Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
association: as used in this chapter shall mean and include any foreign association that shall have qualified, in the manner permitted by this chapter, to transact business and acquire, hold, and dispose of property, and sue and be sued in this state. See Florida Statutes 622.02
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
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.
foreign association: as used in this chapter shall mean and include any unincorporated joint stock association for profit, created and existing under the laws of any state other than this state, or of the District of Columbia, or of any territory or possession of the United States, engaged in any business or businesses other than the banking, trust, or insurance business, and having written articles of association, capital stock divided into shares, and a name including the word "company" or "association" or "society"; but shall not mean nor include any unincorporated association, company or group of persons engaged in the banking, trust, or insurance business. See Florida Statutes 622.02
Gross written premiums: means the total amount of premiums, paid for the entire period of the home warranty, inclusive of commissions, for which the association is obligated under home warranties issued. See Florida Statutes 634.301
Home warranty association: means any corporation or any other organization, other than an authorized insurer, issuing home warranties. See Florida Statutes 634.301
Insolvent: means the inability of a corporation to pay its debts as they become due in the usual course of its business. See Florida Statutes 634.301
Insurer: means any property or casualty insurer duly authorized to transact such business in this state. See Florida Statutes 634.301
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Net assets: means the amount by which the total statutory assets of an association exceed the total liabilities of the association. See Florida Statutes 634.301
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.
Premium: means the total consideration received, or to be received, by an insurer or home warranty association for or related to the issuance and delivery of any binder or warranty, including any charges designated as assessments or fees for policies, surveys, inspections, or service or any other charges. See Florida Statutes 634.301
Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Service of process: The service of writs or summonses to the appropriate party.
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.
warranty: means any contract or agreement whereby a person undertakes to indemnify the warranty holder against the cost of repair or replacement, or actually furnishes repair or replacement, of any structural component or appliance of a home, necessitated by wear and tear or an inherent defect of any such structural component or appliance or necessitated by the failure of an inspection to detect the likelihood of any such loss. See Florida Statutes 634.301