Terms Used In Delaware Code > Title 18 > Chapter 18 - Managing General Agents Act

• Actuary: means a person who is a member in good standing of the American Academy of Actuaries. See Delaware Code Title 18 Sec. 1802
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• insured: as used in this subchapter , shall not be construed as preventing a person other than the insured with a proper insurable interest from making application for and owning a policy covering the insured or from being entitled under such a policy to any indemnities, benefits, and rights provided therein. See Delaware Code Title 18 Sec. 3328
• Insurer: means any person, firm, association or corporation duly licensed in this State as an insurance company pursuant to Chapter 17 of this title. See Delaware Code Title 18 Sec. 1802
• Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
• 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.
• United States: includes its territories and possessions and the District of Columbia. See Delaware Code Title 1 Sec. 302
• Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302