Iowa Code 514H.1 – Definitions
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Terms Used In Iowa Code 514H.1
- 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.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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 individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
514H.1 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “”Deficit Reduction Act of 2005″” means section 6021(a)(1)(A) of Pub. L. No. 109-171 as it pertains to the expansion of state long-term care insurance partnership programs.
2. “”Long-term care facility”” means a facility licensed under chapter 135C or an assisted living program certified under chapter 231C.
3. “”Long-term care insurance”” means long-term care insurance as defined in section
514G.103 and regulated in § 514G.105.
4. “”Qualified long-term care insurance policy”” means a long-term care insurance contract that is issued by an insurer or other person who complies with § 514H.4.
5. “”Qualified long-term care services”” means qualified long-term care services as defined in section 7702B(c) of the Internal Revenue Code.
6. “”Qualified state long-term care insurance partnership”” means an approved state plan amendment, according to the Deficit Reduction Act of 2005 that provides for the disregard of any assets or resources in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary.
2005 Acts, ch 166, §2, 13; 2008 Acts, ch 1175, §15; 2009 Acts, ch 145, §13, 14
As used in this chapter, unless the context otherwise requires:
1. “”Deficit Reduction Act of 2005″” means section 6021(a)(1)(A) of Pub. L. No. 109-171 as it pertains to the expansion of state long-term care insurance partnership programs.
2. “”Long-term care facility”” means a facility licensed under chapter 135C or an assisted living program certified under chapter 231C.
3. “”Long-term care insurance”” means long-term care insurance as defined in section
514G.103 and regulated in § 514G.105.
4. “”Qualified long-term care insurance policy”” means a long-term care insurance contract that is issued by an insurer or other person who complies with § 514H.4.
5. “”Qualified long-term care services”” means qualified long-term care services as defined in section 7702B(c) of the Internal Revenue Code.
6. “”Qualified state long-term care insurance partnership”” means an approved state plan amendment, according to the Deficit Reduction Act of 2005 that provides for the disregard of any assets or resources in an amount equal to the insurance benefit payments that are made to or on behalf of an individual who is a beneficiary.
2005 Acts, ch 166, §2, 13; 2008 Acts, ch 1175, §15; 2009 Acts, ch 145, §13, 14