Terms Used In Vermont Statutes > Title 8 > Chapter 204 > Subchapter 3 - Loans

• 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.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
• Closed block: means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both:

• Comment period: means the 60-day period starting on the date notice is issued by an assuming company under subsection 7112(h) of this chapter. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Contract: A legal written agreement that becomes binding when signed.
• Controlling party: means a person having control of an assuming company or transferring insurer. See
• 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.
• Department: means the Department of Financial Regulation. See
• Domicile regulator: means the primary insurance regulatory authority of the domicile jurisdiction of a transferring insurer. 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.
• 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.
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Inward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsurer. See
• Inward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an inward reinsurance agreement as the reinsured. See
• 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}
• Legacy: A gift of property made by will.
• Legacy insurance transfer: means the transfer of a closed block in accordance with the requirements of this chapter. See
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Non-admitted insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance. See
• Non-admitted insurer: means , with respect to a state, an insurer not licensed to engage in the business of insurance in such state. See
• Oath: shall include affirmation where by law an affirmation may be substituted. See
• Oath: A promise to tell the truth.
• 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.
• Outward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsured. See
• Outward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an outward reinsurance agreement as the reinsurer. See
• 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.
• Party: means :

• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• plan: means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter. See
• Plan summary: means a written statement of the key terms and provisions of a plan as required under subdivision 7112(b)(19) of this chapter. See
• Policy: means a contract of property and casualty insurance that is neither a contract of reinsurance nor a contract of workers' compensation, health, life, or any other personal line of insurance. See
• Policyholder: means the person identified as the policyholder or first named in a policy. 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 agreement: means an inward reinsurance agreement or an outward reinsurance agreement. See
• Reinsurance agreement counterparty: means an inward reinsurance agreement counterparty or an outward reinsurance counterparty. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. 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.
• 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
• Subpoena: A command to a witness to appear and give testimony.
• Transferring insurer: means a non-admitted insurer that is transferring a closed block to an assuming company under a legacy insurance transfer plan. See