Terms Used In Vermont Statutes > Title 8 > Chapter 105 - Fire and Casualty Insurance

• Actuarial equivalent: shall mean a benefit of equal value under the actuarial assumptions last adopted by the Retirement Board under subsection 472a(h) of this title. See
• Advertising: means any written, electronic, or printed communication or any communication by means of recorded telephone messages or that is transmitted on radio, television, the Internet, or similar communications media, including film strips, motion pictures, and videos, that are published, disseminated, circulated, or placed directly before the public in this State for the purpose of creating an interest in or inducing a person to sell, assign, devise, bequest, or transfer the death benefit or ownership of a life insurance policy pursuant to a life settlement contract. See
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• Agency: means a State board, commission, department, agency, or other entity or officer of State government, other than the Legislature, the courts, the Commander in Chief, and the Military Department, authorized by law to make rules or to determine contested cases. See
• Agricultural fair association: means an organization or association incorporated under State law that is governed by an elected board of directors that operate fairs and agricultural shows that promote or exhibit the work of farmers and others who produce, process, market, or distribute farm and food products, including livestock, poultry, fish, fruits, vegetables, fiber, horticultural products, maple products, honey, Christmas trees, or other agricultural products. See
• Alcohol: means the product of distillation, fermentation, or chemical synthesis, including alcoholic beverages, ethyl alcohol, and nonpotable alcohol. See
• Alcoholic beverages: means malt beverages, vinous beverages, spirits, ready-to-drink spirits beverages, and fortified wines. See
• Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. 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.
• art gallery: means a fixed establishment whose primary purpose is to exhibit or offer for sale works of art; "bookstore" means a fixed establishment whose primary purpose is to offer books for sale; "public library" has the same meaning as in 22 V. See
• Average final compensation: shall mean :

• 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}
• Beneficiary: shall mean any person in receipt of a pension, an annuity, a retirement allowance, or other benefit as provided by this subchapter. See
• biennially: shall mean the year in which a regular session of the General Assembly is held. See
• board: refers to the boards, commissions, and professions listed in section 122 of this subchapter and, in the case of disciplinary matters or denials of licensure, either an administrative law officer appointed under subsection 129(j) of this subchapter or the Director in advisor professions. See
• Board: shall mean the board provided for in section 471 of this title to administer the Retirement System. See
• Board of Liquor and Lottery: means the board of control appointed under the provisions of chapter 5 of this title. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner of Liquor and Lottery: means the executive officer of the Board of Liquor and Lottery appointed under the provisions of chapter 5 of this title. See
• Contested case: means a proceeding, including but not restricted to rate-making and licensing, in which the legal rights, duties, or privileges of a party are required by law to be determined by an agency after an opportunity for hearing. See
• Control commissioners: means the commissioners of a municipality appointed under section 166 of this title. See
• 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.
• Creditable service: shall mean service for which credit is allowed under section 458 of this title, plus service transferred under section 495 of this title. See
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Liquor and Lottery. See
• Department: shall mean any department, institution, or agency of this State government. See
• destination resort: is a resort that contains at least 100 acres of land, offers at least 50 units of sleeping accommodations, offers meal and beverage service to the public for consideration, and has related sports and recreational facilities for the convenience or enjoyment of its guests. See
• Destination resort master license: means a license granted by the Board of Liquor and Lottery pursuant to section 242 of this title permitting a destination resort to designate licensed caterers and commercial caterers that will be permitted to cater individual events within the boundaries of the resort without being required to obtain a request-to-cater permit for each individual event. See
• Devise: To gift property by will.
• Director: means the Director of the Office of Professional Regulation. See
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Division: means the Division of Liquor Control in the Department of Liquor and Lottery. See
• Earnable compensation: shall mean the full rate of compensation that would be payable to an employee if the employee worked the full normal working time for the employee's position. See
• Employee: includes deputy State's Attorneys, victim advocates employed by a State's Attorney pursuant to 13 V. 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Ex officio: Literally, by virtue of one's office.
• Farm-to-School Program: means an integrated food, farm, and nutrition education program that utilizes community-based learning opportunities to connect schools with nearby farms so that child nutrition programs can provide students with locally produced fresh fruits and vegetables, dairy and protein products, and other nutritious, locally produced foods; help children develop healthy eating habits; provide nutritional and agricultural education in the classroom, cafeteria, and school community; and improve farmers' incomes and direct access to markets. See
• Fiduciary: A trustee, executor, or administrator.
• field days: means an exhibition held at least annually by an agricultural fair association that offers premiums for competitive exhibits in at least five different categories. See
• Financing entity: includes an accredited investor as defined by Rule 501 as promulgated under the Federal Securities Act of 1933, as amended. See
• First-class license: means a license permitting the licensee to sell malt beverages, vinous beverages, and ready-to-drink spirits beverages to the public for consumption only on the premises for which the license is granted. See
• Fortified wine permit: means a permit granted to a second-class licensee that permits the licensee to export and sell fortified wines to the public for consumption off the licensed premises. See
• Fortified wines: means vinous beverages, including those to which spirits have been added during manufacture, containing at least 16 percent alcohol but not more than 23 percent alcohol by volume at 60 degrees Fahrenheit and all vermouths containing not more than 23 percent alcohol by volume at 60 degrees Fahrenheit. See
• Fourth-class license: means a license permitting a licensed manufacturer or rectifier to sell by the unopened container and distribute by sample, with or without charge, beverages manufactured by the licensee. See
• Fraud: Intentional deception resulting in injury to another.
• General election: shall mean any election of State and county officers, Representatives to the General Assembly, U. See
• Group A members: means employees classified under subdivision (A) of subdivision (9) of this subsection (a). See
• Group C members: means employees classified under subdivision (B) of subdivision (9) of this subsection (a) who become members as of the date of establishment, any person who is first included in the membership of the System on or after July 1, 1998, any person who was a Group B member on June 30, 1998, who was in service on that date, and any person who was a Group B member on June 30, 1998, who was absent from service on that date who returns to service on or after July 1, 1998. See
• Group D members: means Justices of the Supreme Court, Superior judges, district judges, environmental judges, and probate judges. See
• Group F member: means any person who is first included in the membership of the System on or after January 1, 1991, any person who was a Group E member on December 31, 1990, who was in service on that date, and any person who was a Group E member on December 31, 1990, who was absent from service on that date who returns to service on or after January 1, 1991. See
• Group G member: means the following employees who are first employed in the positions listed in this subdivision (F) on or after July 1, 2023, or who are members of the System as of June 30, 2022 and make an irrevocable election to prospectively join Group G on or before June 30, 2023, pursuant to the terms set by the Board: facility employees of the Department of Corrections, as Department of Corrections employees who provide direct security and treatment services to offenders under supervision in the community, as employees of a facility for justice-involved youth, or as Vermont State Hospital employees or as employees of its successor in interest, who provide direct patient care. See
• Hard cider: includes sweetened, flavored, and carbonated hard cider. See
• Home-fermented beverages: means malt or vinous beverages produced at home and not for sale. See
• inhabitants: shall mean the population of the political division referred to, as ascertained by the national census last completed before the time when such population is a material fact. See
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• Keg: means a reusable container capable of holding at least five gallons of malt beverage or at least two-and-one-half gallons of vinous beverage. See
• Legal age: means 21 years of age or older. See
• License: includes the whole or part of any agency permit, certificate, approval, registration, charter, or similar form of permission required by law. See
• License: includes any certification, registration, permit, commission, or other official authorization to undertake a regulated activity. See
• Licensee: includes any person to whom a license has been issued by a board or the Director. See
• Life insurance producer: means any person licensed in this State as a resident or nonresident insurance producer who has received qualification to sell life insurance coverage or a life line of coverage pursuant to chapter 131 of this title. See
• Life settlement broker: means a natural person who is working exclusively on behalf of a policy owner and, for a fee, commission, or other valuable consideration, offers or attempts to negotiate life settlement contracts between an owner and one or more life settlement providers. See
• Life settlement contract: includes a premium finance loan made for a life insurance policy by a lender to a policy owner on, before, or after the date of issuance of the policy where:

