Terms Used In Illinois Compiled Statutes > Chapter 110 > University Of Illinois
Access: means that the cable or video provider is capable of providing cable services or video services at the household address using any technology, other than direct-to-home satellite service, that provides 2-way broadband Internet capability and video programming, content, and functionality, regardless of whether any customer has ordered service or whether the owner or landlord or other responsible person has granted access to the household. See Illinois Compiled Statutes 220 ILCS 5/21-201
Acquiring corporation: as used in this Article , means any stock insurance corporation incorporated under this Code or under prior laws of this State relating to the incorporation of domestic insurance corporations; any stock corporation incorporated under the "Business Corporation Act of 1983" or under prior laws of this State authorizing the establishment of business corporations; and any foreign or alien stock corporation qualified to do business in Illinois and registered by the corporation department; and any foreign or alien stock insurance company authorized to do business in Illinois. See Illinois Compiled Statutes 215 ILCS 5/156.1
Adjusted RBC Report: means an RBC Report that has been adjusted by the Director in accordance with subsection (f) of Section 35A-10. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Administrator: means any person, partnership or corporation, other than an insurer or health maintenance organization holding a certificate of authority under the "Health Maintenance Organization Act" as now or hereafter amended, that arranges, contracts with, or administers contracts with a provider whereby beneficiaries are provided an incentive to use the services of such provider. See Illinois Compiled Statutes 215 ILCS 5/370g
Adverse underwriting decision: means : (1) any of the following actions with respect to
insurance transactions involving insurance coverage which is individually underwritten:
(a) a declination of insurance coverage, (b) a termination of insurance coverage, (c) failure of an agent to apply for insurance
coverage with a specific insurance institution which the agent represents and which is requested by an applicant,
(d) in the case of a property or casualty
insurance coverage:
(i) placement by an insurance institution or
agent of a risk with a residual market mechanism, an unauthorized insurer or an insurance institution which specializes in substandard risks, or
(ii) the charging of a higher rate on the
basis of information which differs from that which the applicant or policyholder furnished, or
Advisory Organization: means every person, other than an insurance company who as its primary functions (i) compiles insurance statistics, or (ii) prepares insurance policies, bond forms, and underwriting rules, and (iii) furnishes that which it compiles and prepares to insurance companies who are its only members and subscribers. See Illinois Compiled Statutes 215 ILCS 5/123A-2
affiliate: as used in this Article means a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the person specified. See Illinois Compiled Statutes 215 ILCS 5/187
Affiliated company: includes a parent entity that controls a captive insurance company and: (1) is an affiliate of another entity if the entity
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the other entity. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
Agent: means an individual, firm, partnership, association or corporation who is involved in the solicitation, negotiation or binding of coverages for or on applications or policies of insurance, covering property or risks located in this State. See Illinois Compiled Statutes 215 ILCS 5/1003
Aggregator site: means a website that provides access to information regarding insurance products from more than one insurer, including product and insurer information, for use in comparison shopping. See Illinois Compiled Statutes 215 ILCS 5/1630
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.
Amortization: Paying off a loan by regular installments.
Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
Applicant: means any person who seeks to contract for insurance coverage other than a person seeking group insurance that is not individually underwritten. See Illinois Compiled Statutes 215 ILCS 5/1003
Appraisal: A determination of property value.
Assets: means all assets or property, whether real, personal or mixed, tangible or intangible, and any right or interest therein, including all rights under contracts and other agreements. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Association: means any entity meeting the requirements set forth in either of the following paragraphs (1), (2) or (3): (1) any organized association of individuals, legal
representatives, corporations (whether for profit or not for profit), partnerships, trusts, associations, units of government or other organizations, or any combination of the foregoing, that has been in continuous existence for at least one year, the member organizations of which collectively:
(a) own, control, or hold with power to vote
(directly or indirectly) all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or
(b) have complete voting control (directly or
indirectly) over an association captive insurance company organized as a mutual insurer;
(2) any organized association of individuals, legal
representatives, corporations (whether for profit or not for profit), partnerships, trusts, associations, units of government or other organizations, or any combination of the foregoing:
(a) whose member organizations are engaged in
businesses or activities similar or related with respect to the liability of which such members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and
(b) whose member organizations: (i) directly or indirectly own or control,
and hold with power to vote, at least 80% of all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer; or
(ii) directly or indirectly have at least 80%
of the voting control over an association captive insurance company organized as a mutual insurer; or
(3) any risk retention group, as defined in
subsection (11) of Section 123B-2, domiciled in this State and organized under this Article; however, beginning 6 months after the effective date of this amendatory Act of 1995, a risk retention group shall no longer qualify as an association under this Article. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Association captive insurance company: means any company that insures risks of (i) the member organizations of an association, and (ii) their affiliated companies. See Illinois Compiled Statutes 215 ILCS 5/123C-1
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.
Banking association: means any Illinois corporation, whether for-profit or not-for-profit, which functions as a professional or trade association of dues-paying member commercial banks. See Illinois Compiled Statutes 215 ILCS 5/1102
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.
