Terms Used In Vermont Statutes > Title 8 > Chapter 103 > Subchapter 4A - Standard Valuation Law

• 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
• 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
• 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.
• 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
• Company: means an entity that:

• confidential information: means :

• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Destroy: means to burn bees, combs, and frames, or other equipment that cannot be disinfected by scorching or other approved methods. 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
• Equipment: means hives, supers, and frames. See
• 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.
• 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.
• 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
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Fraud: Intentional deception resulting in injury to another.
• 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
• 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:

• 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:

• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Life insurance: means contracts that incorporate mortality risk, including annuity and pure endowment contracts, and as may be specified in the Valuation Manual. See
• 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
• NAIC: means the National Association of Insurance Commissioners. 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
• 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
• 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.
• 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
• Person: includes any individual, partnership, corporation, association, or other business unit and any officer, agent or employee. 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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.
• Valuation Manual: means the manual of valuation instructions adopted by the NAIC as specified in this subchapter or as subsequently amended. See