Terms Used In Vermont Statutes > Title 8 > Chapter 209 - Conservation, Liquidation, and Insolvency

• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Adjusted risk-based capital report: means a risk-based capital report that has been adjusted by the Commissioner in accordance with subsection 8302(e) of this title. See
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Aggregator site: means a website that provides access to information regarding insurance products from more than one insurer, including product and insurer information, for use in comparison shopping. See
• Agreement: means a written agreement resulting from collective bargaining negotiation and covers the terms, tenure, and conditions of employment. 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Applicant: means :

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Assuming insurer: means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. See
• Assumption reinsurance agreement: means any contract, whether or not coupled with a reinsurance or indemnity agreement, that:

• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Authorized control level risk-based capital: means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions. 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}
• Blanket travel insurance: means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group. See
• Board: means the State Labor Relations Board established pursuant to section 921 of this title. See
• Cancellation fee waiver: means a contractual agreement between a supplier of travel services and its customer to waive some or all of the nonrefundable cancellation fee provisions of the supplier's underlying travel contract with or without regard to the reason for the cancellation or form of reimbursement. See
• Certificate: means , as used in this chapter, any certificate issued under a group long-term care insurance policy, which policy has been delivered or issued for delivery in this State. See
• Collective bargaining: means the process of negotiating terms, tenure, or conditions of employment between the Judiciary Department and representatives of the employees with the intent to arrive at a written agreement. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Company action level risk-based capital: means , with respect to any insurer, the product of 2. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Complaint: means an informal expression made by the employees or a group of employees to the immediate supervisor about dissatisfaction with any aspect of employment or working conditions under a collective bargaining agreement. See
• Continuance: Putting off of a hearing ot trial until a later time.
• Continuing care: means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, or any combination of these services, including a priority commitment for nursing care, to two or more individuals who are not related by consanguinity or affinity to the person furnishing such care, for a term in excess of one year or for the duration of that individual's life, including mutually terminable contracts. See
• Continuing care contract: means a contract under which a provider is to furnish continuing care to a specified individual in return for payment of an entrance fee that is in addition to, or in lieu of, the payment of regular periodic charges for the care and services involved. See
• Contract of insurance: includes all property, casualty, life, health, accident, surety, title, and annuity business authorized to be written pursuant to the insurance laws of this State. See
• Conviction: A judgement of guilt against a criminal defendant.
• Corrective order: means an order issued by the Commissioner specifying corrective actions that the Commissioner has determined are required under this chapter. 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.
• Department: means the Department of Financial Regulation. See
• Dependent: A person dependent for support upon another.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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
• Domestic insurer: means any insurance company organized in this State under chapter 101, subchapter 1 of this title, any fraternal benefit society organized in this State under chapter 121 of this title, any health maintenance organization organized in this State under chapter 139 of this title, and any entity organized in this State under chapter 123 or 125 of this title. See
• Eligible group: means two or more persons who are engaged in a common enterprise, or have an economic, educational, or social affinity or relationship, including any of the following:

• Employee: means any individual employed and compensated on a permanent or limited status basis by the Judiciary Department, including permanent part-time employees and any individual whose employment has ceased as a consequence of, or in connection with, any current labor dispute or because of an unfair labor practice. See
• Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
• Employer: means the Judiciary Department, represented by the Supreme Court or the Supreme Court's designee. See
• Entrance fee: means an initial or deferred transfer to a provider of a sum of money or other property, or portion thereof, made or promised to be made as consideration for acceptance of a specified individual as a resident in a facility. See
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Executor: A male person named in a will to carry out the decedent
• Facility: means a place or places in which a resident receives continuing care. See
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• federally tax-qualified long-term care insurance contract: means an individual or group insurance contract that meets the requirements of Section 7702B(b) of the Internal Revenue Code of 1986, as amended, as follows:

• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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}
• Fraternal benefit society: means any insurance company licensed under chapter 121 of this title. See
• Fulfillment materials: means documentation sent to the purchaser of a travel protection plan confirming the purchase and providing the travel protection plan's coverage and assistance details. See
• gender identity: means an individual's actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual's gender or gender-identity, regardless of the individual's assigned sex at birth. See
• Group long-term care insurance: means a long-term care insurance policy that is delivered or issued for delivery in this State and issued to any of the following:

• Group travel insurance: means travel insurance issued to any eligible group. See
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Health maintenance organization: means any entity organized in the State under chapter 139 of this title. See
• Home service business: means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• 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.
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life or health insurer: means an insurance company that insures lives or health as defined in subdivisions 3301(a)(1) and (2) of this title, an entity organized in this State under chapter 123 or 125 of this title, or a licensed property and casualty insurer writing only accident and health insurance. See
• Limited lines travel insurance producer: means a:

