Terms Used In Tennessee Code > Title 35 > Chapter 6 - Uniform Principal and Income Act

• Accounting period: means a calendar year unless another twelve-month period is selected by a fiduciary. See Tennessee Code 35-6-102
• Adjusted RBC Report: means an RBC report that has been adjusted by the commissioner in accordance with §. See Tennessee Code 56-46-102
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Amortization: Paying off a loan by regular installments.
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney general: means the attorney general and reporter and any assistant thereto by whatever name known, any district attorney general and any assistant thereto by whatever name called, and any officer or full-time employee of the general assembly or any committee thereof established by statute, who is duly licensed to practice law in Tennessee, whose duty it is to provide facilities for drafting bills or to assist individual legislators in drafting bills or who renders legal advice and services to the members of the general assembly or committees thereof. See Tennessee Code 8-34-101
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Authority: means the Tennessee local development authority, a public agency and instrumentality of the state, created by this chapter, or if such authority shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the authority shall be given by law. See Tennessee Code 4-31-102
• Authorized Control Level RBC: means the number determined under the risk-based capital formula in accordance with the RBC Instructions. See Tennessee Code 56-46-201
• Beneficiary: includes , in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Tennessee Code 35-6-102
• 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 underground storage tanks and solid waste disposal control board as established by §. See Tennessee Code 68-212-104
• board: means the board provided for in part 3 of this chapter. See Tennessee Code 8-34-101
• Bond: means any bond authorized and issued pursuant to this chapter. See Tennessee Code 4-31-102
• Capital project: means the same as "public works project" as defined in §. See Tennessee Code 4-31-102
• Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
• Commissioner: means the commissioner of environment and conservation, the commissioner's authorized representatives, or, in the event of the commissioner's absence or a vacancy in the office of commissioner, the deputy commissioner. See Tennessee Code 68-212-104
• Commissioner: means the commissioner of commerce and insurance or the commissioner, director or superintendent of insurance in any other state. See Tennessee Code 56-45-102
• 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.
• Company Action Level RBC: means , with respect to any insurer, the product of 2. See Tennessee Code 56-46-102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site that is not owned or controlled by:
  (A) Any person who performs that work. See Tennessee Code 56-45-102
• construction: means the building, reconstruction, creation, replacement, extension, repairing, betterment, improvement, alteration, equipment, extension or acquisition of capital projects, including, but not limited to, the acquisition of land and of rights in land, the engineering, architectural designs, plans, working drawings, specifications, procedures and other action necessary in the construction of such capital projects, and the inspection and supervision of such capital projects. See Tennessee Code 4-31-403
• 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.
• Corrective order: means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. See Tennessee Code 56-46-102
• Corrective order: means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required. See Tennessee Code 56-46-201
• County official: means a county clerk, a clerk of a circuit court, a criminal court, or a probate court, a clerk and master of a chancery court, a clerk of a general sessions court where such general sessions court has an independent clerk who serves such court only, a register of deeds, a county trustee, a sheriff, a county road superintendent elected by a county legislative body, by a county road commission or commissioners, or by popular vote, and an assessor of property, any county commissioner elected by popular vote, serving in a county having a county commission form of government. See Tennessee Code 8-34-101
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the department of environment and conservation. See Tennessee Code 68-212-104
• Department: means the department of environment and conservation, or, if the department shall be abolished, the board, body, commission or agency succeeding to the principal functions thereof or to which the powers and duties granted or imposed upon the department shall be given by law. See Tennessee Code 4-31-102
• Department: means the department of commerce and insurance. See Tennessee Code 56-1-102
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Disposal: means the discharge, deposit, injection, dumping, spilling, leaking, or placing of any hazardous waste into or on any land, water or air so that such hazardous waste or any constituent thereof may enter the environment or be emitted into the air or discharged into any waters, including ground waters. See Tennessee Code 68-212-104
• Domestic health organization: means a health organization domiciled in this state. See Tennessee Code 56-46-201
• Domestic insurer: means any insurance company domiciled in Tennessee. See Tennessee Code 56-46-102
• Donor: The person who makes a gift.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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.
• Facility: means all contiguous land, and structures, other appurtenances and improvements on the land, used for treating, storing, or disposing of hazardous waste. See Tennessee Code 68-212-104
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: means a personal representative or a trustee. See Tennessee Code 35-6-102
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Foreign: when used without limitation, includes all companies formed by authority of any other state or government. See Tennessee Code 56-1-102
• Foreign health organization: means a health organization that is licensed to do business in this state under chapters 27, 28, 30, 31, 32 and 51 of this title but is not domiciled in this state. See Tennessee Code 56-46-201
• Foreign insurer: means any insurance company that is licensed to do business in Tennessee under this title but is not domiciled in Tennessee. See Tennessee Code 56-46-102
• Fraud: Intentional deception resulting in injury to another.
• Generation: means the act or process of producing hazardous wastes. See Tennessee Code 68-212-104
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Hazardous financial condition: means that, based on its present or reasonably anticipated financial condition, a risk retention group, although not yet financially impaired or insolvent, is unlikely to be able to:
  (A) Meet obligations to policyholders with respect to known claims and reasonably anticipated claims. See Tennessee Code 56-45-102
• Hazardous waste: means waste, or combination of wastes, which because of its quantity, concentration, or physical, chemical, or infectious characteristics may:
  (A) Cause, or significantly contribute to an increase in mortality or an increase in serious irreversible illness or incapacitating reversible illness. See Tennessee Code 68-212-104
• Health organization: means a health maintenance organization, limited health service organization, dental or vision plan, hospital, medical and dental indemnity or service corporation, or other managed care organization licensed pursuant to chapters 27, 28, 30, 31, 32 and 51 of this title. See Tennessee Code 56-46-201
• Income: means money or property that a fiduciary receives as current return from a principal asset. See Tennessee Code 35-6-102
• Income beneficiary: means a person to whom net income of a trust is or may be payable. See Tennessee Code 35-6-102
• Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Tennessee Code 35-6-102
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance and any other arrangement for shifting and distributing risk that is determined to be insurance under the laws of this state. See Tennessee Code 56-45-102
• insurance company: includes all corporations, associations, partnerships, or individuals engaged as principals in the business of insurance. See Tennessee Code 56-1-102
• Insurance policy: means the written instrument in which are set forth the terms of any binder of coverage or contract of insurance, including a binder or contract issued by a state-assigned risk plan, or other forms of workers' compensation insurance. See Tennessee Code 56-47-102
• Insurance professional: means sales agents, managing general agents, brokers, producers, adjusters and third party administrators. See Tennessee Code 56-47-102
• Insurance transaction: means a transaction by, between or among an:
  (A) Insurer or a person who acts on behalf of an insurer. See Tennessee Code 56-47-102
• Insurer: means any person purporting to engage in the business of insurance or authorized to do business in this state or subject to regulation by the state, who undertakes to indemnify another against loss, damage or liability arising from a contingent or unknown event related to causes arising under title 50, chapter 6. See Tennessee Code 56-47-102
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legatee: A beneficiary of a decedent
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock: means all equine as well as animals that are being raised primarily for use as food or fiber for human utilization or consumption including, but not limited to, cattle, sheep, swine, goats, and poultry. See Tennessee Code 1-3-105
• Loan program agreement: means a contractual arrangement by and between a local government unit and the authority pursuant to and in accordance with part 4 of this chapter providing for loans to such local government units for the purpose of paying the cost of the construction of capital projects and a contractual arrangement by and between a local government unit and the state acting by and through the department, pursuant to and in accordance with [former] title 68, chapter 211, part 4 [repealed], or title 68, chapter 221, parts 2 and 5 providing for loans to such local government unit for the purpose of paying the cost of the construction of sewage treatment works, waterworks, or energy recovery facilities and/or solid waste resource recovery facilities, as the case may be, which loans are made or are to be made from the proceeds of bonds or notes issued pursuant to this chapter. See Tennessee Code 4-31-102
• Local government unit: means any county, metropolitan government, incorporated town or city, or special district of the state, water/wastewater authority or any energy authority created by an act of the general assembly. See Tennessee Code 4-31-102
• Mandatory Control Level RBC: means the product of 0. See Tennessee Code 56-46-102
• Mandatory Control Level RBC: means the product of 0. See Tennessee Code 56-46-201
• Mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Tennessee Code 35-6-102
• Manifest: means the form used for identifying the quantity, composition, and the origin, routing, and destination of hazardous waste during its transportation from the point of generation to the point of disposal, treatment or storage. See Tennessee Code 68-212-104
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Member: means any person included in the membership of the retirement system, as provided in chapter 35, part 1 of this title. See Tennessee Code 8-34-101
• Month: means a calendar month. See Tennessee Code 1-3-105
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC: means the National Association of Insurance Commissioners. See Tennessee Code 56-46-102
• NAIC: means the National Association of Insurance Commissioners. See Tennessee Code 56-46-201
• Negative trend: means , with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the "Trend Test Calculation" included in the RBC Instructions. See Tennessee Code 56-46-102
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Tennessee Code 35-6-102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Off-site: means any property that is not classified as on-site by subdivision (12). See Tennessee Code 68-212-104
• On-site: means on the site of generation. See Tennessee Code 68-212-104
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Pattern or practice: means repeated, routine or generalized in nature, and not merely isolated or sporadic. See Tennessee Code 56-47-102
• Permit: means the whole or part of any written authorization of the commissioner pursuant to regulations to own or operate a facility for the treatment, storage, or disposal of or transportation of hazardous waste. See Tennessee Code 68-212-104
• Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds-type organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Tennessee Code 56-16-102
• Person: means an individual, trust, firm, joint stock company, corporation (including a government corporation), partnership, association, state, municipality, commission, political subdivision of a state, any interstate body, and governmental agency of this state and any department, agency, or instrumentality of the executive, legislative and judicial branches of the federal government. See Tennessee Code 68-212-104
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation, or any other legal or commercial entity. See Tennessee Code 35-6-102
• Person: means a natural person, company, corporation, unincorporated association, partnership, professional corporation, agency of government or any other entity. See Tennessee Code 56-47-102
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Personal risk liability: means liability for damages because of injury to any person, damage to property, or other loss or damage resulting from any personal, familial or household responsibilities or activities, rather than from responsibilities or activities referred to in subdivision (6). See Tennessee Code 56-45-102
• Practitioner: means a licensee of this state authorized to practice medicine and surgery, psychology, chiropractic or law or any other licensee of state or person required to be licensed in this state whose services are compensated either in whole or in part, directly or indirectly, by insurance proceeds. See Tennessee Code 56-47-102
• Premium: includes any payments, whether due within the insurance policy term or otherwise, and deductible payments whether advanced by the insurer or insurance professional and subject to reimbursement by the insured or otherwise, any self-insured retention or payments, whether advanced by the insurer or insurance professionals and subject to reimbursement by the insured or otherwise, and any collateral or security to be provided to collateralize obligations to pay any of the above. See Tennessee Code 56-47-102
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Tennessee Code 35-6-102
• Prior service: means service rendered prior to the date of membership in the retirement system for which credit was given under the terms of one (1) or more of the superseded systems as provided in part 6 of this chapter. See Tennessee Code 8-34-101
• Probate: Proving a will
• Product liability: means liability for damages because of any personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease or sale of a product, but does not include the liability of any person for those damages if the product involved was in the possession of the person when the incident giving rise to the claim occurred. See Tennessee Code 56-45-102
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Property and casualty insurer: means any insurance company licensed in those lines in Tennessee, but does not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers. See Tennessee Code 56-46-102
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Purchasing group: means any group that:
  (A) Has as one (1) of its purposes the purchase of liability insurance on a group basis. See Tennessee Code 56-45-102
• Quorum: The number of legislators that must be present to do business.
• RBC Instructions: means the RBC Report including risk-based capital instructions adopted by the NAIC, as the RBC Instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Tennessee Code 56-46-102
• RBC instructions: means the RBC report including risk-based capital instructions adopted by the NAIC, as these RBC instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Tennessee Code 56-46-201
• RBC Plan: means a comprehensive financial plan containing the elements specified in §. See Tennessee Code 56-46-102
• RBC plan: means a comprehensive financial plan containing the elements specified in §. See Tennessee Code 56-46-201
• RBC Report: means the report required in §. See Tennessee Code 56-46-102
• RBC report: means the report required in §. See Tennessee Code 56-46-201
• Reciprocal: means the aggregation of subscribers under a common name. See Tennessee Code 56-16-102
• Reckless: means without reasonable belief of the truth, or, for the purposes of §. See Tennessee Code 56-47-102
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
• Regulatory Action Level RBC: means the product of 1. See Tennessee Code 56-46-102
• Regulatory Action Level RBC: means the product of 1. See Tennessee Code 56-46-201
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Remainder beneficiary: means a person entitled to receive principal when an income interest ends. See Tennessee Code 35-6-102
• Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
• Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retirement: means withdrawal from membership with a retirement allowance granted under chapters 34-37 of this title. See Tennessee Code 8-34-101
• Retirement system: means the Tennessee consolidated retirement system as defined in §. See Tennessee Code 8-34-101
• Risk retention group: means any corporation or other limited liability association:
  (A) Whose primary activity consists of assuming and spreading all, or any portion, of the liability exposure of its group members. See Tennessee Code 56-45-102
• Road: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
• Service: means service as a general employee, a teacher, a state police officer, a wildlife officer, a firefighter, a police officer, a state judge, a county judge, an attorney general, a commissioner or a county official which is paid for by an employer, and also includes service for which a former member of the general assembly is entitled to under former §. See Tennessee Code 8-34-101
• 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.
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• State: means the state of Tennessee. See Tennessee Code 68-212-104
• State: means any state of the United States or the District of Columbia. See Tennessee Code 56-45-102
• State: means the state of Tennessee. See Tennessee Code 4-31-102
• State: means the state of Tennessee. See Tennessee Code 8-34-101
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• State-shared taxes: means taxes imposed and collected by the state pursuant to law and allocated by law to local government units, whether allocated for a particular purpose or for the general use of such local government units. See Tennessee Code 4-31-102
• Statute: A law passed by a legislature.
• Storage: means the containment of hazardous waste in such a manner as not to constitute disposal of such hazardous waste. See Tennessee Code 68-212-104
• Subpoena: A command to a witness to appear and give testimony.
• Subscriber: means a person obligated under a reciprocal insurance agreement. See Tennessee Code 56-16-102
• Terms of a trust: means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Tennessee Code 35-6-102
• Testator: A male person who leaves a will at death.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Total adjusted capital: means the sum of:
  (A) An insurer's statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed pursuant to §. See Tennessee Code 56-46-102
• Total adjusted capital: means the sum of:
  (A) A health organization's statutory capital and surplus, also known as net worth, as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed under §. See Tennessee Code 56-46-201
• Transporter: means any person engaged in the transportation of hazardous waste. See Tennessee Code 68-212-104
• Treatment: includes any activity or processing designed to change the physical form or chemical composition of hazardous waste so as to render it nonhazardous. See Tennessee Code 68-212-104
• Trend Test Calculation: include d in the RBC Instructions. See Tennessee Code 56-46-102
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Tennessee Code 35-6-102
• Trustee: A person or institution holding and administering property in trust.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Waste: means any garbage, refuse, sludge from a waste treatment plant, water supply treatment plant, or air pollution control facility and other discarded material, including solid, liquid, semisolid, or contained gaseous material resulting from industrial, commercial, mining and agricultural operations, and from community activities, but does not include solid or dissolved material in domestic sewage, or solid or dissolved materials in irrigation return flows or industrial discharges which are point sources subject to permits under §. See Tennessee Code 68-212-104
• Waste management: means the orderly control of storage, transportation, treatment, and disposal of hazardous waste. See Tennessee Code 68-212-104
• written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105