Terms Used In Kentucky Statutes > Chapter 304 > Subtitle 13 - Rates and Rating Organizations

• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• advisory organization: is a ny entity, including its affiliates or subsidiaries, which either has two (2) or more member insurers or is controlled either directly or indirectly by two (2) or more insurers and which assists insurers in ratemaking related activities. See Kentucky Statutes 304.13-011
• 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: includes managing general agent unless the context requires otherwise. See Kentucky Statutes 304.9-085
• 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.
• 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.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• classification: means the process of grouping risks with similar risk characteristics so that differences in cost may be recognized. See Kentucky Statutes 304.13-011
• Code: means this chapter. See Kentucky Statutes 35.010
• Commanding officer: includes only commissioned officers of the state military forces and shall include officers in charge only when administering nonjudicial punishment under KRS §. See Kentucky Statutes 35.010
• Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• competitive market: is a market that has not been found to be noncompetitive
  pursuant to KRS §. See Kentucky Statutes 304.13-011
• 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.
• Convening authority: includes , in addition to the person who convened the court, a commissioned officer commanding for the time being or a successor in command to the convening authority. See Kentucky Statutes 35.010
• Conviction: A judgement of guilt against a criminal defendant.
• 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}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Developed losses: means losses (including loss adjustment expenses) adjusted, using standard actuarial techniques, to their ultimate anticipated value. See Kentucky Statutes 304.13-011
• Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
• Enlisted member: means a person in an enlisted grade. See Kentucky Statutes 35.010
• 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}
• 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.
• Ex officio: Literally, by virtue of one's office.
• Experience rating: means a rating procedure utilizing past insurance experience of the individual policyholder to forecast future losses by measuring the policyholder's loss experience against the loss experience of policyholders in the same classification to produce a prospective premium credit, debit, or unity modification. See Kentucky Statutes 304.13-011
• Federal: refers to the United States. See Kentucky Statutes 446.010
• 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.
• Form provider: means a person who prepares, files, and distributes policy contract forms and endorsements and consults with members, subscribers, customers, or others relative to their use and application, but is not an advisory organization as defined in this subtitle. See Kentucky Statutes 304.13-011
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Joint underwriting: is a voluntary arrangement established to provide insurance coverage for a risk pursuant to which two (2) or more insurers jointly contract with the insured at a price and under policy terms agreed on between the insurers. See Kentucky Statutes 304.13-011
• 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.
• Loss adjustment expenses: means the expenses incurred by the insurer in the course of settling claims. See Kentucky Statutes 304.13-011
• Military: refers to any or all of the Armed Forces. See Kentucky Statutes 35.010
• Military court: means a court-martial or a court of inquiry. See Kentucky Statutes 35.010
• Military judge: means an official of a general and special court-martial detailed in accordance with KRS §. See Kentucky Statutes 35.010
• Month: means calendar month. See Kentucky Statutes 446.010
• noncompetitive market: is a market for which there is an order in effect pursuant to KRS §. See Kentucky Statutes 304.13-011
• Oath: A promise to tell the truth.
• Officer: means a commissioned or warrant officer. See Kentucky Statutes 35.010
• Personal property: All property that is not real property.
• Prospective loss costs: means that portion of a rate that does not include provisions for expenses (other than loss adjustment expenses) or profit, and are based on historical aggregate losses or output from simulation models and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time. See Kentucky Statutes 304.13-011
• Rate: means the expected value of the future cost of insurance per exposure unit which accounts for the treatment of losses, expenses, and profit prior to any application of individual risk variations based on loss or expense considerations, but does not include minimum premium. See Kentucky Statutes 304.13-011
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Record: when used in connection with the proceedings of a court-martial, means: (a) An official written transcript, written summary, or other writing relating to the
  proceedings. See Kentucky Statutes 35.010
• 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).
• residual market mechanism: is a n agreement, either voluntary or mandated by law, involving participation by insurers in the equitable apportionment among them of insurance that may be afforded applicants who are unable to obtain insurance through ordinary methods. See Kentucky Statutes 304.13-011
• Service of process: The service of writs or summonses to the appropriate party.
• State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
• State military forces: means the Kentucky National Guard as defined in Title 32 of the United States Code and as organized under the Constitution and laws of the Commonwealth of Kentucky. See Kentucky Statutes 35.010
• Statistical agent: means an entity that has been licensed by the commissioner to collect statistics from insurers and provide reports developed from these statistics to the commissioner for the purpose of fulfilling the statistical reporting obligations of those insurers under this chapter. See Kentucky Statutes 304.13-011
• Statute: A law passed by a legislature.
• Supplementary rating information: includes any manual or plan of rates, classification, rating schedule, minimum premium, policy fees, rating rules, or any other similar information needed to determine the applicable rate or premium. See Kentucky Statutes 304.13-011
• Testify: Answer questions in court.
• Treatment: when used in a criminal justice context, means targeted interventions
  that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010
• Trending: is a ny procedure for projecting developed losses to the average date of loss, or premiums or exposures to the average date of writing, for the period during which the policies are to be effective. See Kentucky Statutes 304.13-011
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• 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.
• Year: means calendar year. See Kentucky Statutes 446.010