2023 Vermont Statutes › Title 8 - Banking and Insurance › Chapter 151 - Continuing Care Retirement Communities › § 8001. Definitions

§ 8001. Definitions
As used in this chapter:
(1) “Commissioner” means the Commissioner of Financial Regulation.
(2) “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. Lodging and services need not be provided at the same location.
(3) “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.
(4) “Department” means the Department of Financial Regulation.
(5) “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. A fee that is less than the sum of the regular periodic charges for six months of residency shall not be considered an entrance fee for the purposes of this chapter.
(6) “Facility” means a place or places in which a resident receives continuing care.
(7) “Continuing care insurance” means, as used in this chapter, the agreement to fund the cost of continuing care pursuant to a continuing care contract.
(8) “Occupancy date” means the date a living unit is available for occupancy by the resident or the date on which the resident personally occupies the living unit, whichever occurs first.
(9) “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.
(10) “Provider” means the person who enters into a contract to provide continuing care to a resident.
(11) “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.
(12) “Resident” means the individual designated in a continuing care contract as the one who is to receive continuing care.
(13) “Resident assistance fund” means a fund established in accordance with section 8018 of this title.
(14) “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. (Added 1987, No. 247 (Adj. Sess.), § 1; amended 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012.)