Terms Used In Vermont Statutes > Title 8 > Chapter 209 > Subchapter 3 - Receivership and Dissolution

• 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.
• 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.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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:

• 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}
• 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
• Commissioner: means the Commissioner of Financial Regulation. See
• Contract: A legal written agreement that becomes binding when signed.
• 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
• 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.
• 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.
• 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}
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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:

• 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.
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• 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.
• Notice of transfer: means the written notice to policyholders required by subsection 8204(a) of this title. 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.
• 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
• Personal estate: shall include all property other than real estate. See
• 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
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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.
• Subpoena: A command to a witness to appear and give testimony.
• Transferring insurer: means the insurer that transfers an insurance obligation or risk to an assuming insurer pursuant to an assumption reinsurance agreement. See