Terms Used In California Codes > Insurance Code > Division 1 > Part 2 > Chapter 6.5 - Reinsurance Intermediaries

• Actuary: means a person who is a member in good standing of the American Academy of Actuaries, the Casualty Actuarial Society, or the Society of Actuaries, and is qualified to sign statements of actuarial opinion on loss reserves. See California Insurance Code 1781.2
• Appraisal: A determination of property value.
• Beneficiary: means a person to whom a donative transfer of property is made or that person's successor in interest, and:

  California Probate Code 24

• 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}
• Claim: means a demand for payment for any of the following, whether due, not due, accrued or not accrued, or contingent, and whether liquidated or unliquidated:

  California Probate Code 9000

• Controlling person: means any person, firm, association, or corporation who directly or indirectly has the power to direct or cause to be directed, the management, control, or activities of a reinsurance intermediary. See California Insurance Code 1781.2
• 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.
• Creditor: means a person who may have a claim against estate property. See California Probate Code 9000
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devisee: means any person designated in a will to receive a devise. See California Probate Code 34
• Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Executor: A male person named in a will to carry out the decedent
• 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.
• Financial institution: means a state or national bank, state or federal savings and loan association or credit union, or like organization. See California Probate Code 40
• Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
• Heir: means any person, including the surviving spouse, who is entitled to take property of the decedent by intestate succession under this code. See California Probate Code 44
• Insurance agent: means a person authorized, by and on behalf of an insurer, to transact all classes of insurance other than life, disability, or health insurance, on behalf of an admitted insurance company. See California Insurance Code 31
• Insurer: means any person, firm, association, or corporation admitted by the commissioner as an insurer in this state. See California Insurance Code 1781.2
• interested person: includes any of the following:

  California Probate Code 48

• 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.
• Licensed producer: means a licensed insurance agent, broker, or reinsurance intermediary. See California Insurance Code 1781.2
• Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
• Personal property: All property that is not real property.
• Personal representative: means executor, administrator, administrator with the will annexed, special administrator, successor personal representative, public administrator acting pursuant to Section 7660, or a person who performs substantially the same function under the law of another jurisdiction governing the person's status. See California Probate Code 58
• Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
• Real property: includes a leasehold interest in real property. See California Probate Code 68
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager. See California Insurance Code 1781.2
• Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer, firm, association, or corporation that solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of that insurer. See California Insurance Code 1781.2
• Reinsurance intermediary-manager: means any person, firm, association, or corporation that has authority to bind, or manages all or part of the assumed reinsurance business of, a reinsurer (including the management of a separate division, department, or underwriting office) and acts as an agent for the reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. See California Insurance Code 1781.2
• Reinsurer: means any person, firm, association, or corporation admitted in this state as an insurer with the authority to assume reinsurance. See California Insurance Code 1781.2
• Resident: means residing in this State, "nonresident" means not residing in this State. See California Insurance Code 30
• 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.
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See California Probate Code 74
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Violation: means the failure of a reinsurance intermediary, or an insurer or reinsurer for whom the reinsurance intermediary was acting, to comply with any provision of this chapter. See California Insurance Code 1781.2
• Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88