering groups of persons as prescribed in this article. See Arizona Laws 20-1694
  • Identity theft insurance: means insurance against losses and expenses resulting from a stolen identity event. See Arizona Laws 20-1694
  • Illustration: means a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years. See Arizona Laws 20-1241
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • insured: as used in this article shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits and rights provided therein. See Arizona Laws 20-1370
  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • License: means a license issued pursuant to this chapter. See Arizona Laws 6-1251
  • Licensed health care practitioner: means any physician licensed pursuant to title 32, chapter 13 or 17, any registered nurse or registered nurse practitioner licensed pursuant to title 32, chapter 15 or any other individual who meets the requirements prescribed by the United States secretary of the treasury. See Arizona Laws 20-1691
  • Licensee: means a person licensed under this chapter. See Arizona Laws 6-1201
  • Licensee: means a corporation, company, firm, partnership, association or natural person that is licensed by the superintendent to engage in the business of providing deferred presentment services pursuant to this chapter. See Arizona Laws 6-1251
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Loan: means an advance or commitment of certain funds pursuant to a repayment agreement. See Arizona Laws 20-1603
  • Location: means a place of business at which activity regulated by this chapter occurs. See Arizona Laws 6-1201
  • Location: means the entire space in which a licensee provides deferred presentment services. See Arizona Laws 6-1251
  • Location: means any physical location in this state or any website, call center site or similar location directed to residents of this state. See Arizona Laws 20-1693
  • Long-term care insurance: means an individual or group insurance policy or rider issued by insurers, fraternal benefit societies, nonprofit health, hospital and medical service corporations, prepaid health plans, health care services organizations or any similar organization and advertised, marketed, offered or designed to provide coverage for each covered person on an expense-incurred, indemnity, prepaid or other basis for one or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, personal or custodial care services provided in a setting other than an acute care unit of a hospital. See Arizona Laws 20-1691
  • Maintenance or personal care services: means any care the primary purpose of which is to provide assistance needed with any disability that results in the individual being a chronically ill individual, including the protection from threats to health and safety due to severe cognitive impairment. See Arizona Laws 20-1691
  • Mass marketed life or health insurance: means insurance under any franchise, group or blanket policy of life or health insurance which is offered by means of direct response solicitation through a sponsoring organization or through the mails or other mass communications media and under which the person who is insured pays all or substantially all of the cost of his insurance. See Arizona Laws 20-1661
  • Minimum policyholder position: means the amount computed pursuant to section 20-1550. See Arizona Laws 20-1541
  • Minor: means a person under the age of eighteen years. See Arizona Laws 1-215
  • Money: means a medium of exchange that is authorized or adopted by a domestic or foreign government as a part of its currency and that is customarily used and accepted as a medium of exchange in the country of issuance. See Arizona Laws 6-1201
  • Money transmitter: means a person who is located or doing business in this state, including a check casher and a foreign money exchanger, and who does any of the following:

    (a) Sells or issues payment instruments. See Arizona Laws 6-1201

  • Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage guaranty insurance: means insurance against financial loss by reason of nonpayment of:

    (a) Principal, interest or other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust or other instrument constituting a lien or charge on real estate if the improvement on such real estate is a residential building or a condominium unit or buildings designed for occupancy by not more than four families. See Arizona Laws 20-1541

  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • motor vehicle: means a licensed land, motor-driven vehicle but does not mean:

