Terms Used In Maine Revised Statutes > Title 11 > Article 7-A > Part 2 - Warehouse Receipts: Special Provisions

• Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• Advertisement: means any material designed to create public interest in a product or induce the public to purchase, increase, modify, reinstate, borrow on, surrender, replace or retain a policy, as more specifically defined in the rules and operating procedures of the commission. See Maine Revised Statutes Title 24-A Sec. 2473
• 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.
• 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
• Bylaws: means the bylaws established by the commission for its governance or for directing or controlling the commission's actions or conduct. See Maine Revised Statutes Title 24-A Sec. 2473
• Commission: means the Interstate Insurance Product Regulation Commission established by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
• Commissioner: means the chief insurance regulatory official of a compacting state, including, but not limited to, commissioner, superintendent, director or administrator. See Maine Revised Statutes Title 24-A Sec. 2473
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Compacting state: means a state that has enacted the compact and that has not withdrawn pursuant to section 2485, subsection 1 or been terminated pursuant to section 2485, subsection 2. See Maine Revised Statutes Title 24-A Sec. 2473
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Domiciliary state: means the state in which an insurer is incorporated or organized or, in the case of an alien insurer, its state of entry. See Maine Revised Statutes Title 24-A Sec. 2473
• 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.
• 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.
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Maine Revised Statutes Title 11 Sec. 7-1102
• Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Maine Revised Statutes Title 11 Sec. 7-1102
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• health insurance: means insurance of human beings against bodily injury, disablement or death by accident or accidental means, or the expense thereof, or against disablement or expense resulting from sickness, and every insurance appertaining thereto, including provision for the mental and emotional welfare of human beings by defraying the costs of legal services only to the extent provided for in chapter 38. See Maine Revised Statutes Title 24-A Sec. 704
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurer: means an entity licensed by a state to issue contracts of insurance for any of the lines of insurance covered by the compact. See Maine Revised Statutes Title 24-A Sec. 2473
• Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Maine Revised Statutes Title 11 Sec. 7-1102
• 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.
• 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.
• Management committee: means the management committee established under section 2476, subsection 5. See Maine Revised Statutes Title 24-A Sec. 2473
• Member: means the person chosen by a compacting state as its representative to the commission, or the member's designee. See Maine Revised Statutes Title 24-A Sec. 2473
• Noncompacting state: means a state that is not a compacting state. See Maine Revised Statutes Title 24-A Sec. 2473
• 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.
• Operating procedures: means procedures adopted by the commission implementing a rule, uniform standard or provision of the compact. See Maine Revised Statutes Title 24-A Sec. 2473
• 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}
• Product: means the form of a policy or contract, including an application, endorsement or related form that is attached to and made a part of the policy or contract, and any evidence of coverage or certificate, for an individual or group annuity, life insurance, disability income or long-term care insurance product that an insurer is authorized to issue. See Maine Revised Statutes Title 24-A Sec. 2473
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Maine Revised Statutes Title 11 Sec. 7-1102
• Rule: means a statement of general or particular applicability and future effect adopted by the commission, including a uniform standard developed pursuant to section 2478, designed to implement, interpret or prescribe law or policy or describing the organization, procedure or practice requirements of the commission, that has the force and effect of law in the compacting states. See Maine Revised Statutes Title 24-A Sec. 2473
• State: means any state, district or territory of the United States of America. See Maine Revised Statutes Title 24-A Sec. 2473
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Third-party filer: means an entity that submits a product filing to the commission on behalf of an insurer. See Maine Revised Statutes Title 24-A Sec. 2473
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Uniform standard: means a standard adopted by the commission for a product line, pursuant to section 2478, and includes all of the product requirements in aggregate. See Maine Revised Statutes Title 24-A Sec. 2473
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
• Venue: The geographical location in which a case is tried.
• Warehouse: means a person engaged in the business of storing goods for hire. See Maine Revised Statutes Title 11 Sec. 7-1102
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72