Virginia Code 38.2-2000.1: Definitions
As used in this chapter:
Terms Used In Virginia Code 38.2-2000.1
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Pool: means an arrangement, either voluntary or mandated by law, established on an on-going basis, pursuant to which two or more insurers participate in the sharing of risks on a predetermined basis, which arrangement may operate through an association, syndicate, or other pool arrangement. See Virginia Code 38.2-2000.1
“Pool” means an arrangement, either voluntary or mandated by law, established on an on-going basis, pursuant to which two or more insurers participate in the sharing of risks on a predetermined basis, which arrangement may operate through an association, syndicate, or other pool arrangement.
“Residual market mechanism” means an arrangement, either voluntary or mandated by law, involving participation by insurers in equitable apportionment among themselves of insurance which may be afforded applicants who are unable to obtain insurance through ordinary methods including any filed and approved plans.
“Virginia Auto Insurance Plan” means that organization established for assigned risks pursuant to the provisions of § 46.2-464.
“Virginia Property Insurance Association” means that organization established pursuant to Chapter 27 (§ 38.2-2700 et seq.) of this title.
“Virginia Workers’ Compensation Insurance Plan” means that organization established for assigned risks pursuant to the provisions of § 65.2-820.
1993, c. 985.