Iowa Code 507E.2A – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter, unless the context otherwise requires:
1. “Insurance” means any and all contracts, arrangements, and agreements by or through which one party, for compensation, assumes risks of another party and promises to pay the second party or the second party’s nominee a certain or ascertainable sum of money on the occurrence of a specified contingency. “Insurance” includes any and all contracts, arrangements, or agreements contemplated by, falling within, and coming under section 87.11. Without limiting the foregoing, “insurance” includes any contract of insurance, indemnity, subscription, membership, suretyship, or annuity that has been issued, is proposed for issuance, or is intended for issuance by any person or entity.
Terms Used In Iowa Code 507E.2A
- 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.
- 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.
- Insurance: includes any and all contracts, arrangements, or agreements contemplated by, falling within, and coming under section 87. See Iowa Code 507E.2A
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
2. “Insurer” means any corporation, association, partnership, or individual engaged in the business of insurance, including but not limited to a corporation, association, partnership, or individual that issues a policy of workers’ compensation, a self-insured business for purposes of workers’ compensation liability, or a group or self-insured plan as described in section 87.4. “Insurer” does not include a person required to be licensed to sell, solicit, or negotiate insurance pursuant to chapter 522B.