20-281. Definitions
In this article, unless the context otherwise requires:
1. "Business entity" means any corporation, association, partnership, limited
liability company, limited liability partnership or other legal entity except an
individual or sole proprietorship.
2. "Designated producer" means the individual insurance producer that a business
entity designates pursuant to section 20-285, subsection C, paragraph 3 as the individual
responsible for the business entity's compliance with the insurance laws of this state.
3. "Health or sickness insurance" means disability insurance as defined in section
20-253.
4. "Home state" means the District of Columbia and any state or territory of the
United States in which:
(a) An individual insurance producer maintains a principal place of residence or
principal place of business and is licensed to act as a resident insurance producer.
(b) A business entity insurance producer maintains its principal place of business
and is licensed to act as a resident insurance producer.
5. "Insurance producer" means a person required to be licensed under this article
to sell, solicit or negotiate insurance.
6. "Limited line credit insurance" means any form of insurance that is offered in
connection with an extension of credit and that is limited to partially or wholly
extinguishing that credit obligation, including credit life, credit disability, credit
property, credit unemployment, involuntary unemployment, mortgage life, mortgage
guaranty, mortgage disability, guaranteed asset or automobile protection insurance and
any other form of insurance that is offered in connection with an extension of credit,
that is limited to partially or wholly extinguishing that credit obligation and that the
director determines should be designated a form of limited line credit insurance.
7. "Limited line insurance" means limited line credit insurance, travel accident
ticket and baggage insurance and any other line of insurance that the director deems
necessary to recognize for the purposes of complying with section 20-287, subsection C,
paragraph 2.
8. "Major line insurance" means life insurance, accident and health or sickness
insurance, property insurance, casualty insurance, personal lines insurance and variable
insurance contracts, as described in section 20-286.
9. "Member" means, if used in reference to a business entity, a person that holds
an ownership interest in the business entity, excluding any interest in publicly traded
securities and any interest of less than ten per cent of the voting rights.
10. "Negotiate" means the act of conferring directly with or offering advice
directly to a purchaser or prospective purchaser of a particular contract of insurance
concerning any of the substantive benefits, terms or conditions of the contract if the
person engaged in that act either sells insurance or obtains insurance from insurers for
purchasers.
11. "Nonresident" means a person whose home state is not Arizona.
12. "Person" means an individual or a business entity.
13. "Resident" means a person whose home state is Arizona and who does not hold a
resident insurance producer license in another state or territory of the United States or
in the District of Columbia.
14. "Sell" means to exchange a contract of insurance by any means, for money or its
equivalent, on behalf of an insurer.
15. "Solicit" means attempting to sell insurance or asking or urging a person to
apply for a particular kind of insurance from a particular company.
16. "Travel accident ticket and baggage insurance producer" means a ticket selling
agent or other representative of a common carrier who solicits or sells only
over-the-counter, short-term, nonrenewable travel accident, ticket and baggage insurance.
|