Sections
Subchapter 1 Producers 4791 – 4812
Subchapter 1A Producer Licensing Requirements 4813 – 4813o
Subchapter 2 Regulation of Managing General Agents, Reinsurance Intermediaries, and Producer-Controlled Insurers 4815 – 4824
Subchapter 3 Uniform Interstate Licensing 4826

Terms Used In Vermont Statutes > Title 8 > Chapter 131 - Licensing Requirements

  • Account: means a demand deposit or share draft (checking) account, savings account, or other comparable consumer asset account (other than an occasional or incidental credit balance in a credit plan) regularly maintained by the consumer at a financial institution or at a credit union. See
  • Adjuster: means any person who investigates claims or negotiates settlement of claims arising under policies of insurance in behalf of insurers under such policies, or who advertises or solicits business from insurers as an adjuster. See
  • Allegation: something that someone says happened.
  • 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.
  • Appraisal: A determination of property value.
  • Appraiser: means any person who, for compensation, appraises the loss or damage under policies of automobile insurance on the behalf of the insurers under such policies. See
  • 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.
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • bargaining collectively: means the process of negotiating terms, tenure, or conditions of employment between the State of Vermont, the Vermont State Colleges, the University of Vermont, or the Department of State's Attorneys and Sheriffs and representatives of employees with the intent to arrive at an agreement that, when reached, shall be reduced to writing. See
  • biennially: shall mean the year in which a regular session of the General Assembly is held. See
  • Board: means the State Labor Relations Board established under section 921 of this title. See
  • Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. See
  • Business entity limited lines producer: means a business entity, as defined in subdivision (8) of this section, that is also a limited lines producer, as defined in subdivision (7) of this section. See
  • Commissioner: means the Commissioner of Financial Regulation. See
  • 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.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Consultant: means an individual, resident, or nonresident who, for a fee, holds himself or herself out to the public as engaged in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance that could be issued in this State. See
  • Controlled insurer: means a licensed insurer that is controlled, directly or indirectly, by a producer. See
  • Controlling producer: means a producer who, directly or indirectly, controls an insurer. See
  • Conviction: A judgement of guilt against a criminal defendant.
  • Credit accident and health insurance: means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. See
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit life insurance: means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. See
  • Creditor: means the lender of money or vendor or lessor of goods, services, property, right, or privileges, for which payment is arranged through a credit transaction or any successor to the right, title, or interest of any such lender, vendor, or lessor, and an affiliate, associate, or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them. See
  • debt adjustment: means making an agreement with a debtor whereby the debt adjuster agrees to distribute, supervise, coordinate, negotiate, or control the distribution of money or evidences thereof among one or more of the debtor's creditors in full or partial payment of obligations of the debtor and includes services as an intermediary between a debtor and one or more of the debtor's creditors for the purpose of obtaining concessions. See
  • Debtor: means a borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction. See
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
  • Employee: means a State employee as defined by subdivision (5) of this section except as the context requires otherwise. See
  • Employee organization: means an organization of any kind in which employees participate and that exists for the purpose of representing its members, if certified by the Board as an exclusive representative for the purposes of collective bargaining. See
  • Employer: means the State of Vermont, excluding the Legislative and Judiciary Departments, represented by the Governor or designee, the Office of the Defender General represented by the Defender General or designee, Vermont State Colleges represented by the Chancellor or designee, and the University of Vermont represented by the President or designee. See
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Financial institution: means an institution as defined in subdivision 11101(32) of this title. See
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • gift certificate: includes a record that contains a microprocessor chip, magnetic strip, or other means for the storage of information that is prefunded and for which the value is decremented upon each use; a gift card; an electronic gift card; a prepaid access card or certificate; a store card; or a similar record or card. See
  • Home state: means the District of Columbia and any state or territory of the United States in which an insurance producer maintains his or her principal place of residence or principal place of business and is licensed to act as an insurance producer. See
  • Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other transaction. See
  • Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit, or negotiate insurance. See
  • Insurer: means any person engaged in the business of insurance in this State. See
  • insurer: means any person, firm, association, or corporation duly licensed to transact an insurance business in this State. See
  • 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
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
  • License: means a document issued by the Commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See
  • Limited lines insurance: means travel accident or travel baggage insurance, or any other line of insurance that the Commissioner deems necessary to recognize for the purposes of complying with subsection 4813h(d) of this subchapter, or any other line of insurance the Commissioner, by regulation, shall deem essential for the transaction of business in this State and that does not require the professional competency demanded for an insurance producer's license. See
  • Limited lines producer: means a person authorized by the Commissioner to sell, solicit, or negotiate limited lines insurance as defined in subchapter 1A of this chapter. See
  • Loan: means a residential mortgage loan. See
  • Managing general agent: means any person who:

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms, or conditions of the contract, provided the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See
  • 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.
  • Paid value: means the value of any money or other thing of value given in exchange for a gift certificate. See
  • Person: means an individual or a business entity. See
  • Personal property: All property that is not real property.
  • Producer: means an agent, broker, or reinsurance intermediary licensed pursuant to subchapter 1 of this chapter. See
  • Promotional value: means any value shown on a gift certificate in excess of the paid value of the gift certificate. See
  • Public adjuster: means any person who investigates claims or negotiates settlement of claims arising under policies of insurance in behalf of the insured under such policies or who advertises or solicits business as such adjuster. See
  • real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Reinsurance intermediary: means a reinsurance intermediary-broker or a reinsurance intermediary-manager as defined in subdivisions (10) and (11) of this section. See
  • Reinsurance intermediary-broker: means any person, other than an officer or employee of the ceding insurer, who solicits, negotiates, or places reinsurance cessions or retrocessions on behalf of a ceding insurer without the authority or power to bind reinsurance on behalf of such insurer. See
  • Reinsurance intermediary-manager: means any person who has authority to bind or manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department, or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary-manager, manager, or other similar term. See
  • Reinsurer: means any person, firm, association, or corporation duly licensed in this State pursuant to the applicable provisions of the insurance law as an insurer with the authority to assume reinsurance. See
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
  • Sell: means to exchange a contract of insurance by any means, for money or its equivalent, on behalf of an insurer. See
  • Servicing: means receiving a scheduled periodic payment from a borrower pursuant to the terms of a loan, including amounts for escrow accounts, and making the payments to the owner of the loan or other third party of principal and interest and other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the servicing loan document or servicing contract. See
  • 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.
  • Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular kind of insurance from a particular insurer. See
  • Statute: A law passed by a legislature.
  • Subpoena: A command to a witness to appear and give testimony.
  • Surplus lines insurance broker: means an individual who solicits, negotiates, or procures a policy of insurance in an insurance company not licensed to transact business in this State that cannot be procured from insurers licensed to do business in this State. See
  • Testify: Answer questions in court.
  • Underwrite: means the authority to accept or reject risk on behalf of the insurer. See
  • Uniform Application: means the current version of the NAIC Uniform Application for resident and nonresident producer licensing. See
  • Uniform Business Entity Application: means the current version of the NAIC Uniform Business Entity Application for resident and nonresident business entities. See