Vermont Statutes Title 8 Sec. 4242
Terms Used In Vermont Statutes Title 8 Sec. 4242
- 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
- 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.
§ 4242. General provisions of Plan
The Plan shall provide:
(1) reasonable rules for the distribution of risks on an equitable basis under either a pooled or assigned plan;
(2) rates applicable to, and based upon, that class of risks as described in section 4241 of this title to which the Plan applies;
(3) limits of liability and coverages as described in section 4241 of this title that shall be not less favorable to the insured than is provided in 23 Vt. Stat. Ann. chapter 11, where that chapter is applicable to the insured;
(4) a method whereby applicants, insureds, and insurers are entitled to a hearing before the Commissioner of Financial Regulation, for the settlement of grievances. (Added 1969, No. 63, § 3; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)