Terms Used In South Carolina Code 38-75-960

• Associate: means any one of the following:
  
  (a) a business organized for profit in which a producer of title business is a director, officer, partner, employee, or owner of one percent or more of the equity capital thereof;
  
  (b) an employee of a producer of title business;
  
  (c) a franchisor or franchisee of a producer of title business;
  
  (d) a spouse, parent, or child of a producer of title business;
  
  (e) a person, other than an individual, that controls, is controlled by, or is under common control with, a producer of title business;
  
  (f) a person with whom a producer of title business or any associate of such producer has any agreement, arrangement, or understanding or pursues any course of conduct, the purpose or substantial effect of which is to evade the provisions of this article. See South Carolina Code 38-75-905
• Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
• Director: means the person who is appointed by the Governor upon the advice and consent of the Senate and who is responsible for the operation and management of the department. See South Carolina Code 38-1-20
• Financial interest: means any interest, legal or beneficial, that entitles the holder directly or indirectly to one percent or more of the net profits or net worth of the entity in which the interest is held. See South Carolina Code 38-75-905
• insurance: includes annuities. See South Carolina Code 38-1-20
• Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
• License: means a document issued by the state's director or his designee authorizing a person to act as an insurance producer for the lines of authority specified in the document. See South Carolina Code 38-1-20
• Policy: means a contract of insurance. See South Carolina Code 38-1-20
• producer: means any person, including any officer, director, or owner of five percent or more of the equity or capital of any person engaged in this State in the trade, business, occupation, or profession of any one of the following:
  
  (a) buying or selling interests in real property;
  
  (b) making loans secured by interests in real property;
  
  (c) acting as broker, agent, representative, or attorney of a person who buys or sells any interest in real property or who lends or borrows money with such interest as security. See South Carolina Code 38-75-905
• Title insurance: means insurance of the owners of real property and other persons lawfully interested in the title insurance against loss by reason of defective titles and undisclosed liens and encumbrances affecting the property. See South Carolina Code 38-1-20