Terms Used In Indiana Code > Title 4 > Article 32.3 > Chapter 4 - Licenses

• accident and sickness insurance: means insurance described in Class 1(b), Class 1(c)(2), or Class 2(a) of IC 27-1-5-1. See Indiana Code 27-1-12.8-1
• 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.
• affiliated group: means a group of affiliates. See Indiana Code 27-1-15.8-1
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agency billed: refers to a system in which an insured pays a premium directly to an insurance agency. See Indiana Code 27-1-2-3
• 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.
• 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.
• appointed actuary: means a qualified actuary who is appointed to prepare an actuarial opinion required by sections 21 and 22 of this chapter. See Indiana Code 27-1-12.8-2
• armed forces: means the following:

  Indiana Code 27-1-22-26

• articles of incorporation: includes both the original articles of incorporation and any and all amendments thereto, except where the original articles of incorporation only are expressly referred to, and includes articles of merger, consolidation and reinsurance, and in case of corporations, heretofore organized, articles of reorganization filed in the office of the secretary of state, and all amendments thereto. See Indiana Code 27-1-2-3
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• 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.
• bad-faith filing: as used in this chapter , means a rate filing made by any filer who, in bad faith, files a rate which it knows, or should know, is grossly inadequate for the insurance coverage provided, and which is filed and used for the purpose of unfairly obtaining a particular risk or limited group of risks, and which is available only to such risk or limited group of risks. See Indiana Code 27-1-22-6
• 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.
• 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}
• capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. See Indiana Code 27-1-2-3
• capital stock: means the aggregate amount of the par value of all shares of capital stock. See Indiana Code 27-1-2-3
• certificate of authority: means an instrument in writing issued by the department to an insurer, which sets out the authority of such insurer to engage in the business of insurance or activities connected therewith. See Indiana Code 27-1-2-3
• change in fund basis: refers to a valuation basis under which the interest rate used to determine the minimum valuation standard applicable to each change in the fund held under an annuity or a guaranteed interest contract is the calendar year valuation interest rate for the year of the change in the fund. See Indiana Code 27-1-12.8-3
• 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.
• commercial policyholder: means a business, nonprofit, or governmental entity that purchases a policy of commercial insurance through an insurance producer licensed under Indiana Code 27-1-22-2.5
• Commissioner: means the insurance commissioner of this state. See Indiana Code 27-1-23-1
• Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
• 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.
• 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 a contract or a policy. See Indiana Code 27-1-12.8-6
• contractholder behavior: means an action taken by a contract holder, certificate holder, or another person possessing the right to elect options, including:

  Indiana Code 27-1-12.8-7

• control: means :

  Indiana Code 27-1-15.8-1

• 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.
• corporation: means an insurance company and includes all persons, partnerships, corporations, associations, orders or societies engaged in or proposing to engage in making any kind of insurance authorized by the laws of this state. See Indiana Code 27-1-2-3
• customer: means a person who purchases portable electronics. See Indiana Code 27-1-15.9-2
• customer: means a person that obtains the use of storage space from a self-storage facility under the terms of a self-storage rental agreement. See Indiana Code 27-1-16.1-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Department: means the department of insurance created by IC 27-1-1-1. See Indiana Code 27-1-23-1
• Department: means "the department of insurance" of this state. See Indiana Code 27-1-2-3
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• domestic corporation: means an insurance company organized under the insurance laws of this state. See Indiana Code 27-1-2-3
• domestic insurer: is a n insurer organized under the laws of this state. See Indiana Code 27-1-23-1
• 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 an activity, circumstance, event, or series of events that involves at least one (1) affiliate 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 the insurer's insurance holding company system as a whole, including an activity, circumstance, event, or series of events that would cause the:

  Indiana Code 27-1-23-1

• 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}
• 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.
• 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}
• Fiduciary: A trustee, executor, or administrator.
• fire and marine insurance company: means any company making the kind or kinds of insurance set out and defined in class 3 of IC 27-1-5-1. See Indiana Code 27-1-2-3
• 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.
• foreign corporation: means an insurance company organized under the laws of any state of the United States other than this state or under the laws of any territory or insular possession of the United States or the District of Columbia. See Indiana Code 27-1-2-3
• Fraud: Intentional deception resulting in injury to another.
• Group Capital Calculation Instructions: refers to the group capital calculation instructions as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Indiana Code 27-1-23-1
• Group wide supervisor: means the regulatory official who is:

  Indiana Code 27-1-23-1

• 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.
• home state: means the following:

  Indiana Code 27-1-15.8-1

• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
• insurance holding company system: consists of two (2) or more affiliated persons, one (1) or more of which is an insurer. See Indiana Code 27-1-23-1
• insured customer: means a customer who purchases insurance under a portable electronics insurance policy that is issued to a vendor. See Indiana Code 27-1-15.9-3
• insured customer: means a customer that purchases insurance under a self-storage insurance policy that is sold, solicited, or negotiated by a self-storage facility. See Indiana Code 27-1-16.1-3
• insurer: means a company, firm, partnership, association, order, society or system making any kind or kinds of insurance and shall include associations operating as Lloyds, reciprocal or inter-insurers, or individual underwriters. See Indiana Code 27-1-2-3
• 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}
• Internationally active insurance group: means an insurance holding company system that:

