Terms Used In Vermont Statutes > Title 8 > Chapter 220 > Subchapter 8 - Application Process

• Advertisement: means any material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace, or retain a policy as more specifically defined in the rules and operating procedures of the Commission. See
• Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. See
• Bylaws: means those bylaws established by the Commission for its governance or for directing or controlling the Commission's actions or conduct. See
• Commission: means the "Interstate Insurance Product Regulation Commission" established by this compact. See
• Commissioner: means the chief insurance regulatory official of a state, including commissioner, superintendent, director, or administrator. See
• Compacting state: means any state that has enacted this compact legislation and that has not withdrawn pursuant to subsection 8512(a) of this chapter or been terminated pursuant to subsection 8512(b) of this chapter. See
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. 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.
• Operating procedures: means procedures adopted by the Commission implementing a rule, uniform standard, or a provision of this compact. 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
• Product: means the form of a policy or contract, including any application, endorsement, or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income, or long-term care insurance product that an insurer is authorized to issue. See
• Rule: means a statement of general or particular applicability and future effect adopted by the Commission, including a uniform standard developed pursuant to section 8505 of this chapter, designed to implement, interpret, or prescribe law or policy or describing the organization, procedure, or practice requirements of the Commission, that shall have the force and effect of law in the compacting states. 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
• State: means any state, district, or territory of the United States of America. See
• 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.
• Uniform standard: means a standard adopted by the Commission for a product line, pursuant to section 8505 of this chapter, and shall include all of the product requirements in aggregate; provided, that each uniform standard shall be construed, whether express or implied, to prohibit the use of any inconsistent, misleading, or ambiguous provisions in a product, and the form of the product made available to the public shall not be unfair, inequitable, or against public policy as determined by the Commission. See