Terms Used In Vermont Statutes > Title 8 > Chapter 103 > Subchapter 3B - Standard Nonforfeiture Law for Life Insurance

• Agency: means the Vermont Agency of Agriculture, Food and Markets. See
• 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.
• Apiary: means a place where one or more colonies of bees are kept and shall include hives and bees. See
• 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
• Colony: means the hive and its equipment, including bees, comb, and honey. See
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Destroy: means to burn bees, combs, and frames, or other equipment that cannot be disinfected by scorching or other approved methods. See
• 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
• Equipment: means hives, supers, and frames. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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}
• 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}
• 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
• Inspector: means any person designated by the Secretary to inspect apiaries and enforce this chapter. 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• 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
• 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
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. 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
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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
• Secretary: means the Secretary of the Agency of Agriculture, Food and Markets. See
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• Statute: A law passed by a legislature.
• 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
• Trustee: A person or institution holding and administering property in trust.