Terms Used In Vermont Statutes > Title 8 > Chapter 103 - Life Insurance Policies and Annuity Contracts

• Abandoned apiary: means any apiary in this State whose location has not been registered with the Secretary and for which the owner cannot be located after reasonable effort. See
• Accident and health insurance: means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, sickness, or medical conditions and as may be specified in the Valuation Manual. See
• Adopting authority: means , for agencies that are attached to the Agencies of Administration, of Commerce and Community Development, of Natural Resources, of Human Services, and of Transportation, or any of their components, the secretaries of those agencies; for agencies attached to other departments or any of their components, the commissioners of those departments; and for other agencies, the chief officer of the agency. See
• Advertising: means any written, electronic, or printed communication or any communication by means of recorded telephone messages or that is transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, that are published, disseminated, circulated, or placed directly before the public in this State for the purpose of creating an interest in or inducing a person to sell, assign, devise, bequest, or transfer the death benefit or ownership of a life insurance policy pursuant to a life settlement contract. See
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agency: means a State board, commission, department, agency, or other entity or officer of State government, other than the Legislature, the courts, the Commander in Chief, and the Military Department, authorized by law to make rules or to determine contested cases. See
• Agency: means the Vermont Agency of Agriculture, Food and Markets. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• Agricultural fair association: means an organization or association incorporated under State law that is governed by an elected board of directors that operate fairs and agricultural shows that promote or exhibit the work of farmers and others who produce, process, market, or distribute farm and food products, including livestock, poultry, fish, fruits, vegetables, fiber, horticultural products, maple products, honey, Christmas trees, or other agricultural products. See
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Apiary: means a place where one or more colonies of bees are kept and shall include hives and bees. See
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appointed actuary: means a qualified actuary who is appointed in accordance with the Valuation Manual to prepare the actuarial opinion required in subsection 3791c(b) of this subchapter. See
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Bee: means the insect commonly known as the honey bee (apis mellifera), or other species of the genus apis, at any stage of its existence, including the egg, larval, pupal, or adult stages. See
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bequest: Property gifted by will.
• board: refers to the boards, commissions, and professions listed in section 122 of this subchapter and, in the case of disciplinary matters or denials of licensure, either an administrative law officer appointed under subsection 129(j) of this subchapter or the Director in advisor professions. See
• Business of life settlements: means an activity involved in, but not limited to, the offering, soliciting, negotiating, procuring, effectuating, financing, monitoring, tracking, administering, underwriting, selling, transferring, assigning, pledging, hypothecating, or in any other manner acquiring an interest in a life insurance policy by means of a life settlement contract. See
• Chronically ill: means :

• Colony: means the hive and its equipment, including bees, comb, and honey. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Company: means an entity that:

• Competitive exhibit: means an open competition designed to demonstrate the quality, improvements, or benefits of grains, fruits, vegetables, cultivated flowers, livestock, poultry, fish, bees, maple products, honey, dairy products, agricultural practices, or other agricultural crops or products. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Compost: means a stable humus-like material produced by the controlled biological decomposition of organic matter through active management but shall not mean sewage, septage, or materials derived from sewage or septage. See
• confidential information: means :

