Terms Used In Virginia Code > Title 8.9A > Part 5 > Part 2 - Duties and Operation of Filing Office

• Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
• Account: means any one of the two accounts created under § 38. See Virginia Code 38.2-1701
• Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Virginia Code 64.2-1033
• Adult: means an individual who attained the age of 18 years. See Virginia Code 64.2-1900
• Adult: means a person 18 years of age or more. See Virginia Code 1-203
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Allegation: something that someone says happened.
• 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.
• Amortization: Paying off a loan by regular installments.
• Annuities: means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. See Virginia Code 38.2-106
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
• Appraisal: A determination of property value.
• Asset-backed security: includes rights or other assets that ensure the servicing or timely distribution of proceeds to the holder of the asset-backed security. See Virginia Code 64.2-1033
• Association: means the Virginia Life, Accident and Sickness Insurance Guaranty Association created under § 38. See Virginia Code 38.2-1701
• 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
• Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
• 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: includes :

  1. See Virginia Code 64.2-1033

• 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 other than a sole proprietorship. See Virginia Code 38.2-1800
• 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
• Catastrophic disaster: means an event where the President of the United States or the Governor of the Commonwealth has declared a state of emergency. See Virginia Code 38.2-1845.1
• Clerk of court: An officer appointed by the court to work with the chief judge in overseeing the court's administration, especially to assist in managing the flow of cases through the court and to maintain court records.
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• 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 or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
• Court: means the court in the Commonwealth having jurisdiction relating to a trust, estate, or life estate or other term interest described in subdivision 2 of § Virginia Code 64.2-1033
• 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}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Virginia Code 64.2-1033
• Executor: A male person named in a will to carry out the decedent
• farm: means any person that obtains at least 51 percent of its annual gross income from agricultural operations and produces the agricultural waste used as feedstock for the waste-to-energy technology, (ii) "agricultural waste" means biomass waste materials capable of decomposition that are produced from the raising of plants and animals during agricultural operations, including animal manures, bedding, plant stalks, hulls, and vegetable matter, and (iii) "waste-to-energy technology" means any technology, including but not limited to a methane digester, that converts agricultural waste into gas, steam, or heat that is used to generate electricity on-site. See Virginia Code 1-222.1
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes a trustee, trust director under the Uniform Directed Trust Act (§ 64. See Virginia Code 64.2-1033
• Financial institution: means a bank, trust company, savings institution, or credit union chartered and supervised under state or federal law. See Virginia Code 64.2-1900
• 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.
• 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
• Grantor: The person who establishes a trust and places property into it.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• home service insurer: means an insurer selling industrial or ordinary life insurance or accident and sickness insurance on a debit, where the premiums are payable at least monthly directly by the owner of the policy or a person representing the owner to a representative of the insurer. See Virginia Code 38.2-1805
• Home state: means the District of Columbia and any state or territory of the United States, except Virginia, or any province of Canada, in which a public adjuster maintains such person's principal place of residence or principal place of business and is licensed by that jurisdiction to act as a resident public adjuster. See Virginia Code 38.2-1845.1
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Articles 4 (§ Virginia Code 64.2-1033
• Oath: A promise to tell the truth.
• Oath: includes affirmation. See Virginia Code 1-228
• 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 64.2-1033
• Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
• 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
• Personal estate: includes chattels real and such other estate as, upon the death of the owner intestate, would devolve upon his personal representative. See Virginia Code 1-233
• Personal representative: includes the executor of a will or the administrator of the estate of a decedent, the administrator of such estate with the will annexed, the administrator of such estate unadministered by a former representative, whether there is a will or not, any person who is under the order of a circuit court to take into his possession the estate of a decedent for administration, and every other curator of a decedent's estate, for or against whom suits may be brought for causes of action that accrued to or against the decedent. See Virginia Code 1-234
• Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Virginia Code 64.2-1033
• Probate: Proving a will
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Property and casualty insurance consultant: means an insurance consultant whose services are limited to insurance as defined in §§ 38. See Virginia Code 38.2-1837
• Public adjuster: means an individual or business entity who receives, either directly or indirectly, a salary, fee, commission, or other compensation for engaging in public adjusting. See Virginia Code 38.2-1845.1
• Public adjusting: means soliciting, investigating, negotiating, adjusting, or providing advice to an insured in relation to first party claims arising under insurance contracts that insure the real or personal property of an insured for the purpose of effecting the settlement of a claim on behalf of the insured. See Virginia Code 38.2-1845.1
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• 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.
• Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Solicit: means attempting to sell insurance or asking or urging a person to apply for a particular class of insurance from one or more insurers. See Virginia Code 38.2-1800
• Soliciting: means attempting to persuade or asking or urging an insured to enter into a public adjusting contract by describing the terms of the contract, including any fees or commissions, and offering to negotiate a claim of loss on behalf of the insured. See Virginia Code 38.2-1845.1
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Virginia Code 64.2-1900
• 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.
• Successive interest: means the interest of a successor beneficiary. See Virginia Code 64.2-1033
• Summons: Another word for subpoena used by the criminal justice system.
• Supreme Court: means the Supreme Court of Virginia. See Virginia Code 1-249
• Surety bail bondsman: means a person licensed as a surety bail bondsman pursuant to Article 11 (§ 9. See Virginia Code 38.2-1800
• Surplus lines broker: means a person licensed pursuant to Article 5. See Virginia Code 38.2-1800
• Terminate: means the cancellation of the relationship between an insurance producer and the insurer, or the termination of an insurance producer's authority to transact insurance. See Virginia Code 38.2-1800
• Terms of a trust: means :

  1. See Virginia Code 64.2-1033

• Testate: To die leaving a will.
• Testator: A male person who leaves a will at death.
• Testify: Answer questions in court.
• Title insurance agent: means an agent licensed in the Commonwealth to sell, solicit, or negotiate title insurance, and performing all of the services set forth in § 38. See Virginia Code 38.2-1800
• Transfer: means a transaction that creates custodial property under § 64. See Virginia Code 64.2-1900
• Transferor: means a person who makes a transfer under this chapter. See Virginia Code 64.2-1900
• Trust: includes all trusts described in § 64. See Virginia Code 64.2-1033
• Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
• Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Virginia Code 64.2-1033
• Uniform Application: means the current version of the NAIC Uniform Application for resident and nonresident producer licensing. See Virginia Code 38.2-1800
• Uniform Business Entity Application: means the current version of the NAIC Uniform Business Entity Application for resident and nonresident business entities. See Virginia Code 38.2-1800
• User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
• Variable contract agent: means an agent licensed in the Commonwealth to sell, solicit, or negotiate variable life insurance and variable annuity contracts on behalf of insurers licensed in the Commonwealth. See Virginia Code 38.2-1800
• Veto: The procedure established under the Constitution by which the President/Governor refuses to approve a bill or joint resolution and thus prevents its enactment into law. A regular veto occurs when the President/Governor returns the legislation to the house in which it originated. The President/Governor usually returns a vetoed bill with a message indicating his reasons for rejecting the measure. In Congress, the veto can be overridden only by a two-thirds vote in both the Senate and the House.
• Viatical settlement broker: means a person licensed pursuant to Chapter 60 (§ 38. See Virginia Code 38.2-1800
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.