Terms Used In California Codes > Probate Code > Division 7 > Part 5 > Chapter 18 > Article 9 - Damages and Recovery of Property

• Basic illustration: means a ledger or proposal used in the sale of a life insurance policy that shows both guaranteed and nonguaranteed elements. See California Insurance Code 10509.953
• 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

• Contract: A legal written agreement that becomes binding when signed.
• Contract premium: means the gross premium that is required to be paid under a fixed premium policy, including the premium for a rider for which benefits are shown in the illustration. See California Insurance Code 10509.953
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Guaranteed elements: means the premiums, benefits, values, credits or charges under a policy of life insurance that are guaranteed and determined at issue. See California Insurance Code 10509.953
• 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
• Illustrated scale: means a scale of nonguaranteed elements currently being illustrated that is not more favorable to the policy owner than the lesser of either of the following:

  California Insurance Code 10509.953

• Illustration: means a presentation or depiction that includes nonguaranteed elements of a policy of life insurance over a period of years and that is one of the three types defined below:

  California Insurance Code 10509.953

• interested person: includes any of the following:

  California Probate Code 48

• Life insurance: means insurance upon the lives of persons or appertaining thereto. See California Insurance Code 10509.953
• 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.
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• 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 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
• Policy owner: means the owner named in the policy or the certificate holder in the case of a group policy. See California Insurance Code 10509.953
• Premium outlay: means the amount of premium assumed to be paid by the policy owner or other premium payer out-of-pocket. See California Insurance Code 10509.953
• 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.
• 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.
• Supplemental illustration: means an illustration furnished in addition to a basic illustration that meets the applicable requirements of this regulation, and that may be presented in a format differing from the basic illustration, but may only depict a scale of nonguaranteed elements that is permitted in a basic illustration. See California Insurance Code 10509.953