Terms Used In Maine Revised Statutes > Title 24-A > Chapter 16 > Subchapter 2-A - Maine Producer Licensing Act

• Allegation: something that someone says happened.
• 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.
• 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. 1420-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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• 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
• Home state: means the District of Columbia and any state or territory of the United States that is the location of an insurance producer's principal place of residence or principal place of business, and in which that person is licensed to act as an insurance producer. See Maine Revised Statutes Title 24-A Sec. 1420-A
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Insurance producer: means a person required to be licensed under the laws of this State to sell, solicit or negotiate insurance. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Insurer: means a person engaged in the business of entering into contracts of insurance, as defined in section 3, and includes a health maintenance organization, fraternal benefit society, nonprofit hospital or medical service organization, viatical settlement provider or risk retention group. See Maine Revised Statutes Title 24-A Sec. 1420-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.
• License: means a document issued by the superintendent authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Limited line credit insurance: includes credit life, credit disability, credit property, credit unemployment, involuntary unemployment, mortgage life, mortgage guaranty, mortgage disability, guaranteed automobile protection insurance and any other form of insurance offered in connection with an extension of credit that is limited to partially or wholly extinguishing that credit obligation that the superintendent determines should be designated a form of limited line credit insurance. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Limited line credit insurance producer: means a person who sells, solicits or negotiates one or more forms of limited line credit insurance coverage to individuals through a master, corporate, group or individual policy. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Limited lines insurance: means those lines of insurance defined as limited lines in section 1420?F, subsection 1 or any other line of insurance that the superintendent determines necessary to recognize for the purposes of complying with section 1420?G, subsection 5. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Limited lines producer: means a person authorized by the superintendent to sell, solicit or negotiate limited lines insurance. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Association of Insurance Commissioners: means the National Association of Insurance Commissioners or its successor organization of insurance regulators. See Maine Revised Statutes Title 24-A Sec. 15
• Negotiate: means the act of conferring directly with or offering advice directly to a purchaser or prospective purchaser of a particular contract of insurance concerning any of the substantive benefits, terms or conditions of the contract, provided that the person engaged in that act either sells insurance or obtains insurance from insurers for purchasers. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Nonresident: means a person other than a resident of this State. See Maine Revised Statutes Title 24-A Sec. 1402
• 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.
• 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 an individual or a business entity. See Maine Revised Statutes Title 24-A Sec. 1420-A
• Personal property: All property that is not real property.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Resident: means any of the following: