Terms Used In Arizona Laws > Title 20 > Chapter 6 > Article 10.1 - Credit Property Insurance

• Appraisal: A determination of property value.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Collateral: means personal property in which a purchase money security interest is retained or that is pledged as security for the satisfaction of a debt. See Arizona Laws 20-1621.01
• Compensation: means commission, service fee, brokerage or any other valuable consideration that is paid to a person as a result of the sale of credit insurance. See Arizona Laws 20-1621.01
• Contract: A legal written agreement that becomes binding when signed.
• 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 agreement: means a written document that sets forth the terms of a credit transaction and includes the security agreement. See Arizona Laws 20-1621.01
• Credit property insurance: means a policy of insurance that covers perils to goods purchased through a credit transaction or used as collateral for a credit transaction and that concerns a creditor's interest in the purchased goods or pledged collateral either in whole or in part. See Arizona Laws 20-1621.01
• Credit transaction: means a transaction in which the repayment of money loaned or credit commitment made or payment of goods, services or properties sold or leased is to be made at a future date. See Arizona Laws 20-1621.01
• Creditor: means the lender of money or the vendor or lessor of goods, services, property, rights or privileges for which payment is arranged through a credit transaction, or any successor to the right, title or interest of a lender, vendor or lessor and an affiliate, associate or subsidiary of any of them, any director, officer or employee of any of them or any person in any way associated with any of them. See Arizona Laws 20-1621.01
• Creditor-placed insurance: means insurance that:

  (a) A creditor unilaterally purchases after the date of a credit transaction. See Arizona Laws 20-1621.01

• Debtor: means the borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Arizona Laws 20-1621.01
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dual interest insurance: means a credit personal property insurance covering a seller's or creditor's interest and at least partially the borrower's interest in the goods purchased through the credit transaction or pledged as collateral for the credit transaction. See Arizona Laws 20-1621.01
• 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}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Experience: means earned premiums and incurred losses during the experience period. See Arizona Laws 20-1621.01
• Experience period: means the most recent period of time for which earned premiums and incurred losses are reported, not to exceed a period of three years. See Arizona Laws 20-1621.01
• Gross debt: means the sum of the remaining payments owed to a creditor by a debtor, including compensation, finance charges, interest or any other charges. See Arizona Laws 20-1621.01
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Incurred losses: means total claims paid during the experience period plus any change in claim and claim adjustment expense reserves and claim adjustment experiences. See Arizona Laws 20-1621.01
• Lien: A claim against real or personal property in satisfaction of a debt.
• Loss ratio: means incurred losses divided by the sum of earned premiums. See Arizona Laws 20-1621.01
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Nonrecording insurance: means insurance that protects a creditor if the creditor suffers a loss as a result of its failure to perfect its security interest in collateral by failure to file a lien or record a security interest in the collateral as required by law for perfection of a security interest. See Arizona Laws 20-1621.01
• Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
• Personal property: means all tangible property not classified as real property. See Arizona Laws 20-1621.01
• Personal property: All property that is not real property.
• Policy: means a policy, contract, endorsement, binder, certificate or evidence of credit property insurance, by whatever name called, and includes all attached or incorporated clauses, endorsements and papers. See Arizona Laws 20-1621.01
• Producer: means a person or entity that receives a commission for insurance written or that, on behalf of an insurer or creditor, solicits, negotiates, effects, procures, delivers, renews, continues or binds credit insurance to which this article applies. See Arizona Laws 20-1621.01
• Property: includes both real and personal property. See Arizona Laws 1-215
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Single interest insurance: means credit property insurance covering only a seller's or creditor's interest in the goods purchased through the credit transaction or pledged as collateral in the credit transaction. See Arizona Laws 20-1621.01
• Writing: includes printing. See Arizona Laws 1-215