Virginia Code > Title 38.2 > Chapter 20 > Article 2 – Rate Filings and Making of Rates
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Virginia Code > Title 38.2 > Chapter 20 > Article 2 - Rate Filings and Making of Rates
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
- Fiduciary: A trustee, executor, or administrator.
- 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
- Grantor: The person who establishes a trust and places property into it.
- Includes: means includes, but not limited to. See Virginia Code 1-218
- Instrument: means a record. See Virginia Code 64.2-2700
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Nongeneral power of appointment: means a power of appointment that is not a general power of appointment. See Virginia Code 64.2-2700
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
- 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