Terms Used In Virginia Code > Title 38.2 > Chapter 20 > Article 1 - General Provisions

• 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
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Donor: means a person that creates a power of appointment. See Virginia Code 64.2-2700
• Donor: The person who makes a gift.
• 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}
• 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-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
• 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
• 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
• 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
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• 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
• 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
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• 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
• Virginia Property Insurance Association: means that organization established pursuant to Chapter 27 (§ 38. See Virginia Code 38.2-2000.1