Terms Used In Virginia Code > Title 38.2 > Chapter 66 - Commonwealth Health Reinsurance Program

• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Affordable Care Act: means the Patient Protection and Affordable Care Act, P. See Virginia Code 38.2-6600
• 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.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Athletic events: means events conducted by a sports team. See Virginia Code 15.2-5935
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attachment point: means the amount set by the Commission for claims costs incurred by an eligible carrier for a covered person's covered benefits in a benefit year, above which the claims costs for benefits are eligible for reinsurance payments under the Program. See Virginia Code 38.2-6600
• Authority: means the authority created pursuant to § 15. See Virginia Code 15.2-5935
• Benefit year: means the calendar year for which an eligible carrier provides coverage through an individual health benefit plan. See Virginia Code 38.2-6600
• Bond: means a note of any kind, an interim certificate, a refunding bond, and any other evidence of obligation, including private bonds and other forms of private financing. See Virginia Code 15.2-5935
• Bond issuer: means the Authority and any participating locality. See Virginia Code 15.2-5935
• Coinsurance rate: means the rate set by the Commission at which the Program will reimburse an eligible carrier for claims incurred for a covered person's covered benefits in a benefit year, which claims exceed the attachment point but are below the reinsurance cap. See Virginia Code 38.2-6600
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Commission: means the Marine Resources Commission. See Virginia Code 28.2-100
• 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.
• Covered person: means an individual covered under individual health insurance coverage that (i) is delivered or issued for delivery in the Commonwealth and (ii) is neither a grandfathered plan, student health insurance coverage, nor transitional coverage that the federal government allows under a nonenforcement policy. See Virginia Code 38.2-6600
• Crab dredge: means a device, which may have teeth on the bar, that is designed and used to catch crabs buried in the bottom. See Virginia Code 28.2-700
• Crab pot: means a device made of wire or thread net used to catch crabs. See Virginia Code 28.2-700
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Eligible carrier: means a carrier that (i) offers individual health insurance coverage other than a grandfathered plan, student health insurance coverage, or transitional coverage that the federal government allows under a nonenforcement policy and (ii) incurs claims costs for a covered person's covered benefits in the applicable benefit year. See Virginia Code 38.2-6600
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• 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.
• Facility: includes any temporary construction related to the Facility. See Virginia Code 15.2-5935
• Facility Site: means real estate designated, donated, purchased, or otherwise acquired for the purpose of constructing a Facility. See Virginia Code 15.2-5935
• Fund: means the Commonwealth Health Reinsurance Program Special Fund established by the Commission pursuant to § 38. See Virginia Code 38.2-6600
• 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
• Hampton Roads locality: means the City of Chesapeake, Norfolk, or Virginia Beach. See Virginia Code 15.2-5935
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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.
• Officer: means a member of the Virginia Marine Police. See Virginia Code 28.2-100
• Participating locality: means a Hampton Roads locality that joins the Authority. See Virginia Code 15.2-5935
• Payment parameters: means the attachment point, reinsurance cap, and coinsurance rate for the Program. See Virginia Code 38.2-6600
• Peeler pot: means a wire mesh pot baited with only live adult male (jimmy) blue crabs. See Virginia Code 28.2-700
• 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
• Program: means the Commonwealth Health Reinsurance Program established pursuant to this chapter. See Virginia Code 38.2-6600
• 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
• 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}
• Reinsurance cap: means the amount set by the Commission for claims costs incurred by an eligible carrier for a covered person's covered benefits in a benefit year, above which the claims costs for benefits are no longer eligible for reinsurance payments under the Program. See Virginia Code 38.2-6600
• Reinsurance payment: means an amount paid to an eligible carrier under the Program. See Virginia Code 38.2-6600
• Sales and use tax revenues: means tax collections under the Virginia Retail Sales and Use Tax Act (§ 58. See Virginia Code 15.2-5935
• Sports team: means a sports franchise holder that is a part of the National Basketball Association, the National Basketball Association Development League, the Women's National Basketball Association, the National Hockey League, the American Hockey League, the ECHL, the Federal Prospects Hockey League, the Ligue Nord-Américaine de Hockey, or the Southern Professional Hockey League, and any other national sports league. See Virginia Code 15.2-5935
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• State Innovation Waiver: means a waiver of one or more requirements of the Affordable Care Act authorized by § 1332 of the Affordable Care Act, 42 U. See Virginia Code 38.2-6600
• Subpoena: A command to a witness to appear and give testimony.
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Total amount paid by the eligible carrier for any eligible claim: means the amount paid by the eligible carrier based on the allowed amount less any deductible, coinsurance, or copayment, as of the time applicable data is submitted or made accessible under subdivision C 1 of § 38. See Virginia Code 38.2-6600
• Trustee: A person or institution holding and administering property in trust.
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.