Terms Flashcards
Revocation
Recalling a license(s) 12 month minimum
Surety Bail Agent
Required to be licensed and appointed by a surety insurer that is authorized to do business transactions
Surety Insurer
One who has a certificate of authority from the dept to issue surety contracts or bonds that guarantee the performance of transactions done by licensed agents
Termination
Cancellation of the business transaction between surety insurers / surety bail agents
Solicit
Attempting to sell/ urging a person to apply for a surety or bail bond
Sell
The exchange of a contract for money or for something of equivalent in value (customer can be a person, business , or insurance company)
Premium
The consideration for a surety or property bail bond
Person
An individual / business entity
Negotiate
The act of conferring directly to an actual or prospective purchaser by highlighting the benefits terms and conditions
Bail Funder
One who loans the funds to bail agents/ entities which are used to furnish property bail in court proceedings
*loans can be classified as personal/ business/ secured/ unsecured
Pecuniary
Money/ something of financial value
Collateral
Verified U.S currency or property that is pledged as security/ surety for a bail bond in connection with a judicial proceeding
Bail Agent Business Entity
A corporation, LLC, partnership/ legal entity that advertises and acts as a bail agent
Bail Agent/ Bail Producer
A surety or a property bail agent
*a surety bail agent may act as a property bail agent provided they comply with all provisions applicable to property bail agents
Uniform Application
The current version of the NAIC uniform application for resident producer licensing
Uniform Business Entity Application
The current version of the NAIC uniform business entity application for resident business entities
Court
Any court of this state that has the power to set bail to enforce the appearance of a defendant in a criminal or civil proceeding
Property Bail Agent
Any person who charges and accepts a fee or anything or value and is in the business of furnishing property bail in any court ( are subject to the provisions of this sub chapter)
- someone who furnished property bail in 4 or more cases in any one year
- someone who is acting as a bail funder
License
A document issued by the commissioner authorizing a person to act as a bail agent
- the license itself does NOT create any authority in its holder to represent/ commit an insurance carrier
Property Bail
Traceable and verified US currency (cashiers checks/ money orders/real or other property)
Designated Bail Agent/ Designated Responsible Licensed Producer
The licensed bail agent who is the head or manager of a bail agent business entity that employs one or more licensed agents
