Terms Used In Virginia Code > Title 38.2 > Chapter 20 - Regulation of Rates for Certain Types of Insurance

• Appointee: means a person to which a powerholder makes an appointment of appointive property. See Virginia Code 64.2-2700
• Appointive property: means the property or property interest subject to a power of appointment. See Virginia Code 64.2-2700
• Attorney: means the person designated and authorized by subscribers as the attorney-in-fact having authority to obligate them on reciprocal insurance contracts. See Virginia Code 38.2-1201
• Bequest: Property gifted by will.
• Chambers: A judge's office.
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Decedent: A deceased person.
• Donee: The recipient of a gift.
• Donor: means a person that creates a power of appointment. See Virginia Code 64.2-2700
• Donor: The person who makes a gift.
• Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
• General power of appointment: means a power of appointment exercisable in favor of the powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate. See Virginia Code 64.2-2700
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gift-in-default clause: means a clause in the instrument creating the power identifying a taker in default of appointment. See Virginia Code 64.2-2700
• Governing body: means the board of supervisors of a county, council of a city, or council of a town, as the context may require. See Virginia Code 15.2-102
• Grantor: The person who establishes a trust and places property into it.
• Impermissible appointee: means a person that is not a permissible appointee. See Virginia Code 64.2-2700
• Instrument: means a record. See Virginia Code 64.2-2700
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Virginia Code 64.2-2700
• Permissible appointee: means a person in whose favor a powerholder may exercise a power of appointment. See Virginia Code 64.2-2700
• Person: means an individual; estate; trust; business or nonprofit entity; public corporation; government or governmental subdivision, agency, or instrumentality; or other legal entity. See Virginia Code 64.2-2700
• 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
• 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
• Power of appointment: means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property. See Virginia Code 64.2-2700
• Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
• Rate service organization: means any organization or person, other than a joint underwriting association under § 38. See Virginia Code 38.2-100
• rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Virginia Code 64.2-2700
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• 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. See Virginia Code 38.2-2000.1
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• Subscriber: means a person obligated under a reciprocal insurance agreement. See Virginia Code 38.2-1201
• Taker in default of appointment: means a person that takes all or part of the appointive property to the extent that the powerholder does not effectively exercise the power of appointment. See Virginia Code 64.2-2700
• Terms of the instrument: means the manifestation of the intent of the maker of the instrument regarding the instrument's provisions as expressed in the instrument or as may be established by other evidence that would be admissible in a legal proceeding. See Virginia Code 64.2-2700
• Virginia Property Insurance Association: means that organization established pursuant to Chapter 27 (§ 38. See Virginia Code 38.2-2000.1