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 selfinsurers.

(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 COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE 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.