In this video, starting from 5 mins 6 seconds, Cuomo said:
But the bill did have that carve-out and you said you’ve never been near it.
What does carve-out mean here?
I look up the dictionary and find it hard to understand which meanings are relevant.
General: Exception to a rule, severance from a unit, or a parallel or secondary agreement based on a primary agreement.
Collective bargaining: Attempt by a subgroup of workers (already represented by one union) to establish a distinct identity as a separate group and be represented by another union.
1. Partial spinoff effected by a parent firm by selling 20 percent or less of its shareholding. This sale provides new capital (and new shareholders) to the parent which may sell off the remaining shares (called stub) at a value inflated by the carveout.
2. Creation of a new subsidiary that operates in a new market (such as online sales on the Internet) by leveraging the parent firm's core strengths such as brand recognition and distribution system.
Insurance: Service not covered under a main policy but bought separately to supplement the standard policy.