Maine Revised Statutes > Title 24-A > Chapter 9 > Subchapter 5 – Assumption Reinsurance
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Terms Used In Maine Revised Statutes > Title 24-A > Chapter 9 > Subchapter 5 - Assumption Reinsurance
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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.
- Assuming insurer: means the insurer that acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. See Maine Revised Statutes Title 24-A Sec. 761
- Assumption reinsurance agreement: means a contract that both:
A. See Maine Revised Statutes Title 24-A Sec. 761Contract: A legal written agreement that becomes binding when signed. Contract of insurance: means a written agreement between an insurer and policyholder pursuant to which the insurer, in exchange for premium or other consideration, agrees to assume an obligation or risk of the policyholder or to make payments on behalf of, or to, the policyholder or its beneficiaries. See Maine Revised Statutes Title 24-A Sec. 761 Home service business: means insurance business on which premiums are collected on a weekly or monthly basis by an agent of the insurer. See Maine Revised Statutes Title 24-A Sec. 761 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. Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72 Notice of transfer: means the written notice to policyholders required by section 764, subsection 1. See Maine Revised Statutes Title 24-A Sec. 761 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. Policyholder: means an individual or entity that has the right to terminate or otherwise alter the terms of a contract of insurance. See Maine Revised Statutes Title 24-A Sec. 761 registered mail: when used in connection with any requirement for notice by mail shall mean either registered mail or certified mail. See Maine Revised Statutes Title 1 Sec. 72 Transferring insurer: means the insurer that transfers an insurance obligation risk to an assuming insurer pursuant to an assumption reinsurance agreement. See Maine Revised Statutes Title 24-A Sec. 761 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72