Terms Used In Maine Revised Statutes > Title 24-A > Chapter 26 - the Workers' Compensation Residual Market Deficit Resolution and Recovery Act

• Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the Maine Insurance Guaranty Association. See Maine Revised Statutes Title 24-A Sec. 2392
• 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}
• Board: means the governing board of the Maine Workers' Compensation Residual Market Pool. See Maine Revised Statutes Title 24-A Sec. 2392
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Delinquent insurer: means an insurer that has not timely paid in full that insurer's allocated share pursuant to section 2393, subsection 1, paragraph A, subparagraphs (1) or (2) or section 2393, subsection 1, paragraph B, subparagraphs (1) to (5), except as provided in section 2393, subsection 1, paragraph A, subparagraph (3), division (d) and section 2393, subsection 1, paragraph B, subparagraph (6), division (d). See Maine Revised Statutes Title 24-A Sec. 2392
• Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Employer: means any employer in the State that, at any time relevant under this chapter, is required under the Workers' Compensation Act to secure workers' compensation benefits for its employees. See Maine Revised Statutes Title 24-A Sec. 2392
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Expense constant: means a premium charge approved by the superintendent that applies to every policy, in addition to other premium charges, covering expenses such as those for issuing, recording and auditing that are common to all workers' compensation policies regardless of premium size. See Maine Revised Statutes Title 24-A Sec. 2392
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Fraud: Intentional deception resulting in injury to another.
• Fresh start period: means the period from January 1, 1988 to December 31, 1992. See Maine Revised Statutes Title 24-A Sec. 2392
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Initial surcharge period: means the period from July 1, 1995 to June 30, 2003. See Maine Revised Statutes Title 24-A Sec. 2392
• Insured employer: means an employer in the State that, on or after July 1, 1995, secures or continues to secure workers' compensation benefits under the Workers' Compensation Act for its employees through the purchase of an insurance policy. See Maine Revised Statutes Title 24-A Sec. 2392
• Insurer: means every insurer or group of affiliated insurers authorized to provide workers' compensation insurance in the State at any time during the fresh start period. See Maine Revised Statutes Title 24-A Sec. 2392
• Large deductible policy: means a workers' compensation policy written with a per occurrence deductible in excess of $5,000 or a medical deductible in excess of $500. See Maine Revised Statutes Title 24-A Sec. 2392
• Lien: A claim against real or personal property in satisfaction of a debt.
• live birth: as used in this chapter , shall mean a product of conception after complete expulsion or extraction from its mother, irrespective of the duration of pregnancy, which breathes or shows any other evidence of life such as beating of the heart, pulsation of the umbilical cord or definite movement of voluntary muscles, whether or not the umbilical cord has been cut or the placenta is attached. See Maine Revised Statutes Title 22 Sec. 1595
• Major insurer: means any insurer that was designated by the superintendent as a servicing carrier in the workers' compensation residual market in the State as of October 1, 1986. See Maine Revised Statutes Title 24-A Sec. 2392
• manual premium: means the workers' compensation premium that would have been applicable to the individual self-insured employer if calculated using the advisory loss costs in effect at the time the surcharge is due multiplied by 1. See Maine Revised Statutes Title 24-A Sec. 2392
• Minor insurer: means any insurer other than a major insurer. See Maine Revised Statutes Title 24-A Sec. 2392
• Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
• Net direct written premium: means the Maine direct gross premiums charged less all return premiums, except dividends and savings refunded under participating policies, returned to policyholders for all Workers' Compensation and Occupational Disease Insurance written in this State. See Maine Revised Statutes Title 24-A Sec. 2392
• 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.
• Plan year: means , for an employer, the period beginning on the self-insured employer's plan approval or renewal date and ending the day before the next plan renewal or anniversary date. See Maine Revised Statutes Title 24-A Sec. 2392
• Policy year: means the following: