507B.2 Definitions.
161 words·~1 min read·
/ia/chapter-507b-insurance-trade-practices/507b-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When used in this chapter:
1. “Person” shall mean any individual, corporation, association, partnership, reciprocal exchange, interinsurer, fraternal beneficiary association, and any other legal entity engaged in the business of insurance, including insurance producers, appraisers, umpires, and adjusters. “Person” shall also mean any corporation operating under the provisions of chapter 514 and any benevolent association as defined and operated under chapter 512A. For purposes of this chapter, corporations operating under the provisions of chapter 514 and chapter 512A shall be deemed to be engaged in the business of insurance.
2. “Commissioner” shall mean the commissioner of insurance of this state.
3. “Insurance policy” or “insurance contract” shall mean any contract of insurance, indemnity, subscription, membership, suretyship, or annuity issued, proposed for issuance, or intended for issuance by any person.
[C58, 62, 66, 71, 73, 75, 77, 79, 81, §507B.2]
Referred to in §507B.7
Workers’ compensation coverage plan under chapter 87 considered a person under this chapter, see §87.24
Subsection 1 amended