• Long-term care insurance: means any insurance policy or rider advertised, marketed, offered, or designed to provide coverage for not less than 12 consecutive months for each covered person on an expense incurred, indemnity, prepaid, or other basis, for one or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services provided in a setting other than an acute care unit of a hospital. See
• Mandatory control level risk-based capital: means , with respect to any insurer, the product of 0. 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.
• NAIC: means the National Association of Insurance Commissioners. See
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• Negative trend: means , with respect to a life or health insurer or fraternal benefit society, negative trend over a period of time as determined in accordance with the trend test calculation included in the life or fraternal risk-based capital instructions. See
• Notice of transfer: means the written notice to policyholders required by subsection 8204(a) of this title. See
• Occupancy date: means the date a living unit is available for occupancy by the resident or the date on which the resident personally occupies the living unit, whichever occurs first. See
• Offer and disseminate: means to provide general information, including a description of the coverage and price, as well as to process the application and collect premiums. 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: means an individual, the State of Vermont, an employee organization, partnership, corporation, a legal representative, trustee, or any other natural or legal entity whatsoever. See
• Person: means an individual, trust, state, partnership, committee, corporation, association, or other organizations such as joint-stock companies or insurance companies, or a political subdivision or instrumentality of a state, including a municipal corporation. See
• Personal estate: shall include all property other than real estate. See
• Personal property: All property that is not real property.
• Policy: means any policy, contract, subscriber agreement, rider, or endorsement delivered or issued for delivery in this State by an insurer; fraternal benefit society; nonprofit health, hospital, or medical service corporation; prepaid health plan; health maintenance organization; or any similar organization. See
• Policyholder: means any individual or entity who owns or has the right to terminate or otherwise alter the terms of a contract of insurance. See
• Primary certificate holder: means an individual person who elects and purchases travel insurance under a group policy. See
• Primary policyholder: means an individual person who elects and purchases individual travel insurance. See
• Probate: Proving a will
• Property and casualty insurer: means any insurance company that insures property or casualty as defined in subdivisions 3301(a)(3) and (7) of this title, but shall not include monoline mortgage guaranty insurers, financial guaranty insurers, or title insurers. See
• Provider: means the person who enters into a contract to provide continuing care to a resident. See
• Rate: means the cost of services and insurance per exposure base unit, or cost per unit of insurance, or charge to residents for services rendered, prior to the application of individual risk variations based upon loss or expense considerations. 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regulatory action level risk-based capital: means , with respect to any insurer, the product of 1. See
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Representative: means an individual or employee organization certified by the Board to represent employees in collective bargaining or grievance proceedings. See
• Resident: means the individual designated in a continuing care contract as the one who is to receive continuing care. See
• Resident assistance fund: means a fund established in accordance with section 8018 of this title. See
• Risk-based capital instructions: means the risk-based capital report form and the related instructions adopted by the NAIC and approved by the Commissioner. See
• Risk-based capital level: means one of the following four levels: company action level risk-based capital, regulatory action level risk-based capital, authorized control level risk-based capital, or mandatory control level risk-based capital. See
• Risk-based capital plan: means a comprehensive financial plan containing the elements specified in subsection 8303(b) of this title. See
• Risk-based capital report: means the report required in section 8302 of this title. 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
• 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.
• sexual orientation: means female or male homosexuality, heterosexuality, or bisexuality. See
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Supplementary rate information: includes any manual, schedule, or plan of rates, classification system, rating schedule, minimum premium, policy fee, rating rule, rating plan, or any other similar information needed or used to determine the applicable rate in effect or to be in effect for a resident. See
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Total adjusted capital: means the sum of:

• 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.
• Transferring insurer: means the insurer that transfers an insurance obligation or risk to an assuming insurer pursuant to an assumption reinsurance agreement. See
• Travel administrator: means a person who directly or indirectly underwrites, collects charges, collateral, or premiums from, or adjusts or settles claims on residents of this State, in connection with travel insurance, except that a person shall not be considered a travel administrator if that person's only actions that would otherwise cause it to be considered a travel administrator are among the following:

• Travel assistance services: means noninsurance services for which the consumer is not indemnified based on a fortuitous event and where providing the service does not result in transfer or shifting of risk that would constitute the business of insurance. See
• Travel insurance: means insurance coverage for personal risks incident to planned travel, including:

• Travel protection plan: means a plan that provides one or more of the following: travel insurance, travel assistance services, or cancellation fee waivers. See
• Travel retailer: means a business entity that makes, arranges, or offers travel services and may offer and disseminate travel insurance as a service to its customers on behalf of and under the direction of a limited lines travel insurance producer. See
• Trustee: A person or institution holding and administering property in trust.