Terms Used In Rhode Island General Laws > Chapter 5-8.1 - Land Surveyors

• Affiliate: means a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the person specified. See Rhode Island General Laws 27-6.1-3
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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
• Allegation: something that someone says happened.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• 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 and any assistant to the director. See Rhode Island General Laws 27-4.10-1
• 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: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Corrective order: means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required. See Rhode Island General Laws 27-4.6-1
• Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) ^{Source: OCC}
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Decedent: A deceased person.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Director: means the director of business regulation;

  (2)  "Insured" means the party named on a policy or certificate as the individual with legal rights to the benefits provided by the policy;

  (3)  "Insurer" means any person, reciprocal exchange, inter-insurer, Lloyds insurer, fraternal benefit society, and any other legal entity engaged in the business of insurance, including insurance producers, adjusters and third party administrators. See Rhode Island General Laws 27-9.1-2

• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Domestic insurer: means any insurance company domiciled in this state. See Rhode Island General Laws 27-4.6-1
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• 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}
• 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.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Foreign insurer: means any insurance company licensed to do business in this state under chapter 2 of this title but is not domiciled in this state. See Rhode Island General Laws 27-4.6-1
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• 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
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance binder: means a written temporary contract of insurance authorized by an insurer issued prior to the insurance policy that includes:

  (i)  The name and address of the insured and any additional named insureds, mortgagees, or lienholders;

  (ii)  A description of the property insured;

  (iii)  A description of the nature and amount of coverage;

  (iv)  The identity of the insurer and of the authorized representative executing the binder;

  (v)  The effective and expiration date of coverage; and

  (vi)  The binder number or the policy number where applicable to a policy extension. See Rhode Island General Laws 27-9.4-3

• Insurance policy: means a contract of insurance describing the term, coverage, premiums, and deductibles. See Rhode Island General Laws 27-9.4-3
• Insurance producer: means a person or entity (or its affiliates) required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Rhode Island General Laws 27-6.1-3
• Insured: means an individual who is covered by a policy. See Rhode Island General Laws 27-4.10-1
• Insured: means the person, group, or property for which an insurance policy is issued. See Rhode Island General Laws 27-9.4-3
• Insurer: means the insurance company that issued or currently insures the policy. See Rhode Island General Laws 27-4.10-1
• Insurer: means an insurance company, association, or exchange authorized to issue lender-placed insurance in this state (or its affiliates). See Rhode Island General Laws 27-6.1-3
• Insurer: means any organization that issues property or casualty insurance. See Rhode Island General Laws 27-9.4-3
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Investor: means a person or entity (and its affiliates) holding a beneficial interest in loans secured by real property. See Rhode Island General Laws 27-6.1-3
• 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.
• Lapse: means the moment in time in which a mortgagor has failed to secure or maintain valid and/or sufficient insurance upon mortgaged real property as required by a mortgage agreement. See Rhode Island General Laws 27-6.1-3
• Lender: means a person or entity (and its affiliates) making loans secured by an interest in real property. See Rhode Island General Laws 27-6.1-3
• Lender-placed insurance: means insurance obtained by a lender or servicer when a mortgagor does not maintain valid and/or sufficient insurance upon mortgaged real property as required by the terms of the mortgage agreement. See Rhode Island General Laws 27-6.1-3
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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.
• Loss ratio: means the ratio of incurred losses to earned premium. See Rhode Island General Laws 27-6.1-3
• Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage agreement: means the written document that sets forth an obligation or a liability of any kind secured by a lien on real property and due from, owing, or incurred by a mortgagor to a lender on account of a mortgage loan, including the security agreement, deed of trust, and any other document of similar effect, and any other documents incorporated by reference. See Rhode Island General Laws 27-6.1-3
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means a loan, advance, guarantee, or other extension of credit from a lender to a mortgagor. See Rhode Island General Laws 27-6.1-3
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means the person who is obligated on a mortgage loan pursuant to a mortgage agreement. See Rhode Island General Laws 27-6.1-3
• NAIC: means the National Association of Insurance Commissioners. See Rhode Island General Laws 27-4.6-1
• Negative trend: means , with respect to a life and/or health insurer, negative trend over a period of time, as determined in accordance with the "trend test calculation" included in the RBC instructions. See Rhode Island General Laws 27-4.6-1
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• 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.
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• 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 an individual or entity. See Rhode Island General Laws 27-6.1-3
• Person: means any natural or artificial entity, including, but not limited to, individuals, partnerships, associations, trusts, or corporations; and

  (5)  "Policy" or "certificate" means any contract of insurance, indemnity, medical, health or hospital service, or annuity issued. See Rhode Island General Laws 27-9.1-2

• 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.
• Physician: as used in this chapter means medical doctor, surgeon, dentist, chiropractor, osteopath, podiatrist and optometrist. See Rhode Island General Laws 27-9.2-4
• Plaintiff: The person who files the complaint in a civil lawsuit.
• 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
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property and casualty insurer: means all other insurance companies licensed under chapters 1 or 2 of this title but shall not include mono-line mortgage guaranty insurers, financial guaranty insurers and title insurers. See Rhode Island General Laws 27-4.6-1
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Quorum: The number of legislators that must be present to do business.
• RBC instructions: means the RBC report including risk-based capital instructions adopted by the NAIC, as the RBC instructions may be amended by the NAIC in accordance with the procedures adopted by the NAIC. See Rhode Island General Laws 27-4.6-1
• RBC plan: means a comprehensive financial plan containing the elements specified in Rhode Island General Laws 27-4.6-1
• RBC report: means the report required in Rhode Island General Laws 27-4.6-1
• 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
• Real estate owned property: means property owned or held by a lender or servicer following foreclosure under the related mortgage agreement or the acceptance of a deed in lieu of foreclosure. See Rhode Island General Laws 27-6.1-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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.
• servicer: includes entities involved in subservicing arrangements. See Rhode Island General Laws 27-6.1-3
• 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.
• Statute: A law passed by a legislature.
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Subpoena: A command to a witness to appear and give testimony.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• 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.
• Total adjusted capital: means the sum of:

  (i)  An insurer's statutory capital and surplus; and

  (ii)  Those other items, if any, as the RBC instructions may provide. See Rhode Island General Laws 27-4.6-1

• 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
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• trend test calculation: include d in the RBC instructions. See Rhode Island General Laws 27-4.6-1
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• 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