Terms Used In Vermont Statutes > Title 8 > Chapter 200 > Subchapter 7 - Reverse Mortgages

• 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.
• Association: means a joint underwriting association established pursuant to this chapter. See
• Commissioner: means the Commissioner of Financial Regulation or a designee. See
• Contract: A legal written agreement that becomes binding when signed.
• Financial institution: means a financial institution as defined in subdivision 10202(5) of this chapter. See
• Insurance policy: means a policy or contract covering any kind of insurance described in this title, including a contract or certificate issued by a fraternal benefit society under chapter 121 of this title or a subscriber contract issued by a medical or hospital service corporation under chapter 123 or 125 of this title. See
• Insurer: means any insurance company regulated by this title, including a fraternal benefit society or a medical or hospital service corporation. See
• Member: means an insurer that is a member of an association. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Plan: means the plan of operation of the association approved or proposed by the Commissioner pursuant to this chapter. See
• Property and casualty insurance: means all insurance covered under chapter 128 of this title relating to property and casualty rate regulation. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Reverse mortgage loan: means a loan that:

• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See