Terms Used In Virginia Code > Title 8.9A > Part 6 > Part 1 - Default and Enforcement of Security Interest

• 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
• agent: shall be construed to refer to any of the individual licensees referred to above. See Virginia Code 38.2-1866
• Aggregator site: means a website that provides access to information, including product and insurer information, regarding insurance products from more than one insurer for use in comparison shopping. See Virginia Code 38.2-1887
• 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.
• 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
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• 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
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Bequest: Property gifted by will.
• Blanket travel insurance: means a policy of travel insurance issued to any eligible group providing coverage for specific classes of persons defined in the policy with coverage provided to all members of the eligible group without a separate charge to individual members of the eligible group. See Virginia Code 38.2-1887
• Blanket-exercise clause: includes a clause that:

  1. See Virginia Code 64.2-2700

• Board: means the State Board of Elections. See Virginia Code 24.2-101
• 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
• Cancellation fee waiver: means a contractual agreement between a supplier of travel services and