Terms Used In Virginia Code > Title 38.2 > Chapter 41 > Article 5 - Financial Requirements

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Contract: A legal written agreement that becomes binding when signed.
• Laws: means the society's articles of incorporation, constitution and bylaws, however designated. See Virginia Code 38.2-4103
• Rules: means all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society. See Virginia Code 38.2-4103
• Society: means fraternal benefit society, unless otherwise indicated. See Virginia Code 38.2-4103
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100