• Consumer: means a customer who purchases, barters for, receives delivery of, or otherwise acquires unpasteurized milk according to the requirements of this chapter. See
• Contested case: means a proceeding, including but not restricted to rate-making and licensing, in which the legal rights, duties, or privileges of a party are required by law to be determined by an agency after an opportunity for hearing. See
• Continuance: Putting off of a hearing ot trial until a later time.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• CSA organization: means a farm or group of farms each subject to regulation under the Required Agricultural Practices that as part of the business of the farm stand or CSA organization grow, raise, or produce agricultural products for consumer shareholders or subscribers who pledge or contract to buy a portion of the agricultural products of the farm or group of farms. See
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial.
• Destroy: means to burn bees, combs, and frames, or other equipment that cannot be disinfected by scorching or other approved methods. See
• Devise: To gift property by will.
• Director: means the Director of the Office of Professional Regulation. See
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Disease: shall mean any serious malady that is infectious, contagious, or injurious to bees and shall include American foulbrood, European foulbrood, or external or internal parasites or parasitoids of bees. See
• Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Equipment: means hives, supers, and frames. See
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Ex officio: Literally, by virtue of one's office.
• Executor: A male person named in a will to carry out the decedent
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Farm: means a parcel or parcels of land owned, leased, or managed by a person and devoted primarily to farming that meets the threshold criteria for regulation under the Required Agricultural Practices. See
• Farm stand: means a site on a farm subject to the Required Agricultural Practices where agricultural products principally produced on the farm are sold to the public. See
• Farm-to-School Program: means an integrated food, farm, and nutrition education program that utilizes community-based learning opportunities to connect schools with nearby farms so that child nutrition programs can provide students with locally produced fresh fruits and vegetables, dairy and protein products, and other nutritious, locally produced foods; help children develop healthy eating habits; provide nutritional and agricultural education in the classroom, cafeteria, and school community; and improve farmers' incomes and direct access to markets. See
• Federal Meat Inspection Act: means the Act so entitled approved March 4, 1907 (34 Stat. See
• federal Poultry Products Inspection Act: means the Act so entitled approved August 28, 1957 (71 Stat. See
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• field days: means an exhibition held at least annually by an agricultural fair association that offers premiums for competitive exhibits in at least five different categories. See
• Financing entity: includes an accredited investor as defined by Rule 501 as promulgated under the Federal Securities Act of 1933, as amended. See
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Food processing residuals: means the remaining organic material from a food processing plant and may include whey and other dairy, cheese making, and ice cream residuals or residuals from any food manufacturing process excluding livestock or poultry slaughtering and rendering operations. See
• Food residuals: include meat and meat-related products when the disposition of the products is managed on a farm. See
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Head of service: means the person designated by the Secretary to be in charge of the day-to-day operations of the Vermont Meat and Poultry Inspection and Licensing Program established by this chapter. See
• Hive: means frame, hive, box hive, box, barrel, log gum, skep, or other receptacle or container, natural or artificial, or any part thereof, that is used or employed as a domicile for bees. See
• Humane method: means either:

• Immediate container: means any consumer package, or any other container in which livestock products or poultry products, not consumer packaged, are packed. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Inspector: means any person designated by the Secretary to inspect apiaries and enforce this chapter. See
• Inspector: means an employee or official of the State of Vermont authorized by the Secretary or any employee or official of the federal government or of any other governmental entity of this State, authorized by the Secretary to perform any inspection functions under this chapter under an agreement between the Secretary and the governmental entity. See
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Intrastate commerce: means any commerce within this State. See
• Invasive species: means any species of vegetation that:

• Itinerant livestock slaughter: means slaughter, in accordance with the requirements of subsection 3311a(e) of this title, of livestock owned by a person for his or her exclusive use or for use by members of his or her household and his or her nonpaying guests and employees. See
• Itinerant poultry slaughter: means the slaughter of poultry:

• Itinerant slaughterer: means a person who, for compensation or gain, engages in itinerant livestock slaughter or itinerant poultry slaughter. See
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Label: means a display of written, printed, or graphic matter upon any product or the immediate container, not including package liners, of any product. See
• Labeling: means all labels and other written, printed, or graphic matter:

• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• License: includes the whole or part of any agency permit, certificate, approval, registration, charter, or similar form of permission required by law. See
• License: includes any certification, registration, permit, commission, or other official authorization to undertake a regulated activity. See
• Licensed establishment: means any person required to hold a license under section 3306 of this title. See
• Licensee: includes any person to whom a license has been issued by a board or the Director. See
• Licensing: includes the agency process respecting the grant, denial, renewal, revocation, suspension, annulment, withdrawal, or amendment of a license. See
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life insurance: means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the Valuation Manual. See
• Life insurance producer: means any person licensed in this State as a resident or nonresident insurance producer who has received qualification to sell life insurance coverage or a life line of coverage pursuant to chapter 131 of this title. See
• Life settlement broker: means a natural person who is working exclusively on behalf of a policy owner and, for a fee, commission, or other valuable consideration, offers or attempts to negotiate life settlement contracts between an owner and one or more life settlement providers. See
• Life settlement contract: includes a premium finance loan made for a life insurance policy by a lender to a policy owner on, before, or after the date of issuance of the policy where:

