New Jersey Statutes 17:29A-1. Definitions
Terms Used In New Jersey Statutes 17:29A-1
- 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: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(a) “Rate” means the unit charge by which the measure of exposure or the amount of insurance specified in a policy of insurance or covered thereunder is multiplied to determine the premium.
(b) “Premium” means the consideration paid or to be paid to an insurer for the issuance and delivery of any binder or policy of insurance.
(c) “Rate-making” means the examination and analysis of factors and influences related to and bearing upon the hazard and risk made the subject of insurance; the collection and collation of such factors and influences into rating-systems; and the application of such rating-systems to individual risks.
(d) “Rating-system” means every schedule, class, classification, rule, guide, standard, manual, table, rating plan, or compilation, by whatever name described, containing the rates used by any rating organization or by any insurer, or used by any insurer or by any rating organization in determining or ascertaining a rate and includes any policy form, or part thereof, used therewith.
(e) “Policy of insurance,” without otherwise limiting its meaning, shall include guaranty and surety bonds.
(f) “Rating organization” means every person or persons, corporation, partnership, company, society, or association engaged in the business of rate-making for two or more insurers.
(g) “Insurer” means any person or persons, corporation, association, partnership or company authorized by the laws of this State to transact the business of insurance in this State.
(h) “Commissioner” means the Commissioner of Insurance of New Jersey.
(i) “Risk,” as the context may require, means, (1) as to fire insurance or any other kind of insurance which, by law, may be embraced in a policy of fire insurance, as part thereof or as supplemental thereto, any property, real or personal, described in a policy, exposed to any hazard or peril named in such policy; and (2) as to all other kinds of insurance not specifically included in subsection (i)(1) of this section, the hazard or peril named in a policy of insurance.
(j) “Filer” means a rating organization or any insurer making its own rates.
(k) “Commission” means the commission paid by the insurer to the producer or, for those insurers whose sales compensation, as reported on the insurer’s expense exhibits, is not classified as a commission, such compensation shall be treated as a commission.
L.1944,c.27,s.1; amended 1983,c.65,s.3; 1983,c.301,s.1; 1994,c.188,s.3.