New Jersey Statutes 39:6-62. Definitions relative to New Jersey Property-Liability Insurance Guaranty Association
Terms Used In New Jersey Statutes 39:6-62
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- 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
- territory: extends to and includes any territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Association” means the New Jersey Property-Liability Insurance Guaranty Association created pursuant to P.L.1974, c.17 (C. 17:30A-1 et seq.).
“Commissioner” means the Commissioner of Banking and Insurance.
“Unsatisfied Claim and Judgment Fund” or “Fund” means the fund derived from the sources specified in this act.
“Qualified person” means a resident of this State or the owner of a motor vehicle registered in this State or a resident of another state, territory, or federal district of the United States or province of Canada or of a foreign country, in which recourse is afforded, to residents of this State, of substantially similar character to that provided for by this act; provided, however, that no person shall be a qualified person where such person is an insured under a policy provision providing coverage for damages sustained by the insured as a result of the operation of an uninsured motor vehicle in a form authorized to be included in automobile liability policies of insurance delivered or issued for delivery in this State, pursuant to the provisions of, or any supplement to, chapter 28 of Title 17 of the Revised Statutes or in a form substantially similar thereto.
“Uninsured motor vehicle” means a motor vehicle as to which there is not in force a liability policy meeting the requirements of section 3 or 26 of the “Motor Vehicle Security-Responsibility Law,” P.L.1952, c.173 (C. 39:6-25 or C. 39:6-48), and which is not owned by a holder of a certificate of self-insurance under said law, but shall not include a motor vehicle with a policy in force which is insured pursuant to section 4 of P.L.1998, c.21 (C. 39:6A-3.1).
“Person” includes natural persons, firms, copartnerships, associations and corporations.
“Insurer” means any insurer authorized in this State to write the kinds of insurance specified in paragraphs d. and e. of R.S.17:17-1.
“Net direct written premiums” means direct gross premiums written on policies, insuring against legal liability for bodily injury or death and for damage to property arising out of the ownership, operation or maintenance of motor vehicles, which are principally garaged in this State, less return premiums thereon and dividends paid to policyholders on such direct business.
L.1952,c.174,s.2; amended 1955, c.1, s.1; 1956, c.22, s.1; 1968, c.323, s.1; 1968, c.385, s.4; 1985, c.148, s.3; 1998, c.21, s.21; 2003, c.89, s.8.