(a) The following terms, as defined in section 66260.10 are used in the specifications for the financial tests for closure, post-closure care, and liability coverage. The definitions are intended to assist in the understanding of these regulations and are not intended to limit the meanings of terms in a way that conflicts with generally accepted accounting practices.

“Assets”

“Current assets”

“Current liabilities”

“Current plugging and abandonment cost estimate”

“Independently audited”

“Liabilities”

“Net working capital”

“Net worth”

“Substantial business relationship”

“Tangible net worth”

(b) In the liability coverage requirements the terms “bodily injury” and “property damage” as defined in section 66260.10 shall have the meanings given these terms by applicable State law. However, these terms do not include those liabilities which, consistent with standard industry practices, are excluded from coverage in liability policies for bodily injury and property damage. The Department intends the meanings of other terms used in the liability insurance requirements to be consistent with their common meanings within the insurance industry. The definitions given below and defined in section 66260.10 are intended to assist in the understanding of these regulations and are not intended to limit their meanings in a way that conflicts with general insurance industry usage.

“Accidental occurrence”

“Legal defense costs”

“Nonsudden accidental occurrence”

“Sudden accidental occurrence”