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The point made earlier about separating marine career paths between command and veteran makes sense. Not all marines are cut out to lead other marines so as they gain experience they migrate to the first company to become the chapter elite.
Those with a flair for leadership get promoted within their own companies to squad leader or sergeant.
So a marine captain might only have served in his own company having risen through the ranks.

Yes, I think a "veteran" is simply a marine that has Terminator Honours (which does not mean he can be a Terminator. All Terminators have Terminator Honours but not all marines with Terminator Honours are Terminators).

There a veterans that have no command responsibility like you see in veteran squads and conversely a chapter that has taken devastating battle losses may be forced to issue sergeants with little combat experience like IRL armies have.