Maine Revised Statutes > Title 24-A > Chapter 29 – Life Insurance and Annuity Contracts
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 29 - Life Insurance and Annuity Contracts
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Adverse claim: means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer or deal with the financial asset. See Maine Revised Statutes Title 11 Sec. 8-1102
- Allegation: something that someone says happened.
- ambulatory surgical facility: means a facility with a primary purpose of providing elective surgical care to a patient who is admitted to and discharged from the facility within the same day. See Maine Revised Statutes Title 22 Sec. 1812-E
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Arrest: Taking physical custody of a person by lawful authority.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bailee: means a person that by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them. See Maine Revised Statutes Title 11 Sec. 7-1102
- 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
- Broker: means a person defined as a broker or dealer under the federal securities laws, but without excluding a bank acting in that capacity. See Maine Revised Statutes Title 11 Sec. 8-1102
- Carrier: means a person that issues a bill of lading. See Maine Revised Statutes Title 11 Sec. 7-1102
- Certificated security: means a security that is represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
- Clearing corporation: means : (i) A person that is registered as a "clearing agency" under the federal securities laws;(ii) A federal reserve bank; or(iii) Any other person that provides clearance or settlement services with respect to financial assets that would require it to register as a clearing agency under the federal securities laws but for an exclusion or exemption from the registration requirement, if its activities as a clearing corporation, including adoption of rules, are subject to regulation by a federal or state governmental authority. See Maine Revised Statutes Title 11 Sec. 8-1102
- Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
- Communicate: means to:
(i) Send a signed writing; or(ii) Transmit information by any mechanism agreed upon by the persons transmitting and receiving the information. See Maine Revised Statutes Title 11 Sec. 8-1102- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Consignee: means a person named in a bill of lading to which or to whose order the bill promises delivery. See Maine Revised Statutes Title 11 Sec. 7-1102
- Consignor: means a person named in a bill of lading as the person from which the goods have been received for shipment. See Maine Revised Statutes Title 11 Sec. 7-1102
- Conviction: A judgement of guilt against a criminal defendant.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Delivery order: means a record that contains an order to deliver goods directed to a warehouse, carrier or other person that in the ordinary course of business issues warehouse receipts or bills of lading. See Maine Revised Statutes Title 11 Sec. 7-1102
- Department: means the Department of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
- Dependent: A person dependent for support upon another.
- Disallowed expenditure: means an amount paid to any person for those acts or services rendered, which result in:
A. See Maine Revised Statutes Title 22 Sec. 1862- Donor: The person who makes a gift.
- 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.
- Entitlement holder: means a person identified in the records of a securities intermediary as the person having a security entitlement against the securities intermediary. See Maine Revised Statutes Title 11 Sec. 8-1102
- Entitlement order: means a notification communicated to a securities intermediary directing transfer or redemption of a financial asset to which the entitlement holder has a security entitlement. See Maine Revised Statutes Title 11 Sec. 8-1102
- 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
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Financial asset: except as otherwise provided in section 8?1103, means:
(i) A security;(ii) An obligation of a person or a share, participation or other interest in a person or in property or an enterprise of a person that is, or is of a type, dealt in or traded on financial markets or that is recognized in any area in which it is issued or dealt in as a medium for investment; or(iii) Any property that is held by a securities intermediary for another person in a securities account if the securities intermediary has expressly agreed with the other person that the property is to be treated as a financial asset under this Article. See Maine Revised Statutes Title 11 Sec. 8-1102- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Maine Revised Statutes Title 11 Sec. 7-1102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Maine Revised Statutes Title 11 Sec. 7-1102
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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.
- Health care institution: means any person, partnership, association or corporation, including county or local government unit, required to obtain a license pursuant to chapter 405. See Maine Revised Statutes Title 22 Sec. 1862
- 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
- Indorsement: means a signature that alone or accompanied by other words is made on a security certificate in registered form or on a separate document for the purpose of assigning, transferring or redeeming the security or granting a power to assign, transfer or redeem it. See Maine Revised Statutes Title 11 Sec. 8-1102
- Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Instruction: means a notification communicated to the issuer of an uncertificated security that directs that the transfer of the security be registered or that the security be redeemed. See Maine Revised Statutes Title 11 Sec. 8-1102
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Maine Revised Statutes Title 11 Sec. 7-1102
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Minority: when used in reference to age shall mean under the age of 18. See Maine Revised Statutes Title 1 Sec. 72
- Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72
- Municipal officers: means the mayor and municipal officers or councilors of a city, the members of the select board or councilors of a town and the assessors of a plantation. See Maine Revised Statutes Title 1 Sec. 72
- Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
- 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.
- Person: means any person, partnership, association or corporation engaged or employed by a health care institution. See Maine Revised Statutes Title 22 Sec. 1862
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Probate: Proving a will
- Proportional share: means the revenue received from the State during the previous 12 months, divided by the sum of revenue received from the State, 3rd party payors and patients during the corresponding 12 months. See Maine Revised Statutes Title 22 Sec. 1862
- Quorum: The number of legislators that must be present to do business.
- Securities intermediary: means :
(i) A clearing corporation; or(ii) A person, including a bank or broker, that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. See Maine Revised Statutes Title 11 Sec. 8-1102- Security: except as otherwise provided in section 8?1103, means an obligation of an issuer or a share, participation or other interest in an issuer or in property or an enterprise of an issuer:
(i) That is represented by a security certificate in bearer or registered form or the transfer of which may be registered upon books maintained for that purpose by or on behalf of the issuer;(ii) That is one of a class or series or by its terms is divisible into a class or series of shares, participations, interests or obligations; and(iii) That:(A) Is, or is of a type, dealt in or traded on securities exchanges or securities markets; or(B) Is a medium for investment and by its terms expressly provides that it is a security governed by this Article. See Maine Revised Statutes Title 11 Sec. 8-1102- Security certificate: means a certificate representing a security. See Maine Revised Statutes Title 11 Sec. 8-1102
- Security entitlement: means the rights and property interest of an entitlement holder with respect to a financial asset specified in Part 5. See Maine Revised Statutes Title 11 Sec. 8-1102
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
- Uncertificated security: means a security that is not represented by a certificate. See Maine Revised Statutes Title 11 Sec. 8-1102
- Under age: means under the age of 18. See Maine Revised Statutes Title 1 Sec. 72
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
- Warehouse: means a person engaged in the business of storing goods for hire. See Maine Revised Statutes Title 11 Sec. 7-1102