Cal. Code Regs. tit. 10 § 2695.180

Current through Register 2024 Notice Reg. No. 43, October 25, 2024

Section 2695.180 - Definitions

As used in this article and in California Insurance Code section 1749.85 the following terms have the following meanings:

(a) "Homeowners' insurance policy" shall have the same meaning as a "policy of residential property insurance" as defined in subdivision (a) of Insurance Code section 10104. A "homeowners' insurance policy" does not include:

(A) a tenant's policy;

(B) a policy covering an individually owned mobilehome and its contents;

(C) a policy covering an individually owned manufactured home and its contents;

(D) a renter's policy; or

(E) a policy insuring an individually owned condominium unit that does not provide dwelling structure coverage.

(b) "Replacement value" shall have the same meaning as "replacement cost" and is defined as the amount it would cost to repair, construct, rebuild or replace a damaged or destroyed structure.

(c) "Fire and casualty broker-agent" and "personal lines broker-agent" mean holders of the licenses defined in Insurance Code sections 1625 and 1625.5, respectively. Fire and casualty broker-agents and personal lines broker-agents are also referred to as "broker-agent" in this article.

(d) "Licensee" means

(1) any person or entity that holds a license or certificate of authority issued by the Department of Insurance;

(2) a broker-agent; or

(3) any other entity for whom the Insurance Commissioner's consent is required before transacting business in the State of California or with California residents.

(e) "Estimate of replacement value" shall have the same meaning as "estimate of replacement cost" and means any estimate, statement, calculation, approximation or opinion, whether expressed orally or in writing, regarding the projected replacement value of a particular structure or structures.

Cal. Code Regs. Tit. 10, § 2695.180

1. New article 1.3 (sections 2695.180-2695.183) and section filed 12-29-2010; operative 6-27-2011 pursuant to Government Code section 11343.4(b) (Register 2010, No. 53).
2. Change without regulatory effect amending subsection (a) and adding subsections (a)(A)-(E) filed 4-18-2011 pursuant to section 100, title 1, California Code of Regulations (Register 2011, No. 16).

Note: Authority cited: Sections 790.10, 1749.7, 1749.85 and 2051.5, Insurance Code. Reference: Sections 790.03, 1625, 1625.5, 1749.85, 2051.5, 10087 and 10104, Insurance Code.