Terms Used In Maine Revised Statutes Title 24-A Sec. 6803-A

• Fiduciary: A trustee, executor, or administrator.
• 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.
• Settlement producer: means any person who has life insurance producer authority, who acts or aids in any manner in the soliciting of a settlement on behalf of a viator and for a fee, commission or other valuable consideration offers or attempts to negotiate settlement contracts between a viator and one or more settlement providers. See Maine Revised Statutes Title 24-A Sec. 6802-A
• Viator: means a person who assigns, transfers, sells, devises or bequeaths or seeks to assign, transfer, sell, devise or bequeath a death benefit or ownership of a life insurance policy or certificate under a settlement contract. See Maine Revised Statutes Title 24-A Sec. 6802-A