Terms Used In Maine Revised Statutes > Title 24-A > Chapter 16 > Subchapter 2 - General Licensing Requirements for Producers, Adjusters, Consultants and Business Entities

• Adjuster: means any individual who, as an independent contractor or as an employee of an independent contractor, or as an employee of another organization, for fee, commission or other compensation, investigates for, settles on behalf of and reports to an insurer, fraternal benefit society, workers' compensation self-insurer or insured relative to claims arising under the workers' compensation laws or other types of insurance contracts. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. See Maine Revised Statutes Title 24-A Sec. 1402
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consultant: means any individual who, for a fee, advises or offers to advise any person insured or seeking insurance or named or to be named as beneficiary, or having or to have any interest in or insured under any property and casualty or life and health insurance contract or annuity contract, existing or proposed. See Maine Revised Statutes Title 24-A Sec. 1402
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Insurance producer: means a person required to be licensed under subchapter II?A to sell, solicit or negotiate insurance. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• License: means a document issued by the superintendent authorizing a person to act as an insurance producer, adjuster or consultant for kinds of insurance specified in the document as authorized in this chapter. See Maine Revised Statutes Title 24-A Sec. 1402
• Multiple peril crop insurance adjuster: means a person who adjusts crop insurance claims under the federal crop insurance program administered by the United States Department of Agriculture. See Maine Revised Statutes Title 24-A Sec. 1402
• National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15
• Nonresident: means a person other than a resident of this State. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Resident: means any of the following: