380.201. Definitions.
216 words·~1 min read·
/mo/chapter-380/380-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
380.201. Definitions. — As used in sections 380.201 to 380.601 , unless the context clearly indicates otherwise, the following terms mean:
(1)"Assessment" , the amount, or the policyholder's share of such amount, determined by the company to be necessary to pay accrued liabilities, to meet or defray anticipated needs of the company and/or to add to or restore the guaranty fund;
(2)"Director" , the director of the department of commerce and insurance of the state of Missouri;
(3)"Fee" , the charge or that portion of such charge collected by the company which is used for or allocated to the payment of acquisition or survey costs;
(4)"Guaranty fund" , accumulated assets in excess of accrued losses and expenses;
(5)"Initial charge" , such charge or that portion of such charge not otherwise defined herein collected by the company before or at the time of the issuance or the renewal of the policy and used for, or allocated to, any purpose which the company deems desirable not prohibited by law;
(6)"Premium" , a stipulated amount charged for a specified policy period, which the company is required to charge as a liability and maintain as an unearned premium reserve until the end of the specified policy period.
--------
(L. 1984 H.B. 1498)
Effective 1-01-85