20-281
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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. |