    1. See Arizona Laws 20-1631

  • Net debt: means the amount necessary to liquidate a debt in a single lump sum payment, excluding all unearned interest and other unearned finance charges. See Arizona Laws 20-1603
  • Net retained liability: means the total liability retained by a title insurer under any policy or contract of insurance, or under a single insurance risk as defined in or computed in accordance with paragraph 7, after the purchase of reinsurance. See Arizona Laws 20-1562
  • Nonguaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, noninterest based credits, charges, or elements of formulas used to determine any of these, that are subject to company discretion and that are not guaranteed at issue. See Arizona Laws 20-1242
  • Nonpayment of premium: means the failure or inability of the named insured to discharge any obligation in connection with the payment of premiums on a policy of insurance subject to this article, whether the payments are payable directly to the insurer or its agent or payable through a premium finance plan or extension of credit. See Arizona Laws 20-1672
  • Nonrenewal: means termination of a policy at its expiration date. See Arizona Laws 20-1672
  • Oath: includes an affirmation or declaration. See Arizona Laws 1-215
  • 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.
  • Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
  • Partner: means a person who either:

    (a) Is authorized by law or a partnership agreement to participate in the management of the business of the partnership. See Arizona Laws 6-1251

  • 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.
  • Payment instrument: means a check, draft, money order, traveler's check or other instrument or order for the transmission or payment of money sold to one or more persons whether or not that instrument or order is negotiable. See Arizona Laws 6-1201
  • personal or controlled insurance: means a policy of title insurance where the insured or one of the insureds under such policy is, or the loss thereunder is payable to:

    1. See Arizona Laws 20-1587

  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Arizona Laws 1-215
  • Placement for adoption: means the assumption and retention by a person of a legal obligation for total or partial support of a child in anticipation of adoption of the child. See Arizona Laws 20-1692
  • Policy: means an individual or group policy, contract, subscriber agreement, rider or endorsement delivered or issued for delivery in this state by an insurer, fraternal benefit society, nonprofit health, hospital or medical service corporation, prepaid health plan or health care services organization or any similar organization. See Arizona Laws 20-1691
  • Policy summary: means a description of a policy or contract that meets the requirements in section 20-1241. See Arizona Laws 20-1241
  • Policyholder position: means the contingency reserve prescribed in section 20-1556 and surplus as regards policyholders. See Arizona Laws 20-1541
  • Portable electronics: means personal, self-contained, easily carried by an individual, battery-operated electronic communication, viewing, listening, recording, gaming, computing or global positioning devices, including cell or satellite phones, pagers, personal global positioning satellite units, portable computers, portable audio listening devices, video viewing or recording devices, digital cameras, video camcorders, portable gaming systems, docking stations, automatic answering devices and other similar devices and the devices' accessories. See Arizona Laws 20-1693
  • Preexisting condition: means a condition for which medical advice or treatment was recommended by or received from a health care services provider within six months before the effective date of coverage of an insured person. See Arizona Laws 20-1691
  • Private passenger motor vehicle: means any vehicle that is rated or insured under a family automobile policy, standard automobile policy, personal automobile policy or similar private passenger automobile policy written for personal use, including use by an insured of a motor vehicle in the course of the insured's volunteer work for a tax-exempt organization as described in section  501(c)(3) of the internal revenue code, as opposed to a motor vehicle rated or insured under a commercial automobile policy. See Arizona Laws 20-117
  • Process: means a citation, writ or summons issued in the course of judicial proceedings. See Arizona Laws 1-215
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Qualified long-term care insurance contract: means :

    (a) Any insurance policy that meets the requirements of section 7702B(b) of the internal revenue code of 1986, as amended. See Arizona Laws 20-1691

  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recommendation: means advice provided by an insurance producer, or an insurer if no producer is involved, to an individual consumer that results in a purchase or exchange of an annuity pursuant to that advice. See Arizona Laws 20-1243
  • replacement: means a transaction in which a new policy or contract is to be purchased and it is known or should be known to the proposing insurance producer, or to the proposing insurer if there is no insurance producer, that by reason of the transaction an existing policy or contract has been or is to be:

    (a) Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer or otherwise terminated. See Arizona Laws 20-1241

