How is 'person' defined in Idaho insurance regulations?

In Idaho insurance regulations, the term "person" is defined broadly to encompass both individuals and business entities. This definition is crucial because it allows for flexibility in the insurance industry, recognizing that various types of entities, including corporations and partnerships, can engage in transactions, contracts, and responsibilities related to insurance. By including both individuals and business entities in the definition, the regulations ensure that legal and financial obligations can be applied appropriately to all relevant parties involved in insurance activities, which in turn maintains a comprehensive framework for insurance practice and regulation in the state. This approach facilitates effective governance and oversight of the industry, ensuring that all entities that engage in insurance business are held accountable under the law.