Terms Used In Rhode Island General Laws > Chapter 27-4.10 - Mandatory Disclosure of Alternatives to Lapse or Surrender

• Agent: means a person who is the agent of record of a policy or who has a business relationship with the policyholder or insured. See Rhode Island General Laws 27-4.10-1
• Commissioner: means the director of the department of business regulation and any assistant to the director. See Rhode Island General Laws 27-4.10-1
• Contract: A legal written agreement that becomes binding when signed.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Insured: means an individual who is covered by a policy. See Rhode Island General Laws 27-4.10-1
• Insurer: means the insurance company that issued or currently insures the policy. See Rhode Island General Laws 27-4.10-1
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Policy: means an individual life insurance policy owned by an individual who is a resident of this state, regardless of whether the policy has been issued, delivered, or renewed in this state. See Rhode Island General Laws 27-4.10-1
• 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.