• Life settlement provider: means a person other than a policy owner that solicits, enters into, or effectuates a life settlement contract with a policy owner resident in this State. See
• Life settlement purchaser: means a person who provides a sum of money as consideration for a life insurance policy or an interest in the death benefits of a life insurance policy, or a person who owns or acquires or is entitled to a beneficial interest in a trust that owns a life settlement contract or is the beneficiary of a life insurance policy that has been or will be the subject of a life settlement contract, for the purpose of deriving an economic benefit. See
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock: means cattle, calves, sheep, swine, horses, mules, goats, fallow deer, American bison, and any other animal that can or may be used in and for the preparation of meat or meat products. See
• Livestock: means any cattle, sheep, swine, goats, horses, mules, or other equines, whether live or dead. See
• Livestock product: means any carcass, or part of a carcass, meat, or meat food product of any livestock. See
• Meat: means the part of the muscle of any cattle, sheep, swine, goats, horses, mules, or other equines that is skeletal or that is found in the tongue, in the diaphragm, in the heart, or in the esophagus, with or without the accompanying and overlying fat, and the portions of bone, skin, sinew, nerve, blood vessels that normally accompany the muscle tissue and that does not include the muscle found in the lips, snout, or ears. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• NAIC: means the National Association of Insurance Commissioners. See
• Native: refers to perennial vegetation that is native to Vermont. See
• Naturalized: refers to perennial vegetation that is not native to Vermont but is now considered to be well established and part of Vermont flora. See
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nursery: means all lands, premises, and buildings on or in which nursery stock is grown, transported, or offered for sale. See
• Nursery dealer: means any person who is in the business of selling, installing, or distributing nursery stock for commercial gain. See
• Nursery grower: means any person engaged in growing, propagating, or production of nursery stock for commercial gain. See
• Nursery license: means the license issued to nursery dealers or nursery growers under section 4024 of this title. See
• Nursery stock: means all woody or herbaceous shrubs, trees, plants, and vines, including bulbs and rhizomes as well as buds, grafts, scions, and other parts capable of propagation whether wild, cultivated, or grown under artificial covering. See
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Office: means the Office of Professional Regulation. See
• Official certificate: means any certificate prescribed by rules of the Secretary for issuance by an inspector or other person performing official functions under this chapter. See
• Official device: means any device prescribed or authorized by the Secretary for use in applying any official mark. See
• Official establishment: means any establishment as determined by the Secretary at which inspection of the slaughter of livestock or poultry or the preparation of livestock products or poultry products is maintained under the authority of this chapter. See
• Official inspection legend: means any symbol prescribed by rules of the Secretary showing that a product was inspected and passed in accordance with this chapter. See
• Official mark: means the official inspection legend or any other symbol prescribed by rules of the Secretary to identify the status of any product of livestock or poultry under this chapter. See
• Offloaded: means removed or otherwise taken off or away from the conveyance of transport. See
• operative date of the Valuation Manual: means January 1 of the first calendar year that the Valuation Manual as defined in subchapter 4a of this chapter is effective. See
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner: means a person who in any way owns, leases, possesses, or otherwise controls an apiary, colony, hive, bees, or equipment and shall include the agent of such person. See
• Owner: means a public or private entity that has a controlling interest in the solar site. See
• package: means any box, can, tin, cloth, plastic, or other receptacle, wrapper, or cover. See
• Packer: means any person engaged in the business of slaughtering, manufacturing, or preparing meat or meat products for sale. See
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Party: means each person or agency named or admitted as a party, or properly seeking and entitled as of right to be admitted as a party. See
• Perennial vegetation: means wildflowers, forbs, shrubs, sedges, rushes, and grasses that serve as habitat, forage, and migratory way stations for pollinators. See
• Person: means any individual, partnership, corporation, association, governmental subdivision, or public or private organization of any character other than an agency. See
• Person: shall include all corporations, partnerships, associations, societies, individuals or group of individuals, or any employee, servant, or agent acting for or employed by any person as defined in this subdivision. See
• Person: includes any individual, partnership, corporation, association, or other business unit and any officer, agent or employee. See
• Personal consumption: means the use by a consumer of unpasteurized milk for food or to create a food product made with or from unpasteurized milk that is intended to be ingested by the consumer, members of his or her household, or any nonpaying guests. See
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Policy: means an individual or group policy, group certificate, contract, or arrangement of life insurance owned by a resident of this State, regardless of whether delivered or issued for delivery in this State. See
• Policy owner: means the owner of a life insurance policy or a certificate holder under a group policy who resides in this State and enters or seeks to enter into a life settlement contract. See
• Policyholder behavior: means any action a policyholder, contract holder, or any other person with the right to elect options, such as a certificate holder, may take under a policy or contract subject to this subchapter including, lapse, withdrawal, transfer, deposit, premium payment, loan, annuitization, or benefit elections prescribed by the policy or contract but excluding events of mortality or morbidity that result in benefits prescribed in their essential aspects by the terms of the policy or contract. See
• Poultry: means any domesticated bird, whether live or dead. See
• Poultry product: means any poultry carcass or part of a carcass; or any product that is made wholly or in part from any poultry carcass or part of a carcass, excepting products that are exempted by the Secretary from definition as a poultry product under conditions that the Secretary may prescribe to ensure that the poultry ingredients in products are not adulterated and that these products are not represented as poultry products. See
• Practice: means a substantive or procedural requirement of an agency, affecting one or more persons who are not employees of the agency, that is used by the agency in the discharge of its powers and duties. See
• Prepared: means slaughtered, canned, salted, stuffed, rendered, boned, cut up, or otherwise manufactured or processed. See
• Principle-based valuation: means a reserve valuation that uses one or more methods or one or more assumptions determined by the insurer and is required to comply with section 3791o of this subchapter as specified in the Valuation Manual. See
• Procedure: means a practice that has been adopted in writing, either at the election of the agency or as the result of a request under subsection 831(b) of this title. See
• prohibited food waste: means the following:

• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Purchased policy: means a life insurance policy or certificate that has been acquired by a life settlement provider pursuant to a life settlement contract. See
• Qualified actuary: means an individual who is qualified to sign the applicable statement of actuarial opinion in accordance with the American Academy of Actuaries qualification standards for actuaries signing such statements and who meets the requirements specified in the Valuation Manual. See
• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Related provider trust: means a titling trust or other trust established by a licensed life settlement provider or a financing entity for the sole purpose of holding the ownership or beneficial interest in purchased policies in connection with a financing transaction. See
• Remand: When an appellate court sends a case back to a lower court for further proceedings.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retail vendor: means any person who sells, displays, advertises for sale, offers for sale, or has available for sale meat, meat food products, or poultry products for purchase by consumers. See
• Rule: means each agency statement of general applicability that implements, interprets, or prescribes law or policy and that has been adopted in the manner provided by sections 836-844 of this title. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• Secretary: means the Secretary of the Agency of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets or designee. See
• Secretary: means the Secretary of Agriculture, Food and Markets or his or her designee. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Slaughterer: means any person regularly engaged in the commercial slaughtering of livestock. See
• Solar site: means a ground-mounted solar system for generating electricity and the area surrounding that system under the control of the owner. See
• Special purpose entity: means a corporation, partnership, trust, limited liability company, or other similar entity formed solely to provide either directly or indirectly access to institutional capital markets:

• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Stockyard: means any place, establishment, or facility conducted or operated for compensation or profit as a public market, consisting of pens, or other enclosures, and their appurtenances, for the handling, keeping, and holding of livestock for sale or shipment. See
• STOLI: means an act or acts, practice or an arrangement to initiate a life insurance policy in the name of a resident of this State for the benefit of a third party who, at the time of policy origination, has no insurable interest under the laws of this State in the life of the insured. See
• Subpoena: A command to a witness to appear and give testimony.
• Tail risk: means a risk that occurs either where the frequency of low probability events is higher than expected under a normal probability distribution or where there are observed events of very significant size or magnitude. See
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Unprocessed: means milk that has not been modified from the natural state it was in as it left the animal, other than filtering, packaging, and cooling. See
• Valuation Manual: means the manual of valuation instructions adopted by the NAIC as specified in this subchapter or as subsequently amended. See
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Vegetation management plan: means a written document that includes short- and long-term site management practices that will provide and maintain native and naturalized perennial vegetation. See
• Village: shall mean an incorporated village. See
• Wholesale distributor: means any person who sells meat to retail vendors, other merchants, or to industrial, institutional, and commercial users mainly for resale or business use. See