This part shall apply to all kinds of direct insurance, but shall not be applicable to:

(1) Life, annuity, health or disability insurance;

Terms Used In Tennessee Code 56-12-103

  • 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.
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Person: means any individual, corporation, partnership, governmental entity, association, voluntary organization or any other legal entity. See Tennessee Code 56-12-104
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
(2) Mortgage guaranty, financial guaranty or other forms of insurance offering protection against investment risks;
(3) Fidelity or surety bonds, or any other bonding obligations;
(4) Credit insurance, vendors’ single interest insurance, or other collateral protection insurance or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor transaction;
(5) Insurance of warranties or service contracts, including insurance that provides for the repair, replacement, or service of goods or property, or indemnification for repair, replacement or service for the operational or structural failure of the goods or property due to a defect in materials, workmanship, or normal wear and tear or provides reimbursement for the liability incurred by the issuer of the agreements or service contracts that provide the benefits;
(6) Title insurance;
(7) Ocean marine insurance;
(8) Any transaction or combination of transactions between a person, including affiliates of the person, and an insurer, including affiliates of the insurer, that involves the transfer of investment or credit risk unaccompanied by transfer of insurance risk;
(9) Any insurance provided by or guaranteed by government;
(10) Any insurance issued on a limited or unlimited assessable basis; or
(11) Excess insurance.
  Previous section
Next section  
 Part 1 Contents