Guam § 15902 - Definitions.

§ 15902. Definitions.

(a) Adjuster means an individual, a business entity, an

independent contractor, or an employee of a contractor, who

contracts for compensation with insurers or self-insurers, and who

investigates, negotiates, or settles claims for insurers or for self-

insurers.

(b) Appraiser means an individual who is able to estimate the

monetary value of, determine the worth of, or assess.

(c) Business entity means a corporation, association,

partnership, limited liability company, limited liability

partnership, or other legal entity.

(d) Catastrophe means an event that results in large numbers

of deaths or injuries; causes extensive damage or destruction of

facilities that provide and sustain human needs; produces an

overwhelming demand on state and local response resources and

mechanisms; causes a severe long-term effect on general

economic activity; or severely affects the local government and

private sector capabilities to begin and sustain response activities.

A catastrophe shall be declared by the Governor of Guam.

(e) Claim authority means the authority to make decisions

and determinations related to claims, but shall specifically exclude

any responsibilities related to the adjustment of claims.

(f) Individual means a natural person.

(g) Insurer means the person who undertakes to indemnify

another by insurance.

(h) Person means an individual or business entity.

(i) Uniform Individual Application means the current version

of the National Association of Insurance Commissioners (NAIC)

Uniform Individual Application for individuals.

(j) Uniform Business Entity Application means the current

version of the National Association of Insurance Commissioners

(NAIC) Uniform Business Entity Application for business

entities.