Terms Used In Hawaii Revised Statutes > Chapter 431 > Article 10H > Part IV - Universal Availability of Long-Term Care Insurance

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Board: means the fund's board of directors. See Hawaii Revised Statutes 386A-1
• C corporation: means a corporation which is not an S corporation. See Hawaii Revised Statutes 235-121
• 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.
• Fund: means the Hawaii state compensation mutual insurance fund. See Hawaii Revised Statutes 386A-1
• Group long-term care insurance: means a long-term care insurance policy which is delivered or issued for delivery in this State and issued to:

  (1) One or more employers or labor organizations, or a trust or to the trustees of a fund established by one or more employers or labor organizations, or a combination thereof, for employees or former employees or a combination thereof or for members or former members or a combination thereof, of the labor organizations; or

  (2) Any professional, trade, or occupational association for its members or former or retired members, or combination thereof, if the association:

  (A) Is composed of individuals all of whom are or were actively engaged in the same profession, trade, or occupation; and

  (B) Has been maintained in good faith for purposes other than obtaining insurance; or

  (3) An association or a trust or the trustees of a fund established, created, or maintained for the benefit of members of one or more associations. See Hawaii Revised Statutes 431:10H-104

• Internal Revenue Code: has the meaning set forth in section 235-2. See Hawaii Revised Statutes 235-121
• Long-term care insurance: means any insurance policy or rider advertised, marketed, offered, or designed to provide coverage for not less than twelve 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 Hawaii Revised Statutes 431:10H-104
• Personal property: All property that is not real property.
• Policy: means , for the purposes of this article, 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 Hawaii Revised Statutes 431:10H-104
• Post-termination transition period: means that period defined in section 1377(b)(1) of the Internal Revenue Code. See Hawaii Revised Statutes 235-121
• S corporation: means a corporation for which a valid election under section 1362(a) of the Internal Revenue Code is in effect. See Hawaii Revised Statutes 235-121
• Taxable period: means any taxable year or portion of a taxable year during which a corporation is an S corporation. See Hawaii Revised Statutes 235-121