Basic cable or video service: means any cable or video service offering or tier that includes the retransmission of local television broadcast signals. See Illinois Compiled Statutes 220 ILCS 5/21-201
Basic cable or video service: means any service offering or tier that includes the retransmission of local television broadcast signals. See Illinois Compiled Statutes 220 ILCS 5/22-501
Beneficiary: means an individual entitled to reimbursement for expenses of or the discount of provider fees for health care services under a program where the beneficiary has an incentive to utilize the services of a provider which has entered into an agreement or arrangement with an administrator. See Illinois Compiled Statutes 215 ILCS 5/370g
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
Bequeath: To gift property by will.
Blanket travel insurance: means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group. See Illinois Compiled Statutes 215 ILCS 5/1630
Broadband service: means a high speed service connection to the public Internet capable of supporting, in at least one direction, a speed in excess of 200 kilobits per second (kbps) to the network demarcation point at the subscriber's premises. See Illinois Compiled Statutes 220 ILCS 5/21-201
Cable or video provider: means any person or entity providing cable service or video service pursuant to authorization under (i) the Cable and Video Competition Law of 2007; (ii) Section 11-42-11 of the Illinois Municipal Code; (iii) Section 5-1095 of the Counties Code; or (iv) a master antenna television, satellite master antenna television, direct broadcast satellite, multipoint distribution services, and other providers of video programming, whatever their technology. See Illinois Compiled Statutes 220 ILCS 5/22-501
Capital: means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Captive insurance company: means any pure captive insurance company, association captive insurance company or industrial insured captive insurance company organized under the provisions of this Article. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
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.
Civil forfeiture: The loss of ownership of property used to conduct illegal activity.
Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
Commercial Building: means any building, other than a residence, permanently affixed to realty located in Illinois, including basements, footings, foundations, septic systems and underground pipes directly servicing the building, but does not include sidewalks, driveways, parking lots, living units, land, trees, plants, crops or agricultural field drainage tile. See Illinois Compiled Statutes 215 ILCS 5/802.1
by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See Illinois Compiled Statutes 810 ILCS 5/2A-103
Commodity contract: means : (1) a contract for the purchase or sale of a
commodity for future delivery on, or subject to the rules of, a board of trade or contract market under the federal Commodity Exchange Act or a board of trade outside the United States;
(2) an agreement that is subject to regulation
under Section 19 of the federal Commodity Exchange Act and that is commonly known to the commodities trade as a margin account, margin contract, leverage account, or leverage contract;
(3) an agreement or transaction that is subject
to regulation under Section 4c(b) of the federal Commodity Exchange Act and that is commonly known to the commodities trade as a commodity option;
(4) any combination of the agreements or
transactions referred to in this paragraph (a); or
Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. Source: OCC
company: as used in this Article includes all of the corporations, associations, societies, orders, firms, companies, partnerships, and individuals specified in subsections (1), (4), and (5) of this Section and agents, managing general agents, brokers, premium finance companies, insurance holding companies, and all other non-risk bearing entities or persons engaged in any aspect of the business of insurance on behalf of an insurer against which a receivership proceeding has been or is being filed under this Article, including, but not limited to, entities or persons that provide management, administrative, accounting, data processing, marketing, underwriting, claims handling, or any other similar services to that insurer, whether or not those entities are licensed to engage in the business of insurance in Illinois, if the entity or person is an affiliate of that insurer. See Illinois Compiled Statutes 215 ILCS 5/187
Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by: (a) any person who performs that work; or (b) any person who hires an independent contractor to
perform that work; but shall include liability for activities which are completed or abandoned before the date of the occurrence giving rise to the liability. See Illinois Compiled Statutes 215 ILCS 5/123B-2
comprehensive unified local transportation system: as used in this Article means a transportation system comprising all of the street railways and also all of the local railroads the major portions of which are within the city (provided there are such local railroads in such city) and may also comprise public utility motor vehicle lines and/or any other local public utility transportation facilities, the major portions of which are within the city. See Illinois Compiled Statutes 220 ILCS 5/14-101
Consumer lease: means a lease that a lessor
regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family, or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $40,000. See Illinois Compiled Statutes 810 ILCS 5/2A-103
Consumer report: means any written, oral or other communication of information bearing on a natural person's credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living which is used or expected to be used in connection with an insurance transaction. See Illinois Compiled Statutes 215 ILCS 5/1003
Consumer reporting agency: means any person who: (1) regularly engages, in whole or in part, in the
practice of assembling or preparing consumer reports for a monetary fee,
(2) obtains information primarily from sources other
Contingency reserve fund: means a separate fund maintained for payment of claims in excess of the pool retention fund amount. See Illinois Compiled Statutes 215 ILCS 5/1102
Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
Control: means the power to direct, or cause the direction of, the management and policies of an entity, other than the power that results from an official position with or corporate office held in the entity. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Controlled unaffiliated business: means an entity: (1) that is not an affiliate; (2) that has an existing contractual relationship
with an affiliate under which the affiliate bears a potential financial loss; and
Corrective Order: means an order issued by the Director in accordance with Article XII 1/2 specifying corrective actions that the Director determines are required. See Illinois Compiled Statutes 215 ILCS 5/35A-5
costs: as used in this Division 58 means sums paid by way of compensation to any property owner for the actual taking or damaging of his property, and attorney's fees and court costs incurred as a result of, or incident to, any grade separation covered by this Division 58. See Illinois Compiled Statutes 65 ILCS 5/11-58-7
Counterclaim: A claim that a defendant makes against a plaintiff.
court: shall mean the court before which the conservation, rehabilitation, or liquidation proceeding of the company is pending, or the judge presiding in such proceedings. See Illinois Compiled Statutes 215 ILCS 5/187
Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
Coverage grant: means the document describing specific coverages and terms of coverage which are provided by a risk retention trust created under this Article. See Illinois Compiled Statutes 215 ILCS 5/1102
Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC
Decedent: A deceased person.