• Life settlement provider: means a person other than a policy owner that solicits, enters into, or effectuates a life settlement contract with a policy owner resident in this State. See
• Life settlement purchaser: means a person who provides a sum of money as consideration for a life insurance policy or an interest in the death benefits of a life insurance policy, or a person who owns or acquires or is entitled to a beneficial interest in a trust that owns a life settlement contract or is the beneficiary of a life insurance policy that has been or will be the subject of a life settlement contract, for the purpose of deriving an economic benefit. See
• Malt beverages: means all fermented beverages of any name or description manufactured for sale from malt, wholly or in part, or from any malt substitute, known as, among other things, beer, ale, or lager, containing not less than one percent nor more than 16 percent alcohol by volume at 60 degrees Fahrenheit. See
• Member: means any employee included in the membership of the Retirement System under section 457 of this title. See
• Membership service: means service rendered while a member of the Retirement System. 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
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. See
• 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.
• Normal retirement date: means :

• 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.
• Office: means the Office of Professional Regulation. 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.
• Party: means each person or agency named or admitted as a party, or properly seeking and entitled as of right to be admitted as a party. See
• Pension: shall mean annual payments for life derived from contributions by the State. See
• Person: means any individual, partnership, corporation, association, governmental subdivision, or public or private organization of any character other than an agency. See
• Plant improvement: means an improvement of fixtures, machinery, apparatus, equipment, display facilities, buildings, or other infrastructure used for a fair. See
• Policy: means an individual or group policy, group certificate, contract, or arrangement of life insurance owned by a resident of this State, regardless of whether delivered or issued for delivery in this State. See
• Policy owner: means the owner of a life insurance policy or a certificate holder under a group policy who resides in this State and enters or seeks to enter into a life settlement contract. See
• Prior service: shall mean service rendered prior to the date of membership in the Retirement System for which credit was given under the terms of one or both of the predecessor systems as set forth in section 458 of this title. See
• Probate: Proving a will
• 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.
• Ready-to-drink spirits beverage: means an alcoholic beverage containing more than one percent alcohol by volume and not more than 12 percent alcohol by volume at 60 degrees Fahrenheit obtained by distillation, by chemical synthesis, or through concentration by freezing and mixed with nonalcoholic beverages, flavoring, or coloring materials. See
• 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.
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Related provider trust: means a titling trust or other trust established by a licensed life settlement provider or a financing entity for the sole purpose of holding the ownership or beneficial interest in purchased policies in connection with a financing transaction. See
• Request-to-cater permit: means a permit granted by the Division of Liquor Control authorizing a licensed caterer or commercial caterer to cater individual events. See
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Retail dealer: means any person who sells or furnishes malt beverages, vinous beverages, or ready-to-drink spirits beverages to the public. See
• Retirement System: shall mean the Vermont State Retirement System as defined in section 456 of this title. See
• Second-class license: means a license permitting the licensee to export and to sell malt beverages, vinous beverages, or ready-to-drink spirits beverages to the public for consumption off the premises for which the license is granted. See
• Secretary: means the Secretary of Agriculture, Food and Markets. See
• Service: shall mean service as an employee for which compensation is paid by the State. See
• 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.
• Special purpose entity: means a corporation, partnership, trust, limited liability company, or other similar entity formed solely to provide either directly or indirectly access to institutional capital markets:

• Spirits: means beverages that contain more than one percent alcohol obtained by distillation, by chemical synthesis, or through concentration by freezing; vinous beverages containing more than 23 percent alcohol; and malt beverages containing more than 16 percent alcohol by volume at 60 degrees Fahrenheit. See
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Successor in interest: means the mental health hospital owned and operated by the State that provides acute inpatient care and replaces the Vermont State Hospital. See
• sworn: shall include affirmed. See
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. 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.
• Venue: The geographical location in which a case is tried.
• Village: shall mean an incorporated village. See
• Vinous beverages: means all fermented beverages of any name or description manufactured or obtained for sale from the natural sugar content of fruits or other agricultural product, containing sugar, the total alcoholic content of which is not less than one percent nor more than 16 percent by volume at 60 degrees Fahrenheit. See