Virginia Code 38.2-3117.1: Definitions
Current as of: 2023 | Check for updates
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As used in this article, unless the context requires a different meaning:
Terms Used In Virginia Code 38.2-3117.1
- Company: means any association, aggregate of individuals, business, 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
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits. See Virginia Code 38.2-3117.1
- Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
- Policy: means any policy or certificate of insurance that provides a death benefit. See Virginia Code 38.2-3117.1
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
“Insurer” means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits.
“Policy” means any policy or certificate of insurance that provides a death benefit.
“Retained asset account” means any mechanism whereby the settlement of proceeds payable under a life insurance policy is accomplished by the insurer or an entity acting on behalf of the insurer depositing the proceeds into an account with check or draft writing privileges where those proceeds are retained by the insurer pursuant to a supplementary contract not involving annuity benefits.