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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-A. INSURANCE |
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Chapter 26-A13. INSURANCE PLACEMENT FACILITIES |
Section 26-A1399. DEFINITIONS
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When used in this chapter, the following terms shall have the meanings ascribed:
"Commissioner" means the Commissioner of Insurance, Securities and Banking of the District of Columbia or his designated agent.
"Basic Property Insurance" means insurance against direct loss to property caused by perils as defined and limited in the standard fire policy and extended coverage endorsement, including builder's risk coverage and vandalism and malicious mischief endorsements thereon and other insurance as the Commissioner has designated or may designate in accordance with the authority vested in him by the Statute.
"Environmental Hazard" means any hazardous condition that might give rise to loss under an insurance contract, but which is beyond the control of the Property Owner.
"Facility" means the District of Columbia Property Insurance Facility.
"Homeowner's Insurance" means insurance for residential property that provides a combination of coverages, including fire, extended coverage, vandalism and malicious mischief, burglary, theft, and personal liability. The term shall include a policy of insurance that is limited to basic market value, repair cost, or actual cash value contracts for owner-occupants of one-to-four-family dwellings as approved by the Commissioner.
"Licensed Insurance Producer" means an insurance producer required to be licensed in the District of Columbia to sell, solicit, or negotiate insurance.
"Manager" means the principal administrative officer of the District of Columbia Property Insurance Facility appointed by the Board of Directors.
"Member Company" or "Member" means a participant in the District of Columbia Property Insurance Facility.
"Plan of Operation" means the District of Columbia Property Insurance Facility's Plan of Operation.
"Premiums Written" means gross direct premiums charged with respect to property in the District of Columbia on all policies of Basic Property Insurance, Homeowners Insurance and the Basic Property Insurance premium components of all multi-peril policies, less all premiums and dividends returned, paid or credited to policyholders or the unused or unabsorbed portions of premium deposits.
"Property Owner" means any person having an insurable interest in real, personal, or mixed real and personal property.