Terms Used In California Codes > Health and Safety Code > Division 12 > Part 5 > Chapter 4 > Article 2 - Hearing on Report

• company: means a premium finance agency. See California Financial Code 18565
• 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.
• County: includes city and county. See California Health and Safety Code 14
• insured: means the person who has purchased or arranged to purchase an insurance contract and who enters into a premium finance agreement with a premium finance agency. See California Financial Code 18562
• Lien: A claim against real or personal property in satisfaction of a debt.
• Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• premium finance agreement: means a loan contract, note, agreement or obligation by which an insured agrees to pay to a company in installments the principal amount advanced by the company to an insurer or producer in payment of premium on an insurance contract or contracts, plus charges, with the assignment as security therefor of the unearned premiums, accrued dividends or loss payments, the final installment due date of the agreement not to extend beyond the term of the insurance contract included in the agreement having the latest expiration date. See California Financial Code 18564
• principal balance: means the difference between the amount of the premium and fees charged by the insurer or producer and the downpayment on the premium. See California Financial Code 18566
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.