Terms Used In Vermont Statutes > Title 8 > Chapter 205 - Branches

• Admitted insurer: means an insurer licensed to transact business in this State. See
• Aggregator site: means a website that provides access to information regarding insurance products from more than one insurer, including product and insurer information, for use in comparison shopping. See
• Agreement: means a written agreement resulting from collective bargaining negotiation and covers the terms, tenure, and conditions of employment. 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.
• Annual meeting: when applied to towns shall mean the annual town meeting in March or an adjournment thereof. 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.
• 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.
• Association: means a joint underwriting association established pursuant to this chapter. See
• Blanket travel insurance: means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group. See
• Board: means the State Labor Relations Board established pursuant to section 921 of this title. See
• Collective bargaining: means the process of negotiating terms, tenure, or conditions of employment between the Judiciary Department and representatives of the employees with the intent to arrive at a written agreement. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Commissioner: means the Commissioner of Financial Regulation or a designee. See
• Commissioner: means the Commissioner of Financial Regulation. See
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Continuing care: means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, or any combination of these services, including a priority commitment for nursing care, to two or more individuals who are not related by consanguinity or affinity to the person furnishing such care, for a term in excess of one year or for the duration of that individual's life, including mutually terminable contracts. See
• Continuing care contract: means a contract under which a provider is to furnish continuing care to a specified individual in return for payment of an entrance fee that is in addition to, or in lieu of, the payment of regular periodic charges for the care and services involved. See
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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 insurer: means any insurer that has been chartered by, incorporated, organized, or constituted within or under the laws of this State. See
• Domestic risk: means a subject of insurance that is resident, located, or to be performed in this State. See
• Domestic surplus lines insurer: means a domestic insurer with which insurance coverage may be placed under this chapter. See
• Employee: means any individual employed and compensated on a permanent or limited status basis by the Judiciary Department, including permanent part-time employees and any individual whose employment has ceased as a consequence of, or in connection with, any current labor dispute or because of an unfair labor practice. See
• Employer: means the Judiciary Department, represented by the Supreme Court or the Supreme Court's designee. See
• Entrance fee: means an initial or deferred transfer to a provider of a sum of money or other property, or portion thereof, made or promised to be made as consideration for acceptance of a specified individual as a resident in a facility. 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.
• 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.
• Facility: means a place or places in which a resident receives continuing care. See
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• 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}
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiduciary: A trustee, executor, or administrator.
• Financial institution: means a financial institution as defined in subdivision 10202(5) of this chapter. See
• 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.
• Fulfillment materials: means documentation sent to the purchaser of a travel protection plan confirming the purchase and providing the travel protection plan's coverage and assistance details. See
• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Home state: means , with respect to an insured:

• 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}
• Insurance policy: means a policy or contract covering any kind of insurance described in this title, including a contract or certificate issued by a fraternal benefit society under chapter 121 of this title or a subscriber contract issued by a medical or hospital service corporation under chapter 123 or 125 of this title. See
• Insurer: means any insurance company regulated by this title, including a fraternal benefit society or a medical or hospital service corporation. See
• 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
• Limited lines travel insurance producer: means a:

• Member: means an insurer that is a member of an association. 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}
• 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 Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• 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.
• 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.
• Person: means an individual, trust, state, partnership, committee, corporation, association, or other organizations such as joint-stock companies or insurance companies, or a political subdivision or instrumentality of a state, including a municipal corporation. 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
• Plan: means the plan of operation of the association approved or proposed by the Commissioner pursuant to this chapter. See
• Property and casualty insurance: means all insurance covered under chapter 128 of this title relating to property and casualty rate regulation. See
• Provider: means the person who enters into a contract to provide continuing care to a resident. See
• Quorum: The number of legislators that must be present to do business.
• Rate: means the cost of services and insurance per exposure base unit, or cost per unit of insurance, or charge to residents for services rendered, prior to the application of individual risk variations based upon loss or expense considerations. 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
• 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.
• Representative: means an individual or employee organization certified by the Board to represent employees in collective bargaining or grievance proceedings. See
• Resident: means the individual designated in a continuing care contract as the one who is to receive continuing care. See
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Reverse mortgage loan: means a loan that:

• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. 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.
• 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
• Supplementary rate information: includes any manual, schedule, or plan of rates, classification system, rating schedule, minimum premium, policy fee, rating rule, rating plan, or any other similar information needed or used to determine the applicable rate in effect or to be in effect for a resident. See
• Surplus lines broker: means an individual licensed under this chapter and chapter 131 of this title. See
• Surplus lines insurance: means coverage not procurable from admitted insurers. See
• Surplus lines insurer: means a non-admitted insurer with which insurance coverage may be placed under this chapter. See
• Testify: Answer questions in court.
• 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
• Travel administrator: means a person who directly or indirectly underwrites, collects charges, collateral, or premiums from, or adjusts or settles claims on residents of this State, in connection with travel insurance, except that a person shall not be considered a travel administrator if that person's only actions that would otherwise cause it to be considered a travel administrator are among the following:

• Travel assistance services: means noninsurance services for which the consumer is not indemnified based on a fortuitous event and where providing the service does not result in transfer or shifting of risk that would constitute the business of insurance. See
• Travel insurance: means insurance coverage for personal risks incident to planned travel, including:

• Travel protection plan: means a plan that provides one or more of the following: travel insurance, travel assistance services, or cancellation fee waivers. See
• Travel retailer: means a business entity that makes, arranges, or offers travel services and may offer and disseminate travel insurance as a service to its customers on behalf of and under the direction of a limited lines travel insurance producer. See
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}