Terms Used In Idaho Code > Title 7 > Chapter 11
- Account: means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit;
Idaho Code 28-4-104
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 Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session. Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths. Allegation: something that someone says happened. Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year. Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense. Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant. Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal. Appraisal: A determination of property value. Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization Arrest: Taking physical custody of a person by lawful authority. Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. assets: means all investments held in the name of the trust as permitted by section 41-4009, Idaho Code. See Idaho Code 41-4018 Attachment: A procedure by which a person's property is seized to pay judgments levied by the court. Attorney: as used in this chapter , refers to the attorney in fact of a reciprocal insurer. See Idaho Code 41-2907 Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings. 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. Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed. 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. Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Benefit contract: shall mean the agreement for provision of benefits authorized by section 41-3216, Idaho Code, as that agreement is described in section 41-3219(1), Idaho Code. See Idaho Code 41-3204 Benefit member: shall mean an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract. See Idaho Code 41-3204 Bequest: Property gifted by will. 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 Certificate: shall mean the document issued as written evidence of the benefit contract. See Idaho Code 41-3204 Chambers: A judge's office. Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes. Clearing house: means an association of banks or other payors regularly clearing items;
Idaho Code 28-4-104
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. Continuance: Putting off of a hearing ot trial until a later time. Contract: A legal written agreement that becomes binding when signed. Contract: means an annuity contract. See Idaho Code 41-3001 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 Conviction: A judgement of guilt against a criminal defendant. 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. Counterclaim: A claim that a defendant makes against a plaintiff. Cross examine: Questioning of a witness by the attorney for the other side. Customer: means any person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank;
Idaho Code 28-4-104
Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Death master file: means the United States social security administration’s death master file or any other database or service that is at least as comprehensive as the United States social security administration’s death master file for determining that a person has reportedly died. See Idaho Code 41-3001 Death master file match: means a search of the death master file that results in a match of the social security number or the name and date of birth of an insured, annuity owner or retained asset account holder. See Idaho Code 41-3001 Deed: The legal instrument used to transfer title in real property from one person to another. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Dependent: A person dependent for support upon another. Devise: To gift property by will. Director: shall mean the director of the department of insurance of this state. See Idaho Code 41-3204 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Donor: The person who makes a gift. Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Enterprise risk: means any activity, circumstance, event or series of events involving one (1) or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole including, but not limited to, anything that would cause the insurer’s risk-based capital to fall into company action level as set forth in section 41-5403, Idaho Code, or would cause the insurer to be in hazardous financial condition as set forth by rule in IDAPA 18. See Idaho Code 41-3802 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. 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 Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. Executor: A male person named in a will to carry out the decedent Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC 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 Felony: A crime carrying a penalty of more than a year in prison. Fiduciary: A trustee, executor, or administrator. Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Fraud: Intentional deception resulting in injury to another. Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. 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 Grantor: The person who establishes a trust and places property into it. Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. insolvent: means the plan is unable to pay its obligations when they are due or that its assets do not exceed its liabilities. See Idaho Code 41-4018 Insurance holding company system: means two (2) or more affiliated persons, one (1) or more of whom is an insurer. See Idaho Code 41-3802 insured: as used in this chapter , 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 Idaho Code 41-2130 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 Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. Intellectual disability: means significantly subaverage general intellectual functioning that is accompanied by significant limitations in adaptive functioning in at least two (2) of the following skill areas: communication, self-care, home living, social or interpersonal skills, use of community resources, self-direction, functional academic skills, work, leisure, health and safety. See Idaho Code 73-114 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Idaho Code 28-4-104 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. Laws: shall mean the society’s articles of incorporation, constitution and bylaws, however designated. See Idaho Code 41-3204 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. Lien: A claim against real or personal property in satisfaction of a debt. Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Lodge: shall mean subordinate member units of the society, known as camps, courts, councils, branches or by any other designation. See Idaho Code 41-3204 Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement. Month: means a calendar month, unless otherwise expressed. See Idaho Code 73-114 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC Oath: A promise to tell the truth. 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. 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. Person: means an individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a business trust, an unincorporated organization, or any similar entity or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing or developing real or tangible personal property. See Idaho Code 41-3802 person: includes a corporation as well as a natural person;
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
Idaho Code 73-114
Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114 Plaintiff: The person who files the complaint in a civil lawsuit. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Policy: means any policy or certificate of life insurance that provides a death benefit. See Idaho Code 41-3001 Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Premiums: shall mean premiums, rates, dues or other required contributions by whatever name known, which are payable under the certificate. See Idaho Code 41-3204 Probate: Proving a will Property: includes both real and personal property. See Idaho Code 73-114 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Quorum: The number of legislators that must be present to do business. Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Registered mail: includes certified mail. See Idaho Code 73-114 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Retained asset account: means any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits. See Idaho Code 41-3001 Rules: shall mean all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society. See Idaho Code 41-3204 seal: includes an impression of such seal upon the paper, alone, as well as upon wax or a wafer affixed thereto; or, alternatively, the seal may be the mark of a rubber stamp providing substantially the same information as the impression. See Idaho Code 73-111 Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations. 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. Society: shall mean fraternal benefit society, unless otherwise indicated. See Idaho Code 41-3204 State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Subpoena: A command to a witness to appear and give testimony. Subsidiary: means a specified person who is an affiliate controlled by such person directly or indirectly through one (1) or more intermediaries. See Idaho Code 41-3802 Summons: Another word for subpoena used by the criminal justice system. Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust. under common control with: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or a corporate office held by the person. See Idaho Code 41-3802 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Usury: Charging an illegally high interest rate on a loan. Source: OCC Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. Venue: The geographical location in which a case is tried. Verdict: The decision of a petit jury or a judge. Voting security: means any security convertible into or evidencing a right to acquire a voting security. See Idaho Code 41-3802 Writ: signifies an order or precept in writing, issued in the name of the people, or of a court or judicial officer, and the word "process" a writ or summons issued in the course of judicial proceedings. See Idaho Code 73-114