Terms Used In Virginia Code > Title 64.2 > Subtitle III > Chapter 7 > Article 4 - Creation, Validity, Modification, and Termination of Trust

• Accredited state: means a state in which the insurance department or regulatory agency responsible for administering the insurance laws of said state has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. See Virginia Code 38.2-1341
• 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.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• association captive: is a n insurer whose exclusive purpose is transacting the business of insurance and reinsurance only on risks, hazards and liabilities of the members of an insurance association comprised of any group of individuals, corporations, partnerships, associations, or governmental units or agencies whose members collectively own, control, or hold with power to vote, all of the outstanding voting securities of the association insurer. See Virginia Code 38.2-1341
• 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}
• Beneficiary: means a person that (i) has a present or future, vested or contingent, beneficial interest in a trust; (ii) holds a power of appointment over trust property; or (iii) is an identified charitable organization that will or may receive distributions under the terms of the trust. See Virginia Code 64.2-701
• Bequest: Property gifted by will.
• Bureau of Insurance: means the division of the Commission established to administer the insurance laws of the Commonwealth. See Virginia Code 38.2-100
• Business entity: means a partnership, limited partnership, limited liability company, corporation, or other legal entity that is entitled to hold property in its own name and which is not a sole proprietorship. See Virginia Code 38.2-1347
• business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
• CGAD: means a confidential report filed by the insurer or insurance group made in accordance with the requirements of this article. See Virginia Code 38.2-1334.11
• Charitable purpose: means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community. See Virginia Code 64.2-701
• Charitable trust: means a trust, or portion of a trust, created for a charitable purpose described in § 64. See Virginia Code 64.2-701
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Commissioner: means the chief insurance regulatory official of a state, however designated. See Virginia Code 38.2-1334.11
• Company: means any association, aggregate of individuals, business, 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
• Conservator: means a person appointed by the court to administer the estate of an adult individual. See Virginia Code 64.2-701
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• controlled: has the meaning ascribed in § 38. See Virginia Code 38.2-1341
• Controlled insurer: means a licensed insurer which is controlled, directly or indirectly, by a producer. See Virginia Code 38.2-1341
• Controlling producer: means a producer who, directly or indirectly, controls an insurer. See Virginia Code 38.2-1341
• 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.
• Court: means the court of the Commonwealth having jurisdiction in matters related to trusts. See Virginia Code 64.2-701
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Devise: To gift property by will.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• Foreign insurer: means any foreign or alien insurer licensed to transact the business of insurance in this Commonwealth pursuant to § 38. See Virginia Code 38.2-1341
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Insurance company: means any company engaged in the business of making contracts of insurance. See Virginia Code 38.2-100
• Insurance group: means those insurers and affiliates included within an insurance holding company system as defined in § 38. See Virginia Code 38.2-1334.11
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.3
• Insurer: means an insurance company as defined in § 38. See Virginia Code 38.2-1334.11
• Insurer: means any person duly licensed in this Commonwealth pursuant to Chapters 10 (§ 38. See Virginia Code 38.2-1347
• Inter vivos: Transfer of property from one living person to another living person.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensed reinsurance intermediary: means an agent, broker or reinsurance intermediary licensed to act as a reinsurance intermediary pursuant to the applicable provision of this article. See Virginia Code 38.2-1347
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-1334.11
• ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Virginia Code 38.2-1334.3
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Person: means an individual; estate; business or nonprofit entity; government; governmental subdivision, agency, or instrumentality; public corporation; or other legal entity. See Virginia Code 64.2-701
• 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 64.2-701
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Producer: means :

  1. See Virginia Code 38.2-1341

• Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Virginia Code 64.2-701
• pure captive: is a n insurer whose exclusive purpose is transacting the business of insurance and reinsurance only on risks, hazards, and liabilities of its parent, subsidiary companies of its parent, and associated and affiliated companies. See Virginia Code 38.2-1341
• 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
• Reinsurance intermediary: means a reinsurance intermediary broker or a reinsurance intermediary manager as these terms are defined in this article. See Virginia Code 38.2-1347
• Reinsurance intermediary broker: means any person, other than an officer or employee of the ceding insurer, who, without the power to bind the ceding insurer, solicits, negotiates or places reinsurance cessions or retrocessions on behalf of a ceding insurer or otherwise negotiates with a ceding insurer concerning reinsurance cessions or retrocessions. See Virginia Code 38.2-1347
• Reinsurance intermediary manager: means any person who (i) has authority to bind reinsurance risks or (ii) manages all or part of the assumed reinsurance business of a reinsurer, including the management of a separate division, department or underwriting office, and acts as an agent for such reinsurer whether known as a reinsurance intermediary manager or other similar term. See Virginia Code 38.2-1347
• Reinsurer: means any insurer licensed in this Commonwealth with the authority to cede or accept from any insurer reinsurance pursuant to § 38. See Virginia Code 38.2-1347
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Service of process: The service of writs or summonses to the appropriate party.
• Settlor: except as otherwise provided in § 64. See Virginia Code 64.2-701
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Terms of a trust: means :

  1. See Virginia Code 64.2-701

• Testify: Answer questions in court.
• Trust instrument: means a record executed by the settlor to create a trust or by any person to create a second trust that contains some or all of the terms of the trust, including any amendments. See Virginia Code 64.2-701
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee and a cotrustee. See Virginia Code 64.2-701
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255