Maine Revised Statutes > Title 24-A > Chapter 57 > Subchapter 3 – Maine Insurance Guaranty Association
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 57 > Subchapter 3 - Maine Insurance Guaranty Association
- Account: means any one of the 3 accounts created by section 4436. See Maine Revised Statutes Title 24-A Sec. 4435
- 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.
- 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 created under section 4436. See Maine Revised Statutes Title 24-A Sec. 4435
- Board of directors: means the board of directors of the association. See Maine Revised Statutes Title 24-A Sec. 4435
- 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.
- Covered claim: means an unpaid claim, including one for unearned premiums but excluding one for punitive damages, arising under and within the coverage and applicable limits of a policy of a kind of insurance referred to in section 4433 to which this subchapter applies issued by an insurer that becomes an insolvent insurer after May 9, 1970, and where:
A. See Maine Revised Statutes Title 24-A Sec. 4435Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. 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 Germane: On the subject of the pending bill or other business; a strict standard of relevance. in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 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 Insolvent insurer: means a member insurer:
A. See Maine Revised Statutes Title 24-A Sec. 4435Insurer: means any insurer as defined in section 4. See Maine Revised Statutes Title 24-A Sec. 4435 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. Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Line of credit: means an irrevocable stand-by commitment whereby the association or member insurer and a qualified financial institution or group of qualified financial institutions enter into a formal and binding contract in which the qualified financial institution or group of qualified financial institutions agree to lend a certain amount of money within a stated period of time. See Maine Revised Statutes Title 24-A Sec. 4435 Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72 Member insurer: means any authorized insurer that writes any kind of insurance to which this subchapter applies and that is not a risk retention group as defined in section 6093, subsection 13. See Maine Revised Statutes Title 24-A Sec. 4435 Net direct written premiums: means direct gross premiums written on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See Maine Revised Statutes Title 24-A Sec. 4435 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 an individual or legal entity, including a governmental entity. See Maine Revised Statutes Title 24-A Sec. 4435 Personal property: All property that is not real property. Qualified financial institution: means one which is insured by the Federal Deposit Insurance Corporation, Federal Savings and Loan Insurance Corporation or a successor federal deposit insurance agency or agencies, and has an equity capital to assets ratio of 6. See Maine Revised Statutes Title 24-A Sec. 4435 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Verdict: The decision of a petit jury or a judge. Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72