Declination of insurance coverage: means a denial, in whole or in part, by an insurance institution or agent of requested insurance coverage. See Illinois Compiled Statutes 215 ILCS 5/1003
Deposit accounts: means certificates of deposit, withdrawable deposits, savings accounts, demand deposit accounts, checking accounts, or any other term or terms appropriate. See Illinois Compiled Statutes 205 ILCS 205/7001
Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
Designated market area: means a designated market area, as determined by Nielsen Media Research and published in the 1999-2000 Nielsen Station Index Directory and Nielsen Station Index United States Television Household Estimates or any successor publication. See Illinois Compiled Statutes 220 ILCS 5/21-201
Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
division: means the act by operation of law by which a domestic stock company divides into 2 or more resulting companies in accordance with a plan of division and this Article; "Dividing company" means a domestic stock company that approves a plan of division pursuant to Section 35B-20; "Domestic stock company" means a domestic stock company transacting or being organized to transact any of the kinds of insurance business enumerated in Section 4. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Domestic insurer: means any insurance company domiciled in this State under Article II, Article III, Article III 1/2, or Article IV or a health organization as defined by this Article, except this shall include only those health maintenance organizations that are "domestic companies" in accordance with § 5-3 of the Health Maintenance Organization Act and only those limited health service organizations that are "domestic companies" in accordance with § 4003 of the Limited Health Service Organization Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Donee: The recipient of 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
Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. Source: OCC
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
Executive session: A portion of the Senate's daily session in which it considers executive business.
Executor: A male person named in a will to carry out the decedent
Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC
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
Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
Finance lease: means a lease with respect to
which:
(i) the lessor does not select, manufacture, or
supply the goods;
(ii) the lessor acquires the goods or the right
to possession and use of the goods in connection with the lease; and
(iii) one of the following occurs: (A) the lessee receives a copy of the
contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;
(B) the lessee's approval of the contract by
which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;
(C) the lessee, before signing the lease
contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or
(D) if the lease is not a consumer lease, the
lessor, before the lessee signs the lease contract, informs the lessee in writing (a) of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person, (b) that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods, and (c) that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Illinois Compiled Statutes 810 ILCS 5/2A-103
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:
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).
Footprint: means the geographic area designated by the cable service or video service provider as the geographic area in which it will offer cable services or video services during the period of its State-issued authorization. See Illinois Compiled Statutes 220 ILCS 5/21-201
Forbearance: A means of handling a delinquent loan. A
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
Foreign insurer: means any foreign or alien insurance company licensed under Article VI that is not domiciled in this State and any health maintenance organization that is not a "domestic company" in accordance with § 5-3 of the Health Maintenance Organization Act and any limited health service organization that is not a "domestic company" in accordance with § 4003 of the Limited Health Service Organization Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Foreign judgment: means any judgment or order relating to fraudulent claims practices, false and deceptive advertising, unfair methods of transacting business, or payment of taxes, of a court located in a "reciprocal state" including a court of the United States located therein, against any insurer incorporated or authorized to do business in this State. See Illinois Compiled Statutes 215 ILCS 5/121-13
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
Fulfillment materials: means documentation sent to the purchaser of a travel protection plan confirming the purchase and providing the travel protection plan's coverage and assistance details. See Illinois Compiled Statutes 215 ILCS 5/1630
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
General Revenue Law of Illinois: or any equivalent expression, when used with reference to revenue, shall be deemed to refer to the Property Tax Code and all existing and future amendments thereto and modifications thereof, and all rules now or hereafter adopted pursuant thereto. See Illinois Compiled Statutes 5 ILCS 70/1.23
Germane: On the subject of the pending bill or other business; a strict standard of relevance.
Goods: means all things that are movable at the
time of identification to the lease contract, or are fixtures (Section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles, or minerals or the like, including oil and gas, before extraction. See Illinois Compiled Statutes 810 ILCS 5/2A-103
governmental reciprocal: shall mean a reciprocal in which all subscribers are governmental entities, including, but not limited to, federal, State, territorial, commonwealth, and local governments and agencies, subdivisions, departments, joint ventures, partnerships, and consortia of these governments. See Illinois Compiled Statutes 215 ILCS 5/61
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
Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able: (a) to meet obligations to policyholders with respect
to known claims and reasonably anticipated claims; or
(b) to pay other obligations in the normal course of
Health care services: means health care services or products rendered or sold by a provider within the scope of the provider's license or legal authorization. See Illinois Compiled Statutes 215 ILCS 5/370g
Health organization: means an entity operating under a certificate of authority issued pursuant to the Health Maintenance Organization Act, the Dental Service Plan Act, the Limited Health Service Organization Act, or the Voluntary Health Services Plans Act, unless the entity is otherwise defined as a "life, health, or life and health insurer" pursuant to this Act. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Holder: means a person or entity that has received authorization to offer or provide cable or video service from the Commission pursuant to Section 21-401 of this Article. See Illinois Compiled Statutes 220 ILCS 5/21-201
Household: means a house, an apartment, a mobile home, a group of rooms, or a single room that is intended for occupancy as separate living quarters. See Illinois Compiled Statutes 220 ILCS 5/21-201
In forma pauperis: In the manner of a pauper. Permission given to a person to sue without payment of court fees on claim of indigence or poverty.