  Indiana Code 27-1-23-1

• 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.
• issue year basis: refers to a valuation basis under which the interest rate used to determine the minimum valuation standard for the entire duration of an annuity or a guaranteed interest contract is the calendar year valuation interest rate for the year of issue or year of purchase of the annuity or guaranteed interest contract. See Indiana Code 27-1-12.8-9
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• 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.
• 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.
• life insurance: means insurance under a contract that incorporates mortality risk, including annuity and pure endowment contracts. See Indiana Code 27-1-12.8-10
• life insurance company: means any company making one or more of the kinds of insurance set out and defined in class 1(a) of IC 27-1-5-1. See Indiana Code 27-1-2-3
• location: means :

  Indiana Code 27-1-15.9-4

• member: means one who holds a contract of insurance or is insured in an insurance company other than a stock corporation. See Indiana Code 27-1-2-3
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• 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.
• motor vehicle insurance: means any type of insurance described in IC 27-1-5-1, Class 2(f). See Indiana Code 27-1-22-26
• NAIC: refers to the National Association of Insurance Commissioners. See Indiana Code 27-1-12.8-11
• NAIC: refers to the National Association of Insurance Commissioners. See Indiana Code 27-1-23-1
• NAIC Liquidity Stress Test Framework: refers to a separate NAIC publication that includes:

  Indiana Code 27-1-23-1

• 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}
• nonadmitted insurance policy or contract: means an insurance policy or contract that is issued by an insurer that is not authorized to transact the business of insurance under the law of the home state. See Indiana Code 27-1-15.8-1
• Oath: A promise to tell the truth.
• Oath: includes "affirmation" and "to swear" includes to "affirm". See Indiana Code 1-1-4-5
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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: is a n individual, a corporation, a limited liability company, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity or any combination of the foregoing acting in concert. See Indiana Code 27-1-23-1
• person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• Plaintiff: The person who files the complaint in a civil lawsuit.
• plan type: refers to the following:

  Indiana Code 27-1-12.8-12

• policyholder: means one who is a holder of a contract of insurance in an insurance company. See Indiana Code 27-1-2-3
• portable electronics: means electronic devices that are portable in nature. See Indiana Code 27-1-15.9-5
• portable electronics insurance: means insurance that provides coverage for the repair or replacement of portable electronics, including coverage for loss, theft, inoperability due to mechanical failure, malfunction, damage, or other similar causes of loss. See Indiana Code 27-1-15.9-6
• 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.
• premium: means money or any other thing of value paid or given in consideration to an insurer, insurance producer, or solicitor on account of or in connection with a contract of insurance and shall include as a part but not in limitation of the above, policy fees, admission fees, membership fees and regular or special assessments and payments made on account of annuities. See Indiana Code 27-1-2-3
• 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.
• principal office: means that office maintained by the corporation in this state, the address of which is required by the provisions of this article to be kept on file in the office of the department. See Indiana Code 27-1-2-3
• principal place of business: means , with respect to determining the home state of an insured, the state where the:

  Indiana Code 27-1-15.8-1

• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards. See Indiana Code 27-1-12.8-14
• Quorum: The number of legislators that must be present to do business.
• rating plan: means the rating schedule or rating plan of an insurer concerning premium rates for motor vehicle insurance that has been filed with the commissioner and is in effect under section 4 of this chapter. See Indiana Code 27-1-22-26
• Reinsurer: means an insurer that:

  Indiana Code 27-1-2-3

• 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.
• reserves: means reserve liabilities. See Indiana Code 27-1-12.8-15
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• self-storage facility: means a person that is engaged in the business of providing rented storage space to the public. See Indiana Code 27-1-16.1-4
• self-storage insurance: means :

  Indiana Code 27-1-16.1-5

• self-storage rental agreement: means a written agreement containing the terms and conditions governing the use of storage space provided by a self-storage facility. See Indiana Code 27-1-16.1-6
• 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.
• shareholder: means one who is a holder of record of shares of stock in a corporation, unless the context otherwise requires. See Indiana Code 27-1-2-3
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• supervising entity: means a business entity that:

  Indiana Code 27-1-15.9-8

• supervising entity: means a business entity that:

  Indiana Code 27-1-16.1-7

• Supervisory college: means a temporary or permanent forum:

  Indiana Code 27-1-23-1

• Surplus: means the total of gross paid in and contributed surplus, special surplus funds, and unassigned surplus, less treasury stock at cost. See Indiana Code 27-1-23-1
• tail risk: means a risk that occurs where:

  Indiana Code 27-1-12.8-16

• Testify: Answer questions in court.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• vendor: means a business entity that directly or indirectly engages in portable electronics transactions. See Indiana Code 27-1-15.9-9
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• veteran: includes "Hoosier veteran" and applies to the construction of all Indiana statutes, unless the construction is expressly excluded by the terms of the statute, is plainly repugnant to the intent of the general assembly or of the context of the statute, or is inconsistent with federal law. See Indiana Code 1-1-4-5
• Voting security: includes any security convertible into or evidencing a right to acquire a voting security. See Indiana Code 27-1-23-1
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5