Terms Used In Virginia Code > Title 38.2 > Chapter 13 > Article 6 - Subsidiaries of Insurance Companies

• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community. See Virginia Code 64.2-701
• Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in § 64. See Virginia Code 64.2-701
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• 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
• Conservator: means a person appointed by the court to administer the estate of an adult individual. See Virginia Code 64.2-701
• Continuance: Putting off of a hearing ot trial until a later time.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Court: means the court of the Commonwealth having jurisdiction in matters related to trusts. See Virginia Code 64.2-701
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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
• Person: means an individual; estate; business or nonprofit entity; government; governmental subdivision, agency, or instrumentality; public corporation; or other legal entity. See Virginia Code 64.2-701
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Virginia Code 64.2-701
• Settlor: except as otherwise provided in § 64. See Virginia Code 64.2-701
• Statute: A law passed by a legislature.
• Terms of a trust: means :

  1. See Virginia Code 64.2-701

• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701