Terms Used In Idaho Code > Title 41 > Chapter 17 - Business Transacted With Broker Controlled Insurer

• Accredited state: means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the national association of insurance commissioners (NAIC). See Idaho Code 41-1702
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Broker: means an insurance broker or brokers or any other person, firm, association or corporation, when, for any compensation, commission or other thing of value, such person, firm, association or corporation acts or aids in any manner in soliciting, negotiating or procuring the making of any insurance contract on behalf of an insured other than the person, firm, association or corporation. See Idaho Code 41-1702
• Contract: A legal written agreement that becomes binding when signed.
• controlled: has the meaning ascribed in section 41-3802(2), Idaho Code. See Idaho Code 41-1702
• Controlled insurer: means a licensed insurer which is controlled, directly or indirectly, by a broker. See Idaho Code 41-1702
• Controlling broker: means a broker who, directly or indirectly, controls an insurer. See Idaho Code 41-1702
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• insurer: means any person, firm, association or corporation duly licensed to transact a property/casualty insurance business in this state. See Idaho Code 41-1702
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• person: includes a corporation as well as a natural person;