Virginia Code 38.2-1201: Definitions
Current as of: 2023 | Check for updates
|
Other versions
A. As used in this title:
Terms Used In Virginia Code 38.2-1201
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
- Reciprocal insurance: means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer. See Virginia Code 38.2-1201
“Reciprocal” means the aggregation of subscribers under a common name.
“Reciprocal insurance” means insurance resulting from the mutual exchange of insurance contracts among persons in an unincorporated association under a common name through an attorney-in-fact having authority to obligate each person both as insured and insurer.
B. As used in this chapter:
“Attorney” means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts.
“Subscriber” means a person obligated under a reciprocal insurance agreement.
1952, c. 317, § 38.1-689; 1986, c. 562.