Terms Used In New York Laws > Insurance > Article 32 - Insurance Contracts - Life, Accident and Health, Annuities

• Abatement period: means the tax year or tax years in which the abatement is applied by the department of finance to the real property tax liability of an eligible building, provided that such abatement may not be applied to the real property tax liability of such building during more than five tax years. See N.Y. Real Property Tax Law 499-AAAAA
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• 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.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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.
• 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.
• 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.
• Applicant: shall mean (a) with respect to an eligible building held in the cooperative or condominium form of ownership, the board of managers of a condominium or the board of directors of a cooperative apartment corporation, or (b) with respect to any other eligible building, the owner of such building. See N.Y. Real Property Tax Law 499-AAA
• Applicant: shall mean (a) with respect to an eligible building held in the cooperative or condominium form of ownership, the board of managers of a condominium or the board of directors of a cooperative apartment corporation, or (b) with respect to any other eligible building, the owner of such building. See N.Y. Real Property Tax Law 499-AAAA
• Applicant: means an owner who files an application for tax abatement. See N.Y. Real Property Tax Law 499-AAAAA
• Application for tax abatement: shall mean an application for a green roof tax abatement pursuant to section four hundred ninety-nine-ccc of this title. See N.Y. Real Property Tax Law 499-AAA
• Application for tax abatement: shall mean an application for a solar electric generating system and/or electric energy storage equipment tax abatement pursuant to section four hundred ninety-nine-cccc of this title. See N.Y. Real Property Tax Law 499-AAAA
• Application for tax abatement: means an application for a childcare center tax abatement pursuant to section four hundred ninety-nine-ccccc of this title. See N.Y. Real Property Tax Law 499-AAAAA
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Approved assessing unit: shall mean an assessing unit certified by the commissioner, pursuant to section nineteen hundred two of this chapter, as having completed a revaluation which is in conformance with the commissioner's rules promulgated pursuant to section fifteen hundred seventy of this chapter. See N.Y. Real Property Tax Law 522
• Architect: shall mean a person licensed and registered to practice the profession of architecture under the education law. See N.Y. Real Property Tax Law 499-AAA
• Architect: shall mean a person licensed and registered to practice the profession of architecture under the education law. See N.Y. Real Property Tax Law 499-AAAA
• assessed value: means the determination made by assessors of the valuation of real property, including the valuation of exempt real property. See N.Y. Real Property Tax Law 522
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the 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.
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• 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}
• Chambers: A judge's office.
• Childcare center: means a childcare program for which a permit to operate such program has been issued by the department of health and mental hygiene pursuant to the health code of the city. See N.Y. Real Property Tax Law 499-AAAAA
• Childcare desert: means a census tract in a city having a population of one million or more where, at the time of an application for tax abatement, there are three or more children under five years of age for each available childcare slot, or where there are no available childcare slots, as of the most recently published determinations by the office of children and family services. See N.Y. Real Property Tax Law 499-AAAAA
• City: means a city with a population of one million or more. See N.Y. Real Property Tax Law 499-AAAAA
• Class designation: shall mean :
  
  (a) in an assessing unit other than a special assessing unit, the determination, pursuant to section nineteen hundred three of this chapter, of whether real property is included in the homestead class; or
  
  (b) in a special assessing unit, the determination, pursuant to section eighteen hundred two of this chapter, of whether real property is included in class one, two, three or four. See N.Y. Real Property Tax Law 522
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Compliance period: shall mean the tax year in which a tax abatement is taken. See N.Y. Real Property Tax Law 499-AAA
• Compliance period: shall mean the tax year in which a tax abatement commences and the three tax years immediately thereafter. See N.Y. Real Property Tax Law 499-AAAA
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• Cost-reasonable: means having a cost that, in its nature and amount, does not exceed that which would be incurred by a prudent person under the circumstances prevailing at the time the decision was made to incur the cost. See N.Y. Real Property Tax Law 499-AAAAA
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Department of finance: shall mean the department of finance of a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAA
• Department of finance: shall mean the department of finance of a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAAA
• Department of finance: means the department of finance of a city having a population of one million or more. See N.Y. Real Property Tax Law 499-AAAAA
• Department of health and mental hygiene: means the department of health and mental hygiene of a city having a population of one million or more. See N.Y. Real Property Tax Law 499-AAAAA
• Dependent: A person dependent for support upon another.
• Designated agency: shall mean one or more agencies or departments of a city having a population of one million or more persons that are designated by the mayor of such city to exercise the functions, powers and duties of a designated agency pursuant to this title. See N.Y. Real Property Tax Law 499-AAA
• Designated agency: shall mean one or more agencies or departments of a city having a population of one million or more persons that are designated by the mayor of such city to exercise the functions, powers and duties of a designated agency pursuant to this title. See N.Y. Real Property Tax Law 499-AAAA
• Designated agency: means an agency of a city having a population of one million or more that is designated by the mayor of such city to exercise the functions, powers and duties of a designated agency pursuant to this title. See N.Y. Real Property Tax Law 499-AAAAA
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Donor: The person who makes a gift.
• Electric energy storage equipment: means a set of technologies capable of storing electric energy and releasing that energy as electric power at a later time. See N.Y. Real Property Tax Law 499-AAAA
• Eligible building: shall mean a class one, class two or class four real property, as defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAA
• Eligible building: shall mean a class one, class two or class four real property, as defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more persons. See N.Y. Real Property Tax Law 499-AAAA
• Eligible building: means a class one, class two or class four property, as such classes of property are defined in subdivision one of section eighteen hundred two of this chapter, located within a city having a population of one million or more, provided that, for any such property held in the condominium form of ownership, "eligible building" shall mean a tax lot in such property. See N.Y. Real Property Tax Law 499-AAAAA
• eligible electric energy storage equipment expenditures: shall mean reasonable expenditures for materials, labor costs properly allocable to on-site preparation, assembly and original installation, architectural and engineering services, and designs and plans directly related to the construction or installation of a solar electric generating system and/or electric energy storage equipment installed in connection with an eligible building. See N.Y. Real Property Tax Law 499-AAAA
• Eligible rooftop space: shall mean the total space available on an eligible building to support a green roof, as certified by an engineer or architect or other certified or licensed professional whom a designated agency designates by rule. See N.Y. Real Property Tax Law 499-AAA
• Engineer: shall mean a person licensed and registered to practice the profession of engineering under the education law. See N.Y. Real Property Tax Law 499-AAA
• Engineer: shall mean a person licensed and registered to practice the profession of engineering under the education law. See N.Y. Real Property Tax Law 499-AAAA
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• 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.
• Executor: A male person named in a will to carry out the decedent
• 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.
• 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.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Green roof: shall mean an addition to a roof of an eligible building that covers at least fifty percent of such building's eligible rooftop space and includes (a) a weatherproof and waterproof roofing membrane layer that complies with local construction and fire codes, (b) a root barrier layer, (c) a drainage layer that complies with local construction and fire codes and is designed so the drains can be inspected and cleaned, (d) a filter or separation fabric, (e) a growth medium, including natural or simulated soil, with a depth of at least two inches, (f) if the depth of the growth medium is less than three inches, an independent water holding layer that is designed to prevent the rapid drying of the growth medium, such as a non-woven fabric, pad or foam mat or controlled flow roof drain, unless the green roof is certified not to need regular irrigation to maintain live plants, and (g) a vegetation layer, at least eighty percent of which must be covered by live plants such as (i) sedum or equally drought resistant and hardy plant species, (ii) native plant species, and/or (iii) agricultural plant species. See N.Y. Real Property Tax Law 499-AAA
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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}
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• 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}
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Local assessing jurisdiction: means the town, city, village or county assessing unit that establishes the assessment rolls for such town, city, village or county. See N.Y. Real Property Tax Law 499-HHHH
• Local government: shall mean , unless otherwise expressly stated or unless the context otherwise requires, a county, city or town with the power to assess real property for the purpose of taxation. See N.Y. Real Property Tax Law 522
• Local public utility mass real property: means public utility mass real property that is located in a particular town, village, city or county assessing unit and under the same ownership. See N.Y. Real Property Tax Law 499-HHHH
• 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.
• Owner: means the owner of an eligible building, or with respect to an eligible building held in the cooperative form of ownership, the board of directors of a cooperative apartment corporation, or, with respect to an eligible building held in the condominium form of ownership, an owner of a tax lot in such building or the board of managers of such building. See N.Y. Real Property Tax Law 499-AAAAA
• 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.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Premises: means the location of a childcare center as specified on the permit for the operation of such center issued by the department of health and mental hygiene pursuant to the health code of the city. See N.Y. Real Property Tax Law 499-AAAAA
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Public utility mass real property: means real property, including conduits, cables, lines, wires, poles, supports and enclosures for electrical conductors located on, above and below real property, which is used in the transmission and distribution of telephone or telegraph service, and electromagnetic voice, video and data signals. See N.Y. Real Property Tax Law 499-HHHH
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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.
• 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.
• Solar electric generating system: shall mean a system that uses solar energy to generate electricity. See N.Y. Real Property Tax Law 499-AAAA
• Special assessing unit: shall mean an assessing unit with a population of one million or more. See N.Y. Real Property Tax Law 522
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• taxable assessed value: means the assessed valuation of real property less partial exemptions. See N.Y. Real Property Tax Law 522
• Taxation: means an ad valorem levy or special assessment for which public utility mass real property is otherwise liable pursuant to this chapter. See N.Y. Real Property Tax Law 499-HHHH
• tenant: includes "expansion tenant" "new tenant" and "renewal tenant. See N.Y. Real Property Tax Law 499-AA
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trustee: A person or institution holding and administering property in trust.
• Venue: The geographical location in which a case is tried.
• Verdict: The decision of a petit jury or a judge.