Idaho Code 41-5816 – Escrow or Trust Accounts
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 41-5816
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Home state: means the District of Columbia or any state or territory of the United States in which the public adjuster’s principal place of residence or principal place of business is located. See Idaho Code 41-5802
- Public adjuster: means any person who, for compensation or any other thing of value on behalf of the insured:
Idaho Code 41-5802Settlement: 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. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
A public adjuster who receives, accepts or holds any funds on behalf of an insured, towards the settlement of a claim for loss or damage, shall deposit the funds in a noninterest bearing escrow or trust account in a financial institution that is insured by an agency of the federal government in the public adjuster’s home state or where the loss occurred.