Terms Used In Vermont Statutes > Title 8 > Chapter 132 - Reciprocal Insurers

• ABLE account: means an account established by an eligible individual, owned by the eligible individual, and maintained under the Vermont ABLE Savings Program. See
• Account verification service: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of:

• Administrator: means the Vermont State Treasurer. See
• 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.
• Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. 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
• 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.
• Attorney: means the attorney-in-fact of a reciprocal insurer. See
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of 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}
• Commissioner: means the Commissioner of Disabilities, Aging, and Independent Living. See
• Community Reinvestment Act: The Act is intended to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods. It was enacted by the Congress in 1977. ^{Source: OCC}
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the 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.
• Credit reporting agency: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of reporting to third parties on the credit rating or creditworthiness of any consumer. See
• Creditor: is a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent. See
• Customer: means , for purposes of this subchapter, any person who deposits, borrows, or invests with a financial institution, including a surety or a guarantor on a loan. See
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Disabilities, Aging, and Independent Living. See
• Designated beneficiary: means the eligible individual who establishes an ABLE account under this chapter and is the owner of the account. See
• Disability certification: means a certification to the satisfaction of the Secretary by the individual or the parent or guardian of the individual that:

• 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
• Domicile: means :

• Domiciliary state: means the state in which an insurer is incorporated or organized or, in the case of an alien insurer, its state of entry. See
• Eligible individual: means :

• Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. ^{Source: OCC}
• 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 Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Financial information: means an original or copy of, or information derived from:

• Financial institution: means a financial institution as defined in subdivision 11101(32) of this title, and a credit union, financial institution subsidiary, licensed lender, mortgage broker, or sales finance company organized or regulated under the laws of this State, the United States, or any other state or territory. See
• Financial organization: means an organization that is authorized to do business in this State and that is:

• 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.
• Forbearance: A means of handling a delinquent loan. A
• 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 country: means any other jurisdiction not in any state. See
• 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
• gender identity: means an individual's actual or perceived gender identity, or gender-related characteristics intrinsically related to an individual's gender or gender-identity, regardless of the individual's assigned sex at birth. See
• general assets: include all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. 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.
• Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See
• home- and community-based services: includes all home-based services and Enhanced Residential Care. See
• Insurance company: means an association, corporation, or fraternal or mutual-benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit-life, contract-performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage-protection, and workers' compensation insurance. See
• Insurer: means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, any insurance commissioner. See
• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Long-term care: means services and supports received by an individual in a long-term care facility or provided to an individual through the Choices for Care program contained within Vermont's Global Commitment to Health Section 1115 demonstration. See
• Long-term care facility: means a residential care home, an assisted living residence or nursing home as defined by section 7102 of this title, or any other similar adult care home that is licensed or required to be licensed pursuant to chapter 71 of this title. See
• Mercantile agency: means any person who, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating business credit information or other information on businesses for the purpose of reporting to third parties on the credit rating or creditworthiness of any business. See
• Money order: means a payment order for a specified amount of money. 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}
• Municipality: shall include a city, town, town school district, incorporated school or fire district or incorporated village, and all other governmental incorporated units. 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.
• Office: means the Office of the State Long-Term Care Ombudsman. See
• Older person: means an individual who is 60 years of age or older. See
• Ombudsman: means the individual selected from among individuals with expertise and experience in the fields of long-term care and advocacy who heads the Office of the State Long-Term Care Ombudsman and is responsible personally, or through representatives of the Office, to fulfill the functions, responsibilities, and duties set forth in 45 C. See
• Oversight: Committee review of the activities of a Federal agency or program.
• Owner: means a person that has a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative when acting on behalf of the owner. 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 an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probate: Proving a will
• Property: means tangible property described in section 1465 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. 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
• Receiver: means receiver, liquidator, rehabilitator, or conservator as the context requires. See
• Reciprocal state: means any state other than this State in which in substance and effect subsection 7057(a) and sections 7093, 7094, and 7096 through 7098 of this title are in force, and in which provisions are in force requiring that the commissioner or equivalent official be the receiver of a delinquent insurer, and in which some provision exists for the avoidance of fraudulent conveyances and preferential transfers. See
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. 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.
• representatives of the Office: means the employees or volunteers designated by the State Long-Term Care Ombudsman to carry out the duties of the Office, regardless of whether supervision is provided by the Ombudsman, his or her designee, or an agency hosting a local Ombudsman entity designated by the Ombudsman. See
• Resident: means an older person or an individual with disabilities who is 18 years of age or older who resides in a long-term care facility or receives long-term care through the Choices for Care program contained within Vermont's Global Commitment to Health Section 1115 demonstration. See
• Resident representative: means any of the following:

• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Savings: means the difference remaining at the conclusion of each fiscal year between the amount of funds appropriated for Choices for Care and the sum of expended and obligated funds, less an amount equal to one percent of that fiscal year's total Choices for Care expenditure. See
• Secretary: means the Secretary of the U. See
• Secured claim: means any claim secured by mortgage, trust, deed, pledge, deposit as security, escrow, or otherwise, but not including special deposit claims or claims against general assets. See
• Security: means :

• 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.
• sexual orientation: means female or male homosexuality, heterosexuality, or bisexuality. See
• State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U. See
• State: means any state, district, or territory of the United States and the Panama Canal Zone. See
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Transfer: shall include the sale and every other and different mode, direct or indirect, of disposing of or of parting with property or with an interest therein, or with the possession thereof or of fixing a lien upon property or upon an interest therein, absolutely or conditionally, voluntarily, by or without judicial proceedings. See
• Trustee: A person or institution holding and administering property in trust.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Willful interference: means an individual's action taken or failure to act in an intentional attempt to prevent, interfere with, or impede the Ombudsman or a representative of the Office from performing any of his or her functions, responsibilities, or duties. See