Terms Used In Hawaii Revised Statutes > Chapter 431 > Article 10D - Life Insurance and Annuities

• Actual earnings from employment: means the total compensation, including reported amount of tips for labor or services rendered by an employee, whether the amount is determined on a time, task, piece, commission, or other basis of calculation, but shall not include the reasonable cost to an employer of furnishing an employee with fringe benefits or board, lodging, or other facilities and non-cash gratuities of any kind. See Hawaii Revised Statutes 373-1
• 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.
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Applicant: means any person who uses the services of an employment agency to secure employment for that person. See Hawaii Revised Statutes 373-1
• Apprentice: means a worker at least sixteen years of age, except where a higher minimum age standard is otherwise fixed by law, who is employed to learn an apprenticeable occupation in accordance with the standards of apprenticeship established by this chapter. See Hawaii Revised Statutes 372-2
• Apprenticeship agreement: is a written agreement between an apprentice and either the apprentice's program sponsors or an apprenticeship committee acting as agent for the program sponsors. See Hawaii Revised Statutes 372-2
• Apprenticeship committee: means a group of persons designated by the sponsors to administer an apprenticeship program. See Hawaii Revised Statutes 372-2
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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}
• Bequest: Property gifted by will.
• Board: means the Hawaii labor relations board, provided for by sections 26-20, 89-5, and 377-2. See Hawaii Revised Statutes 377-1
• Business income: means income arising from transactions and activity in the regular course of the taxpayer's trade or business and includes income from tangible and intangible property if the acquisition, management, and disposition of the property constitute integral parts of the taxpayer's regular trade or business operations. See Hawaii Revised Statutes 235-21
• Client company: means any person that enters into a professional employer agreement with a professional employer organization and has covered employees. See Hawaii Revised Statutes 373L-1
• Collective bargaining unit: means all of the employees of one employer (employed within the State), except that where the board has determined and certified that such employees engaged in a single craft, division, department, or plant as provided in section 377-5(b) constitute a separate bargaining unit they shall be so considered. See Hawaii Revised Statutes 377-1
• Commercial domicile: means the principal place from which the trade or business of the taxpayer is directed or managed. See Hawaii Revised Statutes 235-21
• Compensation: means wages, salaries, commissions, and any other form of remuneration paid to employees for personal services. See Hawaii Revised Statutes 235-21
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means an annuity contract; provided that the term "contract" shall not include an annuity used to fund an employment-based retirement plan or program where:

  (1) The insurer does not perform the record keeping services; or

  (2) The insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants. See Hawaii Revised Statutes 431:10D-653

• 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.
• county: includes the city and county of Honolulu. See Hawaii Revised Statutes 1-22
• Covered educational program or activity: means :
  (1) The University of Hawaii, the department of education, or public charter schools; or
  (2) Any educational program or activity that receives state financial assistance, in any amount, for any purpose; provided that this term does not exclude an educational program or activity that also receives federal funds. See Hawaii Revised Statutes 368D-3
• Covered employee: means an individual who performs services for a client company pursuant to a professional employer agreement. See Hawaii Revised Statutes 373L-1
• Death master file: means the United States Social Security Administration's death master file or any other database or service that is at least as comprehensive as the United States Social Security Administration's death master file for determining that a person has reportedly died. See Hawaii Revised Statutes 431:10D-653
• Death master file match: means a search of the death master file that results in a match of the social security number or the name and date of birth of an insured, annuity owner, or retained asset account holder. See Hawaii Revised Statutes 431:10D-653
• Decedent: A deceased person.
• Department: means the department of labor and industrial relations. See Hawaii Revised Statutes 372-2
• Department: means the department of labor and industrial relations. See Hawaii Revised Statutes 373L-1
• Dependent: A person dependent for support upon another.
• Determinable elements: means elements that are derived from processes or methods that are guaranteed at issue and not subject to company discretion but where the values or amounts cannot be determined until some point after issue. See Hawaii Revised Statutes 431:10D-601
• Devise: To gift property by will.
• Director: means the director of labor and industrial relations. See Hawaii Revised Statutes 372-2
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 373-1
• Director: means the director of labor and industrial relations. See Hawaii Revised Statutes 373L-1
• Disclosure document: means a document provided by an insurer to applicants or prospective applicants for an annuity contract that explains the terms of the contract and contains the information required in section 431:10D-603(d). See Hawaii Revised Statutes 431:10D-601
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Donor: The person who makes a gift.
• Educational program or activity: means an educational program or activity provided by or under a:
  (1) Private school that teaches students in any grade from kindergarten through grade twelve and that is licensed or accredited by the Hawaii Association of Independent Schools, Hawaii Council of Private Schools, Western Association of Schools and Colleges, Western Catholic Educational Association, Association of Christian Schools International, or a similarly recognized entity that meets or exceeds the standards set by the aforementioned entities;
  (2) Private trade, vocational, or technical schools, as defined in § 302A-101; or
  (3) Private university or college. See Hawaii Revised Statutes 368D-3
• Election: means a proceeding in which the employees in a collective bargaining unit cast a secret ballot for collective bargaining representatives or for any other purpose specified in this chapter and shall include elections conducted by the board, or, unless the context clearly indicates otherwise, by any tribunal having competent jurisdiction or whose jurisdiction was accepted by the parties. See Hawaii Revised Statutes 377-1
• Employee: includes any person, other than an independent contractor, working for another for hire in the State, and shall not be limited to the employees of a particular employer unless the context clearly indicates otherwise. See Hawaii Revised Statutes 377-1
• Employer: means any individual, partnership, corporation, or association, employing or seeking to employ any person for hire. See Hawaii Revised Statutes 373-1
• Employer: means a person who engages the services of an employee, and includes any person acting on behalf of an employer, but shall not include the State or any political subdivision thereof, or any labor organization or anyone acting in behalf of such organization other than when it is acting as an employer in fact. See Hawaii Revised Statutes 377-1
• Employment agency: means any individual, partnership, corporation, or association engaged in the business of providing employment information, procuring employment for applicants, or procuring employees for placement with employers upon request, for a fee or other valuable thing, exacted, charged, or received, but shall not include the United States or the State or instrumentalities thereof. See Hawaii Revised Statutes 373-1
• 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.
• Ex officio: Literally, by virtue of one's office.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Generic name: means a short title descriptive of the annuity contract being applied for or illustrated, such as "single premium deferred annuity". See Hawaii Revised Statutes 431:10D-601
• 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}
• Guaranteed elements: means :

  (1) Premiums;

  (2) Credited interest rates, including any bonus;

  (3) Benefits;

  (4) Values;

  (5) Non-interest-based credits;

  (6) Charges; or

  (7) Elements of formulas used to determine any of the above, which are guaranteed and determined at issue. See Hawaii Revised Statutes 431:10D-601

• Housing assistance program: means a section 8 housing choice voucher program or any permanent supportive housing program. See Hawaii Revised Statutes 368F-1
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• 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}
• Internal Revenue Code: means subtitle A, chapter 1, of the federal Internal Revenue Code of 1986, as amended as of December 31, 2022, as it applies to the determination of gross income, adjusted gross income, ordinary income and loss, and taxable income, except those provisions of the Internal Revenue Code which, pursuant to this chapter, do not apply or are otherwise limited in application. See Hawaii Revised Statutes 235-2.3
• Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
• 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.
• Labor dispute: includes any controversy concerning terms, tenure or conditions of employment, or concerning the association or representation of persons in negotiating, fixing, maintaining, changing, or seeking to arrange terms or conditions of employment, regardless of whether the disputants stand in the proximate relation of employer and employee. See Hawaii Revised Statutes 377-1
• 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.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• month: means a calendar month; and the word "year" a calendar year. See Hawaii Revised Statutes 1-20
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Non-guaranteed elements: means :

  (1) Premiums;

  (2) Credited interest rates, including any bonus;

  (3) Benefits;

  (4) Values;

  (5) Non-interest-based credits;

  (6) Charges; or

  (7) Elements of formulas used to determine any of the above, which are subject to company discretion and are not guaranteed at issue. See Hawaii Revised Statutes 431:10D-601

