Terms Used In Delaware Code > Title 18 > Chapter 41 > Subchapter V - Private Primary Residential Flood Insurance Model Act

• Authorized insurer: means an insurer that is authorized by the Department to write insurance under a certificate of authority issued by the Department to transact insurance in Delaware. See Delaware Code Title 18 Sec. 4153
• Child: means a person who has not reached the age of 18 years. See Delaware Code Title 1 Sec. 302
• Commissioner: means the Insurance Commissioner of the State of Delaware. See Delaware Code Title 18 Sec. 4153
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the Delaware Department of Insurance. See Delaware Code Title 18 Sec. 4153
• Dependent: A person dependent for support upon another.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• NFIP: means the program of flood insurance coverage and floodplain management administered under the National Flood Insurance Act of 1968 (42 U. See Delaware Code Title 18 Sec. 4153
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Primary residential flood insurance: means an insurance policy covering losses from flood to residential property, other than commercial property, written in Delaware by any insurer authorized to do business that is not written to apply coverage in excess of the coverage provided under another flood insurance policy, whether issued by a private insurer or the National Flood Insurance Program. See Delaware Code Title 18 Sec. 4153
• State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
• Trustee: A person or institution holding and administering property in trust.