§ 1441 Applicability
§ 1442 Authority of insurance producer
§ 1443-A Licensing of financial institutions and related parties
§ 1444-A Insurance vending machines
§ 1445 Responsibility of insurer, health maintenance organization, fraternal benefit society, or nonprofit hospital or medical service organization; prohibited activities
§ 1447 Records
§ 1449 Reporting and accounting for premiums
§ 1450 Commissions; payment; acceptance

Terms Used In Maine Revised Statutes > Title 24-A > Chapter 16 > Subchapter 4 - Producers

  • 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.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • 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.
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
  • 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
  • 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.
  • Resident: means any of the following:
A. See Maine Revised Statutes Title 24-A Sec. 1402
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.