Maine Revised Statutes Title 24-A Sec. 4605-A – Definitions
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 4605-A
- Account: means any one of the 3 accounts created under section 4606. See Maine Revised Statutes Title 24-A Sec. 4605-A
- 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.
- Association: means the Maine Life and Health Insurance Guaranty Association created under section 4606. See Maine Revised Statutes Title 24-A Sec. 4605-A
- authorized: when used in the context of assessments means that a resolution by the board of directors of the association has been passed whereby an assessment will be called immediately or in the future from member insurers for a specified amount; an assessment is authorized when the resolution is passed. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Benefit plan: means a specific employee, union or association of natural persons benefit plan. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Board of directors: means the board of directors of the association. See Maine Revised Statutes Title 24-A Sec. 4605-A
- called: when used in the context of assessments means that a notice has been issued by the association to member insurers requiring that an authorized assessment be paid within the time frame set forth within the notice; an authorized assessment becomes a called assessment when notice is mailed by the association to member insurers. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Contract: A legal written agreement that becomes binding when signed.
- Contractual obligation: means an obligation under a policy or contract or certificate under a group policy or contract, or portion thereof, for which coverage is provided under section 4603. See Maine Revised Statutes Title 24-A Sec. 4605-A
- 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.
- covered policy or contract: means a policy or contract or portion of a policy or contract for which coverage is provided under section 4603. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Extra-contractual claims: includes , for example, claims relating to bad faith in the payment of claims, punitive or exemplary damages or attorney's fees and costs. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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
- Impaired insurer: means a member insurer that, after the effective date of this section, is not an insolvent insurer and is placed under an order of rehabilitation or conservation by a court of competent jurisdiction. See Maine Revised Statutes Title 24-A Sec. 4605-A
- Insolvent insurer: means a member insurer that, after the effective date of this section, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency. See Maine Revised Statutes Title 24-A Sec. 4605-A
- 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.
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Member insurer: means an insurer or health maintenance organization that is licensed or that holds a certificate of authority to transact in this State any kind of insurance, annuity or health maintenance organization business for which coverage is provided under section 4603 and includes an insurer or health maintenance organization whose license or certificate of authority in this State may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2017, c. 382, §13 (AMD).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2017, c. 382, §13 (AMD).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2017, c. 382, §13 (AMD).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]
[PL 2005, c. 346, §5 (NEW); PL 2005, c. 346, §16 (AFF).]