Fla. Admin. Code Ann. R. 69O-196.030 - Definitions
As used in chapter 627, part XV, F.S., and these rules, the term:
(1) "Default" means nonpayment
of an installment payment due under a premium finance agreement.
(2) "Gross Amount Available" means the gross
amount of unearned premium on the cancelled policy, including unearned
commission.
(3) "Impaired" means
that the premium finance company is not in compliance with the financial
requirement of section
627.828, F.S.
(4) An "Inducement" is an incentive which
motivates an insurance purchaser to finance the premium payment or which
motivates any person to lead or influence an insured into financing the
insurance coverage being purchased; or any compensation or consideration
presented to a person based upon specific business performance whether under
written agreement or otherwise. (See also examples under the definition of
"rebates" below which could also constitute an inducement.)
(5) "Insolvent" or "insolvency" means that
all the statutory assets of the premium finance company, if made immediately
available, would not be sufficient to discharge all of its liabilities, or that
the premium finance company is unable to pay its debts as they become due in
the usual course of business.
(6)
"Person" has the same meaning as in section
1.01, F.S.
(7) "Statutory net worth" means the net worth
of the company calculated in accordance with generally accepted accounting
principles, as modified by sections
625.012 and
625.031,
F.S.
Notes
Rulemaking Authority 624.308 FS. Law Implemented 624.307(1), 627.828, 627.829, 627.832, 627.839, 627.840, 627.841, 627.842, 627.848 FS.
New 7-27-95, Formerly 4-196.030.
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