Terms Used In California Codes > Financial Code > Division 7 > Chapter 3 > Article 6 - Insurance Sold With Loans

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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}
• Charges: as used in this division , include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by an industrial loan company or any other person in connection with the investigating, arranging, negotiating, procuring, guaranteeing, making, servicing, collecting, or enforcing of a loan, or for forbearance of money, credit, goods, things in action, or any other service or services rendered. See California Financial Code 18007
• company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
• County: includes city and county. See California Health and Safety Code 14
• Credit loss-of-income insurance: means insurance issued to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed, as defined in the policy. See California Financial Code 18290
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• department: means State Department of Health Services. See California Health and Safety Code 20
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• 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.
• 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.
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• Principal amount: as used in this division , means the net amount of money, credit, goods, or things in action received by the debtor or borrower or disbursed on the borrower's instructions at the time of entering into the transaction. See California Financial Code 18009
• Probate: Proving a will
• 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 "registered domestic partner" as required by §. See California Health and Safety Code 12.2
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writing: includes any form of recorded message capable of comprehension by ordinary visual means. See California Financial Code 8