Terms Used In Louisiana Revised Statutes > Title 16 > Chapter 2 > Part XXX - Thirty-Third Judicial District

• 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.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• Business entity: shall mean a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Louisiana Revised Statutes 22:1542
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• Home state: shall mean the District of Columbia or any state or territory of the United States in which an insurance producer maintains a principal place of residence or principal place of business and is licensed to act as an insurance producer. See Louisiana Revised Statutes 22:1542
• Insurance: shall mean any of the lines of authority as specified in La. See Louisiana Revised Statutes 22:1542
• 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.
• License: shall mean a document issued by this state's commissioner of insurance authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Louisiana Revised Statutes 22:1542
• Limited line credit insurance: includes credit life, as defined in La. See Louisiana Revised Statutes 22:1542
• Limited lines producer: shall mean an insurance producer authorized by the commissioner of insurance to sell, solicit, or negotiate limited lines insurance. See Louisiana Revised Statutes 22:1542
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC: shall mean the National Association of Insurance Commissioners or its successor. See Louisiana Revised Statutes 22:1542
• 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.
• 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: shall mean any natural or artificial legal entity including but not limited to individuals, partnerships, associations, trusts, or corporations. See Louisiana Revised Statutes 22:1542
• Personal property: All property that is not real property.
• 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.
• producer: shall mean a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance, and includes all persons or business entities otherwise referred to in this Code as "insurance agent" or "agent" or "insurance broker" or "broker" or "insurance solicitor" or "solicitor" or "surplus lines broker". See Louisiana Revised Statutes 22:1542
• 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.
• Sell: shall mean to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See Louisiana Revised Statutes 22:1542
• Service of process: The service of writs or summonses to the appropriate party.
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Surplus lines broker: shall mean an insurance producer who solicits, negotiates, or procures a policy with a surplus lines insurer. See Louisiana Revised Statutes 22:1542
• Travel insurance: shall mean that line of insurance defined in La. See Louisiana Revised Statutes 22:1542
• Uniform application: shall mean the current version of the NAIC Uniform Application for resident and nonresident producer licensing. See Louisiana Revised Statutes 22:1542
• Uniform Business Entity Application: shall mean the current version of the NAIC Uniform Business Entity Application for resident and nonresident business entities. See Louisiana Revised Statutes 22:1542