Terms Used In Rhode Island General Laws > Chapter 5-16 - Laundries

• Amortization: Paying off a loan by regular installments.
• 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.
• Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
• 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}
• Commissioner: means the "director of the department of business regulation" or his or her designee. See Rhode Island General Laws 27-71-3
• Commissioner: shall mean the director of the department of business regulation or the health insurance commissioner, as appropriate. See Rhode Island General Laws 27-69-2
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: means a written or documented oral communication to the commissioner primarily expressing a grievance, meaning an expression of dissatisfaction. See Rhode Island General Laws 27-71-3
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Comprehensive market conduct examination: means a review of one or more lines of business of an insurer domiciled in this state that is not conducted for cause. See Rhode Island General Laws 27-71-3
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the department of business regulation. See Rhode Island General Laws 27-67-3
• Desk examination: means a targeted examination that is conducted by an examiner at a location other than the insurer's premises. See Rhode Island General Laws 27-71-3
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Health plan: shall mean "health insurance coverage" as defined in Rhode Island General Laws 27-69-2
• in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
• 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.
• 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.
• Licensing authorities: means the bureau or board of police commissioners of any city or town where that bureau or board of police commissioners is established; but where there is no bureau or board, it means the town council of a town and the city council of a city. See Rhode Island General Laws 5-16-1
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Mandated benefit law: shall mean any law of this state that requires provision of health insurance coverage for a specified service or payment to a specified type of healthcare provider, including, but not limited to, the benefits or services mandated in §Rhode Island General Laws 27-69-2
• Market analysis: means a process whereby market conduct surveillance personnel collect and analyze information from filed schedules, surveys, required reports, and other sources in order to develop a baseline and to identify patterns or practices of insurers licensed to do business in this state that deviate significantly from the norm or that may pose a potential risk to the insurance consumer. See Rhode Island General Laws 27-71-3
• Market conduct action: means any of the full range of activities that the commissioner may initiate to assess the market and practices of individual insurers, beginning with market analysis and extending to targeted examinations. See Rhode Island General Laws 27-71-3
• Market conduct examination: means the examination of the insurance operations of an insurer licensed to do business in this state in order to evaluate compliance with the applicable laws and regulations of this state. See Rhode Island General Laws 27-71-3
• Market conduct surveillance personnel: means those individuals employed or contracted by the commissioner to collect, analyze, review, or act on information on the insurance marketplace that identifies patterns or practices of insurers. See Rhode Island General Laws 27-71-3
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC market conduct uniform examination procedures: means the set of guidelines developed and adopted by the NAIC designed to be used by market conduct surveillance personnel in conducting an examination. See Rhode Island General Laws 27-71-3
• NAIC market regulation handbook: means a handbook, developed and adopted by the NAIC, or successor product, which:

  (i)  Outlines elements and objectives of market analysis and the process by which states can establish and implement market analysis programs; and

  (ii)  Sets up guidelines that document established practices to be used by market conduct surveillance personnel in developing and executing an examination. See Rhode Island General Laws 27-71-3

• NAIC standard data request: means the set of field names and descriptions developed and adopted by the NAIC for use by market conduct surveillance personnel in an examination. See Rhode Island General Laws 27-71-3
• 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.
• On-site examination: means a targeted examination conducted at the insurer's home office or the location where the records under review are stored. See Rhode Island General Laws 27-71-3
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means and includes a person, partnership, or corporation. See Rhode Island General Laws 5-16-1
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.
• Public laundry: means and includes any plant or equipment conducted or operated as a laundry for profit, and for which business is solicited from the general public, but does not mean or include a laundry operated exclusively for and in connection with a hospital, school, or other institution, hotel, boardinghouse, or private dwelling, nor a laundry operated by one institution that also serves another institution. See Rhode Island General Laws 5-16-1
• Qualified contract examiner: means a person under contract to the commissioner, who is qualified by education, experience, and, where applicable, professional designations, to perform market conduct actions. See Rhode Island General Laws 27-71-3
• real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
• risk manager: means a full-time employee of, or a person certified and licensed and retained by, an exempt commercial policyholder who is qualified through: (1) education and experience; or (2) training and experience; to assess an exempt commercial policyholder's insurance needs and analyze and negotiate a policy of insurance and having primary responsibility or oversight of the risk management activities/function of an exempt commercial policyholder. See Rhode Island General Laws 27-65-2
• seal: shall be construed to include an impression of the seal made with or without the use of wax or wafer on the paper. See Rhode Island General Laws 43-3-15
• Service of process: The service of writs or summonses to the appropriate party.
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Targeted examination: means a focused exam conducted for cause, based on the results of market analysis indicating the need to review either a specific line of business or specific business practices, including but not limited to, underwriting and rating, marketing and sales, complaint handling operations/management, advertising materials, licensing, policyholder services, nonforfeitures, claims handling, or policy forms and filings. See Rhode Island General Laws 27-71-3
• Third-party model or product: means a model or product provided by an entity separate from and not under direct or indirect corporate control of the insurer using the model or product. See Rhode Island General Laws 27-71-3
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• town: may be construed to include city; the words "town council" include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• town council: include city council; the words "town clerk" include city clerk; the words "ward clerk" include clerk of election district; the words "town treasurer" include city treasurer; and the words "town sergeant" include city sergeant. See Rhode Island General Laws 43-3-9
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8