Terms Used In Maine Revised Statutes > Title 24-A > Chapter 16 > Subchapter 5 - Consultants

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• consultant: as used in this subchapter , means both property and casualty consultants and life and health consultants as defined in section 1402. See Maine Revised Statutes Title 24-A Sec. 1461
• Contract: A legal written agreement that becomes binding when signed.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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
• Property and casualty consultant: means a person licensed as a consultant to advise on any one or more of the following kinds of insurance: