N.Y. Insurance Law 5203 – Motor vehicle accident indemnification corporation
Current as of: 2023 | Check for updates
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Terms Used In N.Y. Insurance Law 5203
- 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.
- 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