Terms Used In Vermont Statutes > Title 8 > Chapter 147 - Legacy Insurance Transfers

• 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.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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.
• Assuming company: means a Vermont-domiciled company established specifically to acquire a closed block under a legacy insurance transfer plan approved by the Commissioner. See
• Closed block: means a block, line, or group of commercial non-admitted insurance policies or reinsurance agreements or both:

• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• Comment period: means the 60-day period starting on the date notice is issued by an assuming company under subsection 7112(h) of this chapter. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Contract: A legal written agreement that becomes binding when signed.
• Controlling party: means a person having control of an assuming company or transferring insurer. See
• 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.
• Department: means the Department of Financial Regulation. See
• Domicile regulator: means the primary insurance regulatory authority of the domicile jurisdiction of a transferring insurer. See
• 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.
• 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}
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• 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.
• Inward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsurer. See
• Inward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an inward reinsurance agreement as the reinsured. 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.
• 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}
• Legacy: A gift of property made by will.
• Legacy insurance transfer: means the transfer of a closed block in accordance with the requirements of this chapter. See
• 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.
• 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.
• Non-admitted insurance: means any property and casualty insurance permitted to be placed directly or through a surplus lines broker with a non-admitted insurer eligible to accept such insurance. See
• Non-admitted insurer: means , with respect to a state, an insurer not licensed to engage in the business of insurance in such state. See
• Oath: A promise to tell the truth.
• Oath: shall include affirmation where by law an affirmation may be substituted. 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.
• Outward reinsurance agreement: means a contract of reinsurance between a transferring insurer and another insurance company with respect to which a transferring insurer is a party as the reinsured. See
• Outward reinsurance counterparty: means an insurance company, other than the transferring insurer, that is a party to an outward reinsurance agreement as the reinsurer. See
• 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.
• Party: means :

• 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
• plan: means a plan that sets forth all provisions and includes all documentation regarding a legacy insurance transfer required under subsection 7112(b) of this chapter. See
• Plan summary: means a written statement of the key terms and provisions of a plan as required under subdivision 7112(b)(19) of this chapter. See
• Policy: means a contract of property and casualty insurance that is neither a contract of reinsurance nor a contract of workers' compensation, health, life, or any other personal line of insurance. See
• Policyholder: means the person identified as the policyholder or first named in a policy. 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.
• Probate: Proving a will
• 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.
• Reinsurance agreement: means an inward reinsurance agreement or an outward reinsurance agreement. See
• Reinsurance agreement counterparty: means an inward reinsurance agreement counterparty or an outward reinsurance counterparty. See
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. 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.
• Subpoena: A command to a witness to appear and give testimony.
• sworn: shall include affirmed. See
• Transferring insurer: means a non-admitted insurer that is transferring a closed block to an assuming company under a legacy insurance transfer plan. See
• Trustee: A person or institution holding and administering property in trust.