Incumbent cable operator: means a person or entity that provided cable services or video services in a particular area under a franchise agreement with a local unit of government pursuant to Section 11-42-11 of the Illinois Municipal Code (65 ILCS 5/11-42-11) or Section 5-1095 of the Counties Code (55 ILCS 5/5-1095) on January 1, 2007. See Illinois Compiled Statutes 220 ILCS 5/21-201
Individual: means any natural person who: (1) in the case of property or casualty insurance, is
a past, present or proposed named insured or certificateholder;
(2) in the case of life, health or disability
insurance, is a past, present or proposed principal insured or certificateholder;
(3) is a past, present or proposed policyowner; (4) is a past or present applicant; (5) is a past or present claimant; or (6) derived, derives or is proposed to derive
Industrial insured: means an insured which (together with its affiliates) at the time of its initial procurement of insurance from an industrial insured captive insurance company: (1) has available to it advice with respect to the
purchase of insurance through the use of the services of a full-time employee acting as an insurance manager or buyer or the services of a regularly and continuously retained qualified insurance consultant; and
(2) pays aggregate annual premiums in excess of
$100,000 for insurance on all risks except for life, accident and health; and
(3) either (i) has at least 25 full-time employees,
Industrial insured captive insurance company: means any company that insures risks of industrial insureds that are members of the industrial insured group, and their affiliated companies. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Industrial insured group: means any group of industrial insureds that collectively: (1) directly or indirectly (including ownership or
control through a company which is wholly owned by such group of industrial insureds) own or control, and hold with power to vote, all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer; or
(2) directly or indirectly (including control through
a company which is wholly owned by such group of industrial insureds) have complete voting control over an industrial insured captive insurance company organized as a mutual insurer; provided, however, that no member organization may (i) own, control, or hold with power to vote in excess of 25% of the voting securities of an industrial insured captive insurance company incorporated as a stock insurer, or (ii) have more than 25% of the voting control of an industrial insured captive insurance company organized as a mutual insurer. See Illinois Compiled Statutes 215 ILCS 5/123C-1
contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See Illinois Compiled Statutes 810 ILCS 5/2A-103
Institutional source: means any person or governmental entity that provides information about an individual to an agent, insurance institution or insurance-support organization, other than: (1) an agent, (2) the individual who is the subject of the
information, or
(3) a natural person acting in a personal capacity
Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of Illinois. See Illinois Compiled Statutes 215 ILCS 5/123B-2
Insurance institution: means any corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyd's insurer, fraternal benefit society or other person engaged in the business of insurance, health maintenance organizations as defined in § 2 of the Health Maintenance Organization Act, voluntary health services plans as defined in § 2 of the Voluntary Health Services Plans Act, and dental service plans as defined in § 4 of the Dental Service Plan Act. See Illinois Compiled Statutes 215 ILCS 5/1003
Insurance transaction: means any transaction involving insurance primarily for personal, family or household needs rather than business or professional needs which entails: (1) the determination of an individual's eligibility
Insurance-support organization: means : (1) any person who regularly engages, in whole or in
part, in the practice of assembling or collecting information about natural persons for the primary purpose of providing the information to an insurance institution or agent for insurance transactions, including:
(a) the furnishing of consumer reports or
investigative consumer reports to an insurance institution or agent for use in connection with an insurance transaction, or
(b) the collection of personal information from
insurance institutions, agents or other insurance-support organizations for the purpose of detecting or preventing fraud, material misrepresentation or material nondisclosure in connection with insurance underwriting or insurance claim activity. See Illinois Compiled Statutes 215 ILCS 5/1003
insured: as used in this article , 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 Illinois Compiled Statutes 215 ILCS 5/357.28
Insured: means an individual entitled to reimbursement for expenses of health care services under a policy or subscriber contract issued or administered by an insurer. See Illinois Compiled Statutes 215 ILCS 5/370g
Insurer: means an insurance company or a health service corporation authorized in this State to issue policies or subscriber contracts which reimburse for expenses of health care services. See Illinois Compiled Statutes 215 ILCS 5/370g
insurer: as used in this Article includes all corporations, associations, partnerships and individuals, engaged as principals in the business of insurance and also includes interinsurance exchanges and mutual benefit societies. See Illinois Compiled Statutes 215 ILCS 5/121-3
Insurers: means insurance companies and reciprocals licensed and authorized to write Class 3 policies of insurance, as defined in this Code, within Illinois. See Illinois Compiled Statutes 215 ILCS 5/802.1
Inter vivos: Transfer of property from one living person to another living person.
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
Intergovernmental cooperative: means an intergovernmental cooperative organized pursuant to Article VII, Section 10 of the Illinois Constitution and Section 6 of the Intergovernmental Cooperation Act. See Illinois Compiled Statutes 215 ILCS 5/802.1
Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
Intestate: Dying without leaving a will.
