Terms Used In Louisiana Revised Statutes > Title 22 > Chapter 5 > Part I - Producers

• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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.
• Appraisal: A determination of property value.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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.
• Bail enforcement: means the apprehension or surrender of a person who is released on bail or who has failed to appear at any stage of the proceedings to answer the charge before the court in which he may be prosecuted. See Louisiana Revised Statutes 22:1582
• 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.
• Bequest: Property gifted by will.
• Business entity: shall mean a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See Louisiana Revised Statutes 22:1542
• Carrier: means operating companies, railroads, trucking companies, barge lines, stevedoring companies, shipping lines, and all companies transporting, storing, or shipping goods and other products, whether by rail, truck, barge, oceangoing vessel, or otherwise. See Louisiana Revised Statutes 34:1963
• Commission: shall mean a fee paid to an insurance producer as a percentage of the premium generated by a sold insurance policy, or direct compensation or reward of a producer when the same is calculated as a flat fee or as a percentage of the premium or on the profit to the principal. See Louisiana Revised Statutes 22:1542
• Commissioner: means the Commissioner of Conservation of the State of Louisiana. See Louisiana Revised Statutes 30:3
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Donor: The person who makes a gift.
• Educational accountability: means the respective responsibilities and duties, under the provisions of this Part, of local school boards, administrators, principals, teachers, and other personnel; the state Department of Education and its personnel; parents, students, and any other governing authority. See Louisiana Revised Statutes 17:391.2
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Gas: means all natural gas, including casinghead gas, and all other hydrocarbons not defined as oil in Paragraph (7) of this Section. See Louisiana Revised Statutes 30:3
• 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: 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
• Improvements: means the repairs, maintenance, and construction of facilities and on property, whether movable or immovable, owned, operated, leased, or administered by the port commission. See Louisiana Revised Statutes 34:1963
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance: shall mean any of the lines of authority as specified in La. See Louisiana Revised Statutes 22:1542
• Legislative session: That part of a chamber's daily session in which it considers legislative business (bills, resolutions, and actions related thereto).
• 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 line credit insurance producer: shall mean an insurance producer who sells, solicits, or negotiates one or more forms of limited line credit insurance coverage to individuals through a master, corporate, group, or individual policy. 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
• NAIC: shall mean the National Association of Insurance Commissioners or its successor. See Louisiana Revised Statutes 22:1542
• 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}
• Negotiate: shall mean to confer directly with or to offer advice directly to a purchaser, certificate holder, or enrollee, or prospective purchaser, certificate holder, or enrollee, of a particular contract of insurance, including certificates, riders, endorsements, or amendments, concerning any of the benefits, terms, or conditions of the contract if the person engaged in that act is an insurance producer who either sells insurance or obtains insurance from insurers for purchasers, certificate holders, or enrollees. See Louisiana Revised Statutes 22:1542
• Oil: means crude petroleum oil, and other hydrocarbons, regardless of gravity, which are produced at the well head in liquid form by ordinary production methods. See Louisiana Revised Statutes 30:3
• Operating companies: means a person, company, or entity performing or furnishing services for the port commission related to the operations of facilities owned, leased, operated, or administered by the port commission. See Louisiana Revised Statutes 34:1963
• Owner: means the person, including operators and producers acting on behalf of the person, who has or had the right to drill into and to produce from a pool and to appropriate the production either for himself or for others. See Louisiana Revised Statutes 30:3
• 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
• Person: means any natural person, corporation, association, partnership, receiver, tutor, curator, executor, administrator, fiduciary, or representative of any kind. See Louisiana Revised Statutes 30:3
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Pool: means an underground reservoir containing a common accumulation of crude petroleum oil or natural gas or both. See Louisiana Revised Statutes 30:3
• 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.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• 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
• Producer: means the owner of a well capable of producing oil or gas or both. See Louisiana Revised Statutes 30:3
• Product: means any commodity made from oil or gas. See Louisiana Revised Statutes 30:3
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Public schools: means the public elementary and secondary schools governed by the parish and city school boards. See Louisiana Revised Statutes 17:391.2
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• School board: means a parish or city school board. See Louisiana Revised Statutes 17:391.2
• School district: means the area of each parish or municipality under the jurisdiction of a school board. See Louisiana Revised Statutes 17:391.2
• School personnel: means the teachers, librarians, counselors, administrators, and other professional personnel of the public schools of the state including members of the professional staff of the state Department of Education. See Louisiana Revised Statutes 17:391.2
• 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.
• Solicit: shall mean to attempt to sell insurance or to ask or urge a person to apply for a particular kind of insurance from a particular insurer. See Louisiana Revised Statutes 22:1542
• 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
• Terminate: shall mean to cancel the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance. See Louisiana Revised Statutes 22:1542
• Travel insurance: shall mean that line of insurance defined in La. See Louisiana Revised Statutes 22:1542
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• 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