Terms Used In Maine Revised Statutes > Title 24-A > Chapter 18 - Insurance Administrators

• administrator: includes any administrator of a preferred provider arrangement required to register under this chapter pursuant to section 2674?A. See Maine Revised Statutes Title 24-A Sec. 1901
• Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• ATF: means an administrator trust fund that is a special fiduciary account, established and maintained by an administrator under section 1909, in which contributions and premiums are deposited. See Maine Revised Statutes Title 24-A Sec. 1901
• 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}
• CASA: means a claims administration services account that is a special fiduciary account, established and maintained by an administrator under section 1909, from which claims and claims adjustment expenses are disbursed. See Maine Revised Statutes Title 24-A Sec. 1901
• Charges: means any compensation paid by a plan sponsor, health care service plan, health maintenance organization or insurer for services performed by the administrator. See Maine Revised Statutes Title 24-A Sec. 1901
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Consumer lease: means a lease that a lessor regularly engaged in the business of leasing or selling makes to a lessee who is an individual and who takes under the lease primarily for a personal, family or household purpose, if the total payments to be made under the lease contract, excluding payments for options to renew or buy, do not exceed $25,000. See Maine Revised Statutes Title 11 Sec. 2-1103
• Contract: A legal written agreement that becomes binding when signed.
• Contributions: means the value of funds that have been provided or are to be applied by a plan sponsor or other entity to fund the self-insured portion of any plan, or premiums charged to a plan sponsor or other entity by an insurer for coverage under contracts of insurance or excess insurance. See Maine Revised Statutes Title 24-A Sec. 1901
• Conviction: A judgement of guilt against a criminal defendant.
• Covered individual: means any individual eligible for life, annuity, workers' compensation or health benefits under a plan. See Maine Revised Statutes Title 24-A Sec. 1901
• 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
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• facility: means a production or utilization facility situated in this State that holds an operating permit or license issued by the United States Nuclear Regulatory Commission. See Maine Revised Statutes Title 22 Sec. 662
• Fault: means wrongful act, omission, breach or default. See Maine Revised Statutes Title 11 Sec. 2-1103
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Finance lease: means a lease with respect to which:
  (i) The lessor does not select, manufacture or supply the goods;
  (ii) The lessor acquires the goods or the right to possession and use of the goods in connection with the lease; and
  (iii) One of the following occurs:

  (A) The lessee receives a copy of the contract by which the lessor acquired the goods or the right to possession and use of the goods before signing the lease contract;

  (B) The lessee's approval of the contract by which the lessor acquired the goods or the right to possession and use of the goods is a condition to effectiveness of the lease contract;

  (C) The lessee, before signing the lease contract, receives an accurate and complete statement designating the promises and warranties, and any disclaimers of warranties, limitations or modifications of remedies, or liquidated damages, including those of a third party, such as the manufacturer of the goods, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; or

  (D) If the lease is not a consumer lease, the lessor, before the lessee signs the lease contract, informs the lessee in writing: of the identity of the person supplying the goods to the lessor, unless the lessee has selected that person and directed the lessor to acquire the goods or the right to possession and use of the goods from that person; that the lessee is entitled under this Article to the promises and warranties, including those of any third party, provided to the lessor by the person supplying the goods in connection with or as part of the contract by which the lessor acquired the goods or the right to possession and use of the goods; and that the lessee may communicate with the person supplying the goods to the lessor and receive an accurate and complete statement of those promises and warranties, including any disclaimers and limitations of them or of remedies. See Maine Revised Statutes Title 11 Sec. 2-1103
• Goods: means all things that are movable at the time of identification to the lease contract including mobile homes, or are fixtures (section 2?1309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See Maine Revised Statutes Title 11 Sec. 2-1103
• 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
• 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.
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this Article. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this Article and any other applicable rules of law. See Maine Revised Statutes Title 11 Sec. 2-1103
• Leasehold interest: means the interest of the lessor or the lessee under a lease contract. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Lien: means a charge against or interest in goods to secure payment of a debt or performance of an obligation, but the term does not include a security interest. See Maine Revised Statutes Title 11 Sec. 2-1103
• Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• Plan: means any plan, fund or program established or maintained by a plan sponsor, health care service plan, health maintenance organization or insurer to the extent that the plan, fund or program was established or is maintained to provide through insurance or alternatives to insurance any type of life, annuity, health or workers' compensation benefit within the scope of sections 702 to 704, former Title 39 or Title 39?A. See Maine Revised Statutes Title 24-A Sec. 1901
• Plan sponsor: means any person, other than an insurer, who establishes or maintains a plan covering residents of this State, including, but not limited to, plans established or maintained by 2 or more employers or jointly by one or more employers and one or more employee organizations, the association, committee, joint board of trustees or other similar group of representatives of the parties that establish or maintain the plan. See Maine Revised Statutes Title 24-A Sec. 1901
• premium: includes amounts paid by or charged to a covered individual plan sponsor or other entity for stop loss or excess insurance. See Maine Revised Statutes Title 24-A Sec. 1901
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods. See Maine Revised Statutes Title 11 Sec. 2-1103
• Quasi-resident: means a nonresident licensee who receives or collects 50% or more of calendar year contributions, premium volume or other funds subject to administration from plan sponsors or insureds resident in this State. See Maine Revised Statutes Title 24-A Sec. 1901
• Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See Maine Revised Statutes Title 11 Sec. 2-1103
• Trustee: A person or institution holding and administering property in trust.