Terms Used In Maine Revised Statutes > Title 24-A > Chapter 16 > Subchapter 1 - Scope of Chapter and Definitions

• Adjuster: means any individual who, as an independent contractor or as an employee of an independent contractor, or as an employee of another organization, for fee, commission or other compensation, investigates for, settles on behalf of and reports to an insurer, fraternal benefit society, workers' compensation self-insurer or insured relative to claims arising under the workers' compensation laws or other types of insurance contracts. See Maine Revised Statutes Title 24-A Sec. 1402
• Adjuster trainee: means any individual with less than one year total experience handling loss claims under insurance contracts or the workers' compensation laws who is not licensed in this State as an adjuster and who is employed by and subject to the immediate personal supervision of an adjuster who is licensed in this State and who has been established in the business of adjusting for 3 years or more. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• automated claims adjudication system: means a preprogrammed computer system designed for the collection, data entry, calculation and final resolution of portable electronic device insurance claims that is used by an adjuster, insurance producer or supervised individual operating pursuant to this paragraph; complies with all claims payment requirements of the Maine Insurance Code; and is certified as compliant with this paragraph by a licensed adjuster that is an officer of a business entity licensed under this chapter. See Maine Revised Statutes Title 24-A Sec. 1402
• 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}
• Business entity: means a corporation, association, partnership, limited liability company, limited liability partnership or other legal entity. See Maine Revised Statutes Title 24-A Sec. 1402
• Consultant: means any individual who, for a fee, advises or offers to advise any person insured or seeking insurance or named or to be named as beneficiary, or having or to have any interest in or insured under any property and casualty or life and health insurance contract or annuity contract, existing or proposed. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• Fiduciary: A trustee, executor, or administrator.
• 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
• Insurance producer: means a person required to be licensed under subchapter II?A to sell, solicit or negotiate insurance. See Maine Revised Statutes Title 24-A Sec. 1402
• License: means a document issued by the superintendent authorizing a person to act as an insurance producer, adjuster or consultant for kinds of insurance specified in the document as authorized in this chapter. See Maine Revised Statutes Title 24-A Sec. 1402
• Life and health consultant: means a person licensed as a consultant to advise on life contracts, annuity contracts and health insurance contracts. See Maine Revised Statutes Title 24-A Sec. 1402
• Multiple peril crop insurance adjuster: means a person who adjusts crop insurance claims under the federal crop insurance program administered by the United States Department of Agriculture. See Maine Revised Statutes Title 24-A Sec. 1402
• Nonresident: means a person other than a resident of this State. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• Property and casualty consultant: means a person licensed as a consultant to advise on any one or more of the following kinds of insurance: