Terms Used In Vermont Statutes > Title 3 > Chapter 16 > Subchapter 2 - Employees of Political Subdivisions

• Account: means any one of the three accounts created under section 3613 of this title. See
• Active ingredient: means :

• Admitted assets: means assets permitted to be reported as admitted assets on the annual statutory financial statement of the insurer for the next preceding year or as shown by a current financial statement. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• Agency: means the Agency of Agriculture, Food and Markets. See
• 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.
• Amortization: Paying off a loan by regular installments.
• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Antidote: means the most practical immediate treatment in case of poisoning and includes first aid treatment. See
• 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.
• Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
• Appraisal: A determination of property value.
• appraised value: when used in connection with real estate shall refer to appraisals made or examined and approved by an insurer or its agents. See
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• assessment: means a confidential, internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group and conducted by that insurer or insurance group, of the material and relevant risks associated with the insurer's or insurance group's current business plan and the sufficiency of capital resources to support those risks. See
• Asset-backed security: means a security or other instrument, excluding a mutual fund, evidencing an interest in, or the right to receive payments from, or payable from distributions on, an admitted asset, a pool of admitted assets, or specifically divisible cash flows which are legally transferred to a trust or another special purpose bankruptcy-remote business entity, on the following conditions:

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Association: means the Vermont Property and Casualty Insurance Guaranty Association created under section 3613 of this title. See
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• business entity: includes a sole proprietorship, corporation, limited liability company, association, partnership, joint stock company, joint venture, mutual fund, trust, joint tenancy, or other similar form of business organization, whether organized for profit or not for profit. See
• Canada: means Canada, any province of Canada, or any political subdivision of Canada. See
• Cap: means an agreement obligating the seller to make payments to the buyer, with each payment based on the amount by which a reference price or level or the performance or value of one or more underlying interests exceeds a predetermined number, sometimes called the strike rate or strike price. See
• Commissioner: means the Commissioner of Financial Regulation. See
• 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.
• Consumer commodity: means any food, drug, device, or cosmetic and other article, product, or commodity of any other kind or class, except for drugs sold only by prescription:

• 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.
• Council: means the Livestock Care Standards Advisory Council. See
• Covered: means that an insurer owns or can immediately acquire, through the exercise of options, warrants, or conversion rights already owned, the underlying interest in order to fulfill or secure its obligations under a call option, cap, or floor it has written or has set aside under a custodial or escrow agreement cash or cash equivalents with a market value equal to the amount required to fulfill its obligations under a put option it has written, in an income generation transaction. See
• Covered claim: means an unpaid claim, including a claim for unearned premiums:

• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defoliant: means any substance produced, distributed, or used for causing the foliage to drop from a plant, with or without causing abscission. See
• Dependent: A person dependent for support upon another.
• Derivative instrument: means an agreement, option, instrument, or a series or combination thereof:

• Derivative transaction: means a transaction involving the use of one or more derivative instruments. See
• Desiccant: means any substance produced, distributed, or used for artificially accelerating the drying of plant tissues. See
• Direct: when used in connection with "obligation" means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
• 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: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Domestic jurisdiction: means the United States, any state of the United States, or any political subdivision of any of the foregoing. See
• Donor: The person who makes a gift.
• Economic poison: means :

• Employee: shall mean any regular officer or employee who is employed for not less than 40 calendar weeks in a year, other than a person engaged under retainer or special agreement. See
• Employer: shall mean any political subdivision of the State of Vermont and the Vermont National Guard as to employees thereof hired under 32 U. See
• 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}
• Equity interest: means any of the following that are not rated credit instruments:

• 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.
• Executor: A male person named in a will to carry out the decedent
• 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.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Floor: means an agreement obligating the seller to make payments to the buyer in which each payment is based on the amount by which a predetermined number, sometimes called the floor rate or price, exceeds a reference price, level, performance, or value of one or more underlying interests. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• 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 jurisdiction: means a jurisdiction other than a domestic jurisdiction or Canada. See
• Fraud: Intentional deception resulting in injury to another.
• Fungi: means all nonchlorophyll-bearing thallophytes (that is, all nonchlorophyll-bearing plants of a lower order than mosses and liverworts) as, for example, rusts, smuts, mildews, molds, yeast, and bacteria, except those on or in living humans or other animals. See
• Fungicide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any fungi. See
• Future: means an agreement, traded on a qualified exchange or qualified foreign exchange, to make or take delivery of, or effect a cash settlement based on the actual or expected price, level, performance, or value of, one or more underlying interests. See
• Germane: On the subject of the pending bill or other business; a strict standard of relevance.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing board: shall mean the governing body, by whatever name known, of such employer. See
• grades: means the standards for potatoes established by the U. See
• Grantor: The person who establishes a trust and places property into it.
• Grow: means :

• Grower: means a person who is registered with the Agency to produce hemp crops. See
• Guaranteed: means that the guarantor will perform the obligation of the obligor or will purchase the obligation to the extent of the guaranty. See
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guidance Manual: means the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the NAIC, as may be amended from time to time. See
• Hedging transaction: means a derivative transaction that is entered into and maintained to reduce:

• Hemp: means the plant Cannabis sativa L. See
• hemp-infused products: means all products with the federally defined tetrahydrocannabinol concentration level for hemp derived from, or made by, processing hemp plants or plant parts, which are prepared in a form available for commercial sale, including cosmetics, personal care products, food intended for animal or human consumption, cloth, cordage, fiber, fuel, paint, paper, construction materials, plastics, and any product containing one or more hemp-derived cannabinoids, such as cannabidiol. See
• Herbicide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any weed. See
• Income generation transaction: means a derivative transaction involving the writing of covered call options, covered put options, covered caps, or covered floors that is intended to generate income or enhance return. See
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Ingredient statement: means :

• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insecticide: means any substance or mixture of substances intended for preventing, destroying, repelling, or mitigating any insects that may be present in any environment whatsoever. See
• Insolvent insurer: means an insurer, including a cooperative fire insurance corporation existing under the authority of chapter 105, subchapter 2 of this title:

• Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in subdivision 3681(5) of this title. See
• 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}
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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.
• Justice: when applied to a person, other than a Justice of the Supreme Court, shall mean a justice of the peace for the county for which he or she is elected or appointed. See
• Label: means the written, printed, or graphic matter on, or attached to, the economic poison, or the immediate container thereof, and the outside container or wrapper of the retail package, if any there be, of the economic poison. See
• Labeling: means all labels and other written, printed, or graphic matter:

• 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.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Listed bond mutual fund: means a mutual fund that at all times qualifies for inclusion on the "bond fund list" within the Purposes and Procedures of the NAIC Investment Analysis Office or any successor publication. See
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Livestock: means cattle, horses, sheep, swine, goats, camelids, fallow deer, red deer, reindeer, and American bison. See
• Livestock: means cattle, calves, sheep, swine, horses, mules, goats, fallow deer, American bison, poultry, and any other animal that can or may be used in and for the preparation of meat, fiber, or poultry products. See
• Livestock dealer: means a person who, on the person's own account or for commission, goes from place to place buying, selling, or transporting livestock either directly or through online or other remote transaction, or who operates a livestock auction or sales ring, provided that "livestock dealer" shall not mean:

• Local retirement fund: shall mean any retirement, pension, or benefit fund partially or wholly maintained at the expense of an employer. See
• Member insurer: means any person who:

• Money market mutual fund: means a mutual fund that meets the conditions of 17 C. See
• Month: shall mean a calendar month and "year" shall mean a calendar year and be equivalent to the expression "year of our Lord. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan: means an obligation secured by a mortgage, deed of trust, trust deed, or other consensual lien on real estate. See
• 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.
• Mutual fund: means an investment company or, in the case of an investment company that is organized as a series company, an investment company series that, in either case, is registered with the U. See
• NAIC: means the National Association of Insurance Commissioners. See
• NAIC: means the National Association of Insurance Commissioners. See
• National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}
• National Guard employees: shall mean employees of the Vermont National Guard hired under 32 U. See
• Nematocide: means any substance produced, distributed, or used for preventing, destroying, or repelling nematodes. See
• Nematode: means invertebrate animals of the phylum nemathelminthes and class nematoda, that is, unsegmented round worms with elongated, fusiform, or saclike bodies covered with cuticle, and inhabiting soil, water, plants, or plants parts. See
• Neonicotinoid pesticide: means any economic poison containing a chemical belonging to the neonicotinoid class of chemicals, including:

