Kansas Statutes 40-1623. Definitions
As used in this act:
(a) “Attorney-in-fact” means the person designated and authorized by subscribers as having authority to obligate them on reciprocal insurance contracts.
Terms Used In Kansas Statutes 40-1623
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-1623
- 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.
- 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 any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type of organization, organization, cooperative, partnership, receiver, trustee or society, with power to enter into contractual undertakings within or without the state. See Kansas Statutes 40-1623
- Reciprocal: means an aggregation of subscribers under a common name. See Kansas Statutes 40-1623
- Reciprocal insurance: means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer. See Kansas Statutes 40-1623
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
(b) “Commissioner” means the commissioner of insurance.
(c) “Person” means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type of organization, organization, cooperative, partnership, receiver, trustee or society, with power to enter into contractual undertakings within or without the state.
(d) “Reciprocal” means an aggregation of subscribers under a common name.
(e) “Reciprocal insurance” means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer.
(f) “Subscriber” means a person obligated under a reciprocal insurance agreement.