• Nonbusiness income: means all income other than business income. See Hawaii Revised Statutes 235-21
• 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.
• Outlays: Outlays are payments made (generally through the issuance of checks or disbursement of cash) to liquidate obligations. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year.
• 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.
• Person: means a natural or legal person. See Hawaii Revised Statutes 373L-1
• Person: includes one or more individuals, partnerships, associations, corporations, legal representatives, trustees, or receivers. See Hawaii Revised Statutes 377-1
• Person employed in an executive or supervisory capacity: means any employee who has the authority to hire or fire other employees or whose suggestions and recommendations as to hiring or firing and as to the advancement, promotion, or demotion of other employees will be given particular weight; but shall not mean registered nurses whose compensation is determined on an hourly basis or who are subject to supervision by any person other than the person in charge of all registered nurses at the employer's premises. See Hawaii Revised Statutes 377-1
• Personal property: All property that is not real property.
• Policy: means any policy or certificate of life insurance that provides a death benefit; provided that the term "policy" shall not include:

  (1) Any policy or certificate of life insurance that provides a death benefit under an employee benefit plan:

  (A) Subject to the federal Employee Retirement Income Security Act of 1974 (29 U. See Hawaii Revised Statutes 431:10D-653

• 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}
• Principal agent: means the responsible managing agent who is responsible for managing an employment agency and who is responsible for all business transactions and actions by the agency's employees. See Hawaii Revised Statutes 373-1
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Professional employer agreement: means a written contract by and between a client company and a professional employer organization that:

  (1) Provides for covered employees to the client company;

  (2) Describes the duties and responsibilities of the client company and the professional employer organization with respect to the covered employees; and

  (3) Includes a declaration by the professional employer organization of the professional employer organization's responsibilities under § 373L-6. See Hawaii Revised Statutes 373L-1

• Professional employer organization: means any person that is a party to a professional employer agreement with a client company and whose covered employees perform services on a long-term, rather than temporary or project-specific basis. See Hawaii Revised Statutes 373L-1
• 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: has the meaning given that term in § 269-1. See Hawaii Revised Statutes 235-21
• 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.
• Record keeping services: means those circumstances under which the insurer has agreed with a group policy or contract customer to be responsible for obtaining, maintaining, and administering in its own or its agents' systems information about each individual insured under an insured's group insurance contract, or a line of coverage thereunder, at least the following information:

  (1) Social security number or name and date of birth;

  (2) Beneficiary designation information;

  (3) Coverage eligibility;

  (4) Benefit amount; and

  (5) Premium payment status. See Hawaii Revised Statutes 431:10D-653

• Rental transaction: means any part of the process for the rental or lease of a premises for residential purposes. See Hawaii Revised Statutes 368F-1
• 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: includes any person chosen by an employee to represent the employee. See Hawaii Revised Statutes 377-1
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Retained asset account: means any mechanism whereby the settlement of proceeds payable under a policy or contract is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges, where those proceeds are retained by the insurer or its agent, pursuant to a supplementary contract not involving annuity benefits other than death benefits. See Hawaii Revised Statutes 431:10D-653
• Sales: means all gross receipts of the taxpayer not allocated under §§ 235-24 to 235-28. See Hawaii Revised Statutes 235-21
• 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.
• Sponsor: means any person, employer, association, committee, or organization operating an apprenticeship program and in whose name the program is, or is to be, registered and approved. See Hawaii Revised Statutes 372-2
• State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States, and any foreign country or political subdivision thereof. See Hawaii Revised Statutes 235-21
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Temporary help services: means an arrangement by which a person recruits and hires the person's own employees and:

  (1) Finds other organizations that need the services of those employees;

  (2) Assigns those employees to perform work or services for other organizations to support or supplement the other organizations' workforces or to provide assistance in special work situations, including employee absences, skill shortages, seasonal workloads, or special assignments or projects; and

  (3) Customarily attempts to reassign the employees to successive placements with other organizations at the end of each assignment. See Hawaii Revised Statutes 373L-1

• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Title IX: refers to the federal Education Amendments of 1972, codified as title 20 United States Code § 1681 et seq. See Hawaii Revised Statutes 368D-3
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trustee: A person or institution holding and administering property in trust.
• Unfair labor practice: means any unfair labor practice as defined in §§ 377-6 to 377-8. See Hawaii Revised Statutes 377-1
• Usury: Charging an illegally high interest rate on a loan. ^{Source: OCC}
• Venue: The geographical location in which a case is tried.
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.