§ 3932 - Definitions - Vermont Statutes

§ 3932. Definitions

For the purposes of this subchapter:

(1) "Regular assessment" shall mean that amount charged to members, in advance or arrears, to pay ordinary losses and expenses for one year or the term of the policy and to make a contribution to surplus.

(2) "Assessment cooperative insurance corporation" means a corporation meeting the financial requirements of section 3916 of this title, which charges its insureds regular assessments necessary to pay losses, meet expenses and contribute to surplus.

(3) "Nonassessment cooperative insurance corporation" means a corporation meeting the financial requirements of sections 3916, 3930 and 3931 of this title, which charges its insureds premiums in advance necessary to pay losses, meet expenses and contribute to surplus.

(4) "Special assessment" means an additional charge to the policyholder, beyond the regular assessment or premium charge, to satisfy unexpected losses or expenses, or contributions to surplus. (Added 1981, No. 6, § 13.)