• Neonicotinoid pesticide: means any economic poison containing a chemical belonging to the neonicotinoid class of chemicals. See
• Net direct written premiums: means direct gross premiums written in this State on insurance policies to which this subchapter applies, less return premiums thereon and dividends paid or credited to policyholders on such direct business. See
• 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.
• obligation: means that a designated obligor shall be primarily liable on the instrument representing the obligation. See
• Option: means an agreement giving the buyer the right to buy or receive (a "call option"), sell or deliver (a "put option"), enter into, extend, or terminate or effect a cash settlement based on the actual or expected price, level, performance, or value of one or more underlying interests. See
• Oversight: Committee review of the activities of a Federal agency or program.
• Packer: means a livestock dealer who is solely involved in the purchase of livestock for purpose of slaughter at his or her own slaughter facility. See
• 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 any individual, partnership, unincorporated association, or corporation. See
• Person: means any individual, partnership, association, corporation, or organized group of persons whether incorporated or not. See
• Person: means any individual, corporation, partnership, association, or voluntary organization. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Personal property: All property that is not real property.
• Pest: means any insect, rodent, nematode, fungus, weed, or any other form of terrestrial or aquatic plant or animal life or virus, bacteria, or other microorganisms that the Secretary declares as being injurious to health or environment. See
• Plant regulator: means any substance produced, distributed, or used for the purposes of accelerating or retarding the rate of growth or rate of maturation, or otherwise altering the behavior of plants but shall not include substances produced, distributed, or used for plant nutrients, trace elements, nutritional chemicals, plant inoculants, and soil amendments. See
• Potential exposure: means the amount determined in accordance with the NAIC Annual Statement Instructions. See
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Preliminary hearing: A hearing where the judge decides whether there is enough evidence to make the defendant have a trial.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Process: includes transporting, aggregating, packaging hemp from a single grower or multiple growers, or manufacturing hemp products or hemp-infused products from hemp concentrate. See
• Processor: means a person who is registered with the Agency to process hemp crops. See
• Produce farm: means any farm engaged in the growing, harvesting, packing, or holding of produce. See
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Qualified bank: means :

• Qualified clearinghouse: means a clearinghouse for, and subject to the rules of, a qualified exchange or a qualified foreign exchange, which provides clearing services, including acting as a counterparty to each of the parties to a transaction, such that the parties no longer have credit risk as to each other. See
• Qualified exchange: means :

• Qualified foreign exchange: means a foreign exchange, board of trade, or contract market located outside the United States, its territories, or possessions:

• Qualified primary credit source: means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction or Canada. See
• Quorum: The number of legislators that must be present to do business.
• Rated credit instrument: means a contractual right to receive cash or another rated credit instrument from another entity, which instrument:

• real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Registrant: means the person registering any economic poison pursuant to the provisions of this chapter. See
• 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.
• Retirement Board: shall mean the Retirement Board of the State Retirement System. See
• Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. See
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Service of process: The service of writs or summonses to the appropriate party.
• 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.
• Shell business entity: means a business entity having no economic substance except as a vehicle for owning interests in assets issued, owned, or previously owned by a person domiciled in a foreign jurisdiction. See
• Special rated credit instrument: means a rated credit instrument that is:

• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summary Report: means a confidential high-level summary of an insurer or insurance group's ORSA. See
• SVO: means the Securities Valuation Office of the NAIC or any successor office established by the NAIC. See
• Swap: means an agreement to exchange or to net payments at one or more times based on the actual or expected price, level, performance, or value of one or more underlying interests. See
• 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.
• Transporter: means a livestock dealer who limits his or her activity to transporting livestock for remuneration. See
• Treated article: means a pesticide or class of pesticides exempt under 40 C. See
• Treated article seed: means an agricultural seed, flower seed, or vegetable seed that is a treated article pesticide. See
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Underlying interest: means the assets, liabilities, other interests, or a combination thereof underlying a derivative instrument, such as any one or more securities, currencies, rates, indices, commodities, or derivative instruments. See
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
• Verdict: The decision of a petit jury or a judge.
• Warrant: means an instrument that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times outlined in the warrant agreement. See
• Weed: means any plant that grows where not wanted. See