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state of domicile |
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state of domicile n. the state in which a person has his/her permanent residence or intends to make his/her residence, as compared to where the person is living temporarily. Domicile depends on intent, location of a home where a person regularly sleeps, and some conduct. A corporation's state of domicile is the state where the corporation is incorporated. (See: domicile, resident) |
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The surplus lines market provides coverage for unique or hard-to-place risks through insurers that aren't licensed or admitted to do business in the insured's state of domicile. As a result, X remits the $10 to the state of domicile under the state's escheat law, and should be entitled to a deduction for the $10, which had been included in income in 2007. In that case, the state of domicile of the holder (which is the state of incorporation for a corporate holder) has second priority rights to receive and hold the property. |
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state of domicile
