Terms Used In Tennessee Code 49-7-810

• 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}
• beneficiary: means an individual designated under a tuition contract as the individual entitled to apply tuition units purchased under the contract to the payment of that individual's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802
• Board: means the board of trustees of the college savings trust fund program described in this part. See Tennessee Code 49-7-802
• Contract: A legal written agreement that becomes binding when signed.
• Educational services plan: means a plan that permits individuals, associations, corporations, trusts or other organized entities to purchase a tuition unit or units under a tuition contract entered into between a purchaser and the board on behalf of a designated beneficiary that entitles the beneficiary to apply such units to the payment of that beneficiary's undergraduate, graduate and professional tuition, and other educational costs. See Tennessee Code 49-7-802
• Program: means the college savings trust fund program created in this part. See Tennessee Code 49-7-802
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Tuition: means the charges imposed to attend an institution of higher education as an undergraduate, graduate or professional student and all fees required as a condition of enrollment as determined by the board. See Tennessee Code 49-7-802
• Tuition contract: means a contract entered into under this part by the board and a purchaser to provide for the payment of tuition and other educational costs, through either the educational savings plan or the educational services plan. See Tennessee Code 49-7-802
• Tuition unit: means a unit of the educational services plan purchased under §. See Tennessee Code 49-7-802
• Weighted average tuition: means the tuition cost resulting from the following calculation:
  (A) Add the products of the annual undergraduate tuition at each Tennessee four-year public university multiplied by that institution's total number of undergraduate full-time equivalent students. See Tennessee Code 49-7-802