Investigative consumer report: means a consumer report or portion thereof in which information about a natural person's character, general reputation, personal characteristics or mode of living is obtained through personal interviews with the person's neighbors, friends, associates, acquaintances or others who may have knowledge concerning such items of information. See Illinois Compiled Statutes 215 ILCS 5/1003
Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
Lease: means a transfer of the right to
possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Illinois Compiled Statutes 810 ILCS 5/2A-103
Lease agreement: means the bargain, with respect
to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See Illinois Compiled Statutes 810 ILCS 5/2A-103
Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
Liability: means a liability or obligation of any kind, character, or description, whether known or unknown, absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, determined, determinable, or otherwise. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Liability: means : (a) legal liability for damages (including costs of
defense, legal costs and fees, and other claims expenses) because of injuries to other persons, damage to their property, or other damage or loss to such other persons resulting from or arising out of:
(i) any business (whether for profit or not for
profit), trade, product, services (including professional services), premises, or operations; or
(ii) any activity of any state or local
government, or any agency or political subdivision thereof; but
(b) does not include personal risk liability and an
Licensed service company: means an entity licensed under Section 464a of the Illinois Insurance Code to perform claims adjusting, loss control and data processing. See Illinois Compiled Statutes 215 ILCS 5/1102
Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
Limited lines travel insurance producer: means one of the following: (1) a licensed managing general agent or
Lineal descendant: Direct descendant of the same ancestors.
Living Unit: shall mean that physical portion designated for separate ownership or occupancy for residential purposes, of a building or group of buildings, permanently affixed to realty located in Illinois, having elements which are owned or used in common, including a condominium unit, a cooperative unit or any other similar unit. See Illinois Compiled Statutes 215 ILCS 5/802.1
Local franchising authority: means the local unit of government that has or requires a franchise with a cable operator, a provider of cable services, or a provider of video services to construct or operate a cable or video system or to offer cable services or video services under Section 11-42-11 of the Illinois Municipal Code (65 ILCS 5/11-42-11) or Section 5-1095 of the Counties Code (55 ILCS 5/5-1095). See Illinois Compiled Statutes 220 ILCS 5/21-201
Low-income household: means those residential households located within the holder's existing telephone service area where the average annual household income is less than $35,000, based on the United States Census Bureau estimates adjusted annually to reflect rates of change and distribution. See Illinois Compiled Statutes 220 ILCS 5/21-201
Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
Medical professional: means any person licensed or certified to provide health care services to natural persons, including but not limited to, a physician, dentist, nurse, optometrist, chiropractor, naprapath, pharmacist, physical or occupational therapist, psychiatric social worker, speech therapist, clinical dietitian or clinical psychologist. See Illinois Compiled Statutes 215 ILCS 5/1003
Medical-care institution: means any facility or institution that is licensed to provide health care services to natural persons, including but not limited to: hospitals, skilled nursing facilities, home-health agencies, medical clinics, rehabilitation agencies and public-health agencies and health-maintenance organizations. See Illinois Compiled Statutes 215 ILCS 5/1003
Medical-record information: means personal information which: (1) relates to an individual's physical or mental
condition, medical history or medical treatment, and
Member: means an insurance company who participates in or is entitled to participate in the management of an advisory organization. See Illinois Compiled Statutes 215 ILCS 5/123A-2
Member organization: means any individual, legal representative, corporation (whether for profit or not for profit), partnership, association, unit of government, trust or other organization that belongs to an association or an industrial insured group. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Mine Subsidence: means lateral or vertical ground movement caused by a failure initiated at the mine level, of man-made underground mines, including, but not limited to coal mines, clay mines, limestone mines, and fluorspar mines that directly damages residences or commercial buildings. See Illinois Compiled Statutes 215 ILCS 5/802.1
Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
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
National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
Negative trend: means , with respect to a life, health, or life and health insurer or a fraternal benefit society, a negative trend over a period of time, as determined in accordance with the trend test calculation included in the Life or Fraternal RBC Instructions. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Netting agreement: as used in this Article , means (a) a contract or agreement (including terms and conditions incorporated by reference therein), including a master agreement (which master agreement, together with all schedules, confirmations, definitions, and addenda thereto and transactions under any thereof, shall be treated as one netting agreement), that documents one or more transactions between the parties to the agreement for or involving one or more qualified financial contracts and that provides for the netting, liquidation, setoff, termination, acceleration, or close out under or in connection with one or more qualified financial contracts or present or future payment or delivery obligations or payment or delivery entitlements thereunder (including liquidation or close-out values relating to such obligations or entitlements) among the parties to the netting agreement; (b) any master agreement or bridge agreement for one or more master agreements described in paragraph (a) of this subsection (8); or (c) any security agreement or arrangement or other credit enhancement or guarantee or reimbursement obligation related to any contract or agreement described in paragraph (a) or (b) of this subsection (8); provided that any contract or agreement described in paragraphs (a) or (b) of this subsection (8) relating to agreements or transactions that are not qualified financial contracts shall be deemed to be a netting agreement only with respect to those agreements or transactions that are qualified financial contracts. See Illinois Compiled Statutes 215 ILCS 5/187
New company: means a domestic stock company that is created by a division occurring on or after the effective date of this amendatory Act of the 100th General Assembly. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
Nonprofit organizations: means organizations described in paragraph (3) of subsection (c), and exempt from taxation under subsection (a), of Section 501 of the Internal Revenue Code. See Illinois Compiled Statutes 215 ILCS 5/123D-5
Nonprofit risk organization: means a nonprofit company organized to do business solely with nonprofit organizations as a qualified charitable risk pool under subsection (n) of Section 501 of the Internal Revenue Code that is organized in accordance with this Article. See Illinois Compiled Statutes 215 ILCS 5/123D-5
Normal business hours: means those hours during which most similar businesses in the geographic area of the local unit of government are open to serve customers. See Illinois Compiled Statutes 220 ILCS 5/22-501
oath: shall be deemed to include an affirmation, and the word "sworn" shall be construed to include the word "affirmed. See Illinois Compiled Statutes 5 ILCS 70/1.12
Oath: A promise to tell the truth.
Offering and disseminating: means the following: (1) Providing information to a prospective or
current policyholder on behalf of a limited lines travel insurance entity, including brochures, buyer guides, descriptions of coverage, and price. See Illinois Compiled Statutes 215 ILCS 5/1630
Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
Oversight: Committee review of the activities of a Federal agency or program.
Parent: means a corporation, partnership, individual or other legal entity that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding voting securities of a company. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Per stirpes: The legal means by which the children of a decedent, upon the death of an ancestor at a level above that of the decedent, receive by right of representation the share of the ancestor
Person: shall mean any individual, partnership, association, corporation, society, order, firm, company, aggregation of individuals, reciprocal exchange, inter-insurer, Lloyds insurer, fraternal benefit society, and any other legal entity to which any article of this Code is applicable, or which is subject to examination, visitation or supervision by the Director under any provision of this Code or under any law of this State, or which is engaged or engaging in or proposing or attempting to engage in or is representing that it is doing an insurance or surety business in this State, or which is in process of organization for the purpose of doing such business, including agents, brokers, adjusters and solicitors. See Illinois Compiled Statutes 215 ILCS 5/422
Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
Personal information: includes an individual's name and address and "medical-record information" but does not include "privileged information". See Illinois Compiled Statutes 215 ILCS 5/1003
Personal risk liability: means liability for damage because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in paragraph (a) of subsection (6) of this Section; (8) "Plan of operation or a feasibility study" means an analysis which presents the expected activities and results of a risk retention group including, at a minimum: (a) information sufficient to verify that its members
are engaged in businesses or activities similar or related with respect to the liability to which such members are exposed by virtue of any related, similar, or common business, trade, product, services, premises or operations;
(b) for each state in which it intends to operate,
the coverages, deductibles, coverage limits, rates, and rating classification systems for each line of insurance the group intends to offer;
(c) historical and expected loss experience of the
proposed members and national experience of similar exposures to the extent this experience is reasonably available;
(d) pro forma financial statements and projections; (e) appropriate opinions by a qualified, independent
casualty actuary, including a determination of minimum premium or participation levels required to commence operations and to prevent a hazardous financial condition;
(f) identification of management, underwriting and
risk retention group has obtained, or sought to obtain, a charter and license and a description of its status in each such state; and
(g) such other matters as may be prescribed by the
commissioner of the state in which the group is chartered for liability insurance companies authorized by the insurance laws of such state. See Illinois Compiled Statutes 215 ILCS 5/123B-2
policies: means any contract or contracts of insurance providing the coverage of the Standard Fire Policy and Extended Coverage Endorsement on any residence, living unit or commercial building. See Illinois Compiled Statutes 215 ILCS 5/802.1
Policyholder: means any person who: (1) in the case of individual property or casualty
insurance, is a present named insured;
(2) in the case of individual life, health or
disability insurance, is a present policyowner; or
Pool retention fund: means a separate fund maintained for payment of first dollar claims, up to a specific amount per claim ("specific retention") and up to an aggregate amount for a 12-month period ("aggregate retention"). See Illinois Compiled Statutes 215 ILCS 5/1102
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
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
premiums: means the gross amount charged to policyholders for the mine subsidence insurance made available under this Article. See Illinois Compiled Statutes 215 ILCS 5/802.1
Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.
Pretext interview: means an interview whereby a person, in an attempt to obtain information about a natural person, performs one or more of the following acts: (1) pretends to be someone he or she is not, (2) pretends to represent a person he or she is not
in fact representing,
(3) misrepresents the true purpose of the interview,
Privileged information: means any individually identifiable information that: (1) relates to a claim for insurance benefits or a civil or criminal proceeding involving an individual, and (2) is collected in connection with or in reasonable anticipation of a claim for insurance benefits or civil or criminal proceeding involving an individual; provided, however, information otherwise meeting the requirements of this subsection shall nevertheless be considered "personal information" under this Article if it is disclosed in violation of Section 1014 of this Article. See Illinois Compiled Statutes 215 ILCS 5/1003
Probate: Proving a will
Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage (including damages resulting from the loss of use of property) arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of such a person when the incident giving rise to the claim occurred. See Illinois Compiled Statutes 215 ILCS 5/123B-2
Property and casualty insurer: means an insurance company that has authority to transact the kinds of insurance in either or both Class 2 or Class 3 of Section 4 or a licensed insurer writing only insurance authorized under clause (c) of Class 1, but does not include monoline mortgage guaranty insurers, financial guaranty insurers, and title insurers. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Public rights-of-way: means the areas on, below, or above a public roadway, highway, street, public sidewalk, alley, waterway, or utility easements dedicated for compatible uses. See Illinois Compiled Statutes 220 ILCS 5/21-201
Purchasing group: means any group which: (a) has as one of its purposes the purchase of
liability insurance on a group basis;
(b) purchases such insurance only for its group
members and only to cover their similar or related liability exposure, as described in paragraph (c) of this subsection (10);
(c) is composed of members whose businesses or
activities are similar or related with respect to the liability to which members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations; and
Qualified financial contract: means any commodity contract, forward contract, repurchase agreement, securities contract, swap agreement, or any similar agreement that the Director determines by regulation, resolution, or order to be a qualified financial contract for the purposes of this Act. See Illinois Compiled Statutes 215 ILCS 5/187
Qualified independent actuary: means a person that is either: (1) a member in good standing with the Casualty
Actuarial Society; or
(2) a member in good standing with the American
Academy of Actuaries who has been approved as qualified for signing casualty loss reserve opinions by the Casualty Practice Council of the American Academy of Actuaries. See Illinois Compiled Statutes 215 ILCS 5/123C-1
RBC Instructions: means the RBC Report including risk-based capital instructions adopted by the NAIC as those instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
Redlining: The alleged practice of certain lending institutions of not making mortgage, home improvement, and small business loans in certain neighborhoods-usually areas that are deteriorating or considered by the lender to be poor investments. Source: OCC
Remainderman: One entitled to the remainder of an estate after a particular reserved right or interest, such as a life tenancy, has expired.
Remand: When an appellate court sends a case back to a lower court for further proceedings.
reorganize: means reorganize, reincorporate, or domesticate as an Illinois insurer; "reorganization" means reorganization, reincorporation, or domestication as an Illinois insurer; "reorganized company" means any company that has availed itself of the provisions of this Article, and the reorganization of which has been effected as in this Article provided; and "similar domestic company" means, in the case of an application for reorganization as a domestic captive insurance company, a domestic captive insurance company organized under Article VIIC. See Illinois Compiled Statutes 215 ILCS 5/180
Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
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.
Residence: means a building used principally for residential purposes up to and including a four family dwelling, permanently affixed to realty located in Illinois, including appurtenant structures, driveways, sidewalks, basements, footings, foundations, septic systems and underground pipes directly servicing the dwelling or building, but does not include living units, land, trees, plants, crops or agricultural field drainage tile. See Illinois Compiled Statutes 215 ILCS 5/802.1
Residual market mechanism: means an association, organization or other entity described in Article XXXIII of this Act, or Section 7-501 of The Illinois Vehicle Code. See Illinois Compiled Statutes 215 ILCS 5/1003
Revised RBC Plan: means an RBC Plan rejected by the Director and revised by the insurer with or without the Director's recommendations. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
Risk retention group: means any corporation or other limited liability association: (a) whose primary activity consists of assuming and
spreading all, or any portion, of the liability exposure of its group members;
(b) which is organized for the primary purpose of
conducting the activity described under paragraph (a) of this subsection (11);
(c) which: (i) is organized and licensed as a liability
insurance company and authorized to engage in the business of insurance under the laws of any state; or
(ii) before January 1, 1985 was organized or
licensed and authorized to engage in the business of insurance under the laws of Bermuda or the Cayman Islands and, before such date, had certified to the insurance commissioner of at least one state that it satisfied the capitalization requirements of such state, except that any such group shall be considered to be a risk retention group only if it has been engaged in business continuously since such date and only for the purposes of continuing to provide insurance to cover product liability or completed operations liability (as such terms were defined in the Product Liability Risk Retention Act of 1981 before the date of the enactment of the Risk Retention Act of 1986);
(d) which does not exclude any person from membership
in the group solely to provide for members of such a group a competitive advantage over such a person;
(e) which: (i) has as its owners (directly or indirectly)
only persons who comprise the membership of the risk retention group and who are provided insurance by such group; or
(ii) has as its sole owner (directly or
indirectly) an organization which:
(I) has as its members only persons who
comprise the membership of the risk retention group; and
(II) has as its owners only persons who
comprise the membership of the risk retention group and who are provided insurance by such group;
(f) whose members are engaged in businesses or
activities similar or related with respect to the liability of which such members are exposed by virtue of any related, similar, or common business, trade, product, services, premises, or operations;
(g) whose activities do not include the provision of
insurance other than:
(i) liability insurance for assuming and
spreading all or any portion of the liability of its group members; and
(ii) reinsurance with respect to the liability of
any other risk retention group (or any members of such other group) which is engaged in businesses or activities so that such group or member meets the requirement described in paragraph (f) of this subsection (11) for membership in the risk retention group which provides such reinsurance; and
Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
Service: means the provision of cable service or video service to subscribers and the interaction of subscribers with the person or entity that has received authorization to offer or provide cable or video service from the Commission pursuant to Section 21-401 of this Act. See Illinois Compiled Statutes 220 ILCS 5/21-201
Service line drop: means the point of connection between a premises and the cable or video network that enables the premises to receive cable service or video service. See Illinois Compiled Statutes 220 ILCS 5/22-501
Service provider fee: means the amount paid under Section 21-801 of this Act by the holder to a municipality, or in the case of an unincorporated service area to a county, for service areas within its territorial jurisdiction, but under no circumstances shall the service provider fee be paid to more than one local unit of government for the same portion of the holder's service area. See Illinois Compiled Statutes 220 ILCS 5/21-201
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.
Shareholder: means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
Special districts: has the meaning ascribed to that term in Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.29
Surplus: means total statutory surplus less capital, calculated in accordance with the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Telecommunications service area: means the area designated by the Commission as the area in which a telecommunications company was obligated to provide non-competitive local telephone service as of February 8, 1996 as incorporated into Section 13-202. See Illinois Compiled Statutes 220 ILCS 5/21-201
Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
Testate: To die leaving a will.
Testator: A male person who leaves a will at death.
Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
Total adjusted capital: means the sum of (1) an insurer's statutory capital and surplus and (2) any other items that the RBC Instructions may provide. See Illinois Compiled Statutes 215 ILCS 5/35A-5
Transfer: includes an assignment, assumption, conveyance, sale, lease, encumbrance, including a mortgage or security interest, gift, or transfer by operation of law. See Illinois Compiled Statutes 215 ILCS 5/35B-10
Travel administrator: means a person who directly or indirectly underwrites, collects charges, collateral, or premiums from, or adjusts or settles claims on residents of this State in connection with travel insurance, except that a person shall not be considered a travel administrator if that person's only actions that would otherwise cause the person to be considered a travel administrator are among the following: (1) a person working for a travel administrator to
the extent that the person's activities are subject to the supervision and control of the travel administrator;
(2) an insurance producer selling insurance or
engaged in administrative and claims-related activities within the scope of the producer's license;
(3) a travel retailer offering and disseminating
travel insurance and registered under the license of a limited lines travel insurance producer in accordance with Section 1635;
(4) an individual adjusting or settling claims in
the normal course of that individual's practice or employment as an attorney-at-law and who does not collect charges or premiums in connection with insurance coverage; or
(5) a business entity that is affiliated with a
licensed insurer while acting as a travel administrator for the direct and assumed insurance business of an affiliated insurer. See Illinois Compiled Statutes 215 ILCS 5/1630
Travel assistance services: include , but are not limited to: security advisories; destination information; vaccination and immunization information services; travel reservation services; entertainment; activity and event planning; translation assistance; emergency messaging; international legal and medical referrals; medical case monitoring; coordination of transportation arrangements; emergency cash transfer assistance; medical prescription replacement assistance; passport and travel document replacement assistance; lost luggage assistance; concierge services; and any other service that is furnished in connection with planned travel. See Illinois Compiled Statutes 215 ILCS 5/1630
Travel insurance: means insurance coverage for personal risks incident to planned travel, including, but not limited to: (1) the interruption or cancellation of a trip or
event;
(2) the loss of baggage or personal effects; (3) damages to accommodations or rental vehicles; (4) sickness, accident, disability, or death
occurring during travel;
(5) emergency evacuation; (6) repatriation of remains; or (7) any other contractual obligations to indemnify
Travel insurance business entity: means a licensed insurance producer designated by an insurer as set forth in subsection (h) of Section 1635. See Illinois Compiled Statutes 215 ILCS 5/1630
Travel protection plans: means plans that provide one or more of the following: travel insurance, travel assistance services, and cancellation fee waivers. See Illinois Compiled Statutes 215 ILCS 5/1630
Travel retailer: means a business organization that makes, arranges, or offers travel services and, with respect to travel insurance, is limited to offering and disseminating as defined in this Section, unless otherwise licensed under subsection (b) of Section 1635. See Illinois Compiled Statutes 215 ILCS 5/1630
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
Unauthorized insurer: means an insurance institution that has not been granted a certificate of authority by the Director to transact the business of insurance in this State. See Illinois Compiled Statutes 215 ILCS 5/1003
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 corporate office held by the person. See Illinois Compiled Statutes 215 ILCS 5/1003
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
Unit of government: includes any state, regional or local government, or any agency or political subdivision thereof, or any district, authority, public educational institution or school district, public corporation or other unit of government in this State or any similar unit of government in any other state. See Illinois Compiled Statutes 215 ILCS 5/123C-1
Units of local government: has the meaning established in Section 1 of Article VII of the Constitution of the State of Illinois of 1970. See Illinois Compiled Statutes 5 ILCS 70/1.28
Uphold: The decision of an appellate court not to reverse a lower court decision.
User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
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.
Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
Victim Impact Statement: A written or spoken statement by the victim or his or her representative about the physical, emotional, and financial impact of a crime on the victim. The statement is given to the court before sentencing.
Video service: means video programming and subscriber interaction, if any, that is required for the selection or use of such video programming services, and that is provided through wireline facilities located at least in part in the public rights-of-way without regard to delivery technology, including Internet protocol technology. See Illinois Compiled Statutes 220 ILCS 5/21-201