  • Replacing insurer: means the insurer that issues or proposes to issue a new policy or contract that replaces an existing policy or contract or is a financed purchase. See Arizona Laws 20-1241
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Sales material: means a sales illustration and any other written, printed or electronically presented information that is created, completed or provided by an insurer or insurance producer, that is used in the presentation to the policy or contract owner and that is related to the policy or contract purchased. See Arizona Laws 20-1241
  • 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.
  • Severe cognitive impairment: means an impairment determined by a licensed health care practitioner as meeting the definition of an impairment as established by title III of the health insurance portability and accountability act of 1996 (P. See Arizona Laws 20-1691
  • Single insurance risk: means the insured amount of any policy or contract of title insurance issued by a title insurer unless two or more policies or contracts are simultaneously issued on different estates in identical real property, in which event, it means the sum of the insured amounts of all such policies or contracts, except that any such policy or contract that insures a mortgage interest or a vendor's interest that is excepted in a fee or leasehold policy or contract, and which does not exceed the insured amount of such fee or leasehold policy or contract, shall be excluded in computing the amount of a single insurance risk. See Arizona Laws 20-1562
  • Statute: A law passed by a legislature.
  • Stolen identity event: includes the theft, accidental release, publication or misappropriation of information related to an individual's personal identification or social security number or other method of identifying the individual that results in or could reasonably result in the wrongful use of the information. See Arizona Laws 20-1694
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Superintendent: means the superintendent of financial institutions. See Arizona Laws 6-101
  • Supervising entity: means a business entity that is a licensed insurer or insurance producer and that is authorized by an insurer to supervise the administration of a portable electronics insurance policy. See Arizona Laws 20-1693
  • Title: includes this title, title 32, chapters 9 and 36 and title 44, chapter 2. See Arizona Laws 6-101
  • Title insurance: means insuring, guaranteeing or indemnifying owners of real property or others interested therein against loss or damage suffered by reason of liens, encumbrances upon, defects in or the unmarketability of the title to such property, guaranteeing, warranting or otherwise insuring the correctness of searches relating to the title to real property, or doing any business in substance equivalent to any of the foregoing. See Arizona Laws 20-1562
  • Title insurance agent: means a domestic or foreign stock corporation or limited liability company authorized in writing by a title insurer to solicit insurance and collect premiums and to issue or countersign policies in its behalf, except that the term "title insurance agent" shall not include officers or salaried employees of any title insurer authorized to do a title insurance business within this state. See Arizona Laws 20-1562
  • Title insurance plant: means a set of records in which an entry has been made of all documents or matters which under the law impart constructive notice of matters affecting title to real property or any interest therein or encumbrance thereon and which have been filed or recorded in the county for which such title plant is maintained for a period of not less than the immediately preceding twenty years. See Arizona Laws 20-1562
  • Title insurance policy: means a written instrument or contract by means of which title insurance liability is accepted. See Arizona Laws 20-1562
  • Title insurer: means any domestic company organized under the provisions of this title for the purpose of insuring titles to real property, any title insurance company organized under the laws of another state and licensed to insure titles to real estate within this state pursuant to the provisions of this article, and any domestic or foreign company having the power and authorized to insure titles to real estate within this state as of January 1, 1968 which meet the requirements of this article. See Arizona Laws 20-1562
  • to renew: means the issuance of or the offer to issue by an insurer a policy succeeding a policy previously issued and delivered by the same insurer or an insurer within the same group of insurers or the issuance of a certificate or notice extending the term of an existing policy for a specified period beyond its expiration date. See Arizona Laws 20-1672
  • Transmitting money: means the transmission of money by any means including transmissions within this country or to or from locations abroad by payment instrument, wire, facsimile, internet or any other electronic transfer, courier or otherwise. See Arizona Laws 6-1201
  • Trustee: A person or institution holding and administering property in trust.
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC
  • Vendor: means a business in the business of engaging in portable electronics transactions directly or indirectly. See Arizona Laws 20-1693
  • Volunteer work: means work performed without compensation other than reimbursement of actual expenses incurred, or disbursement of meals or other incidental benefits. See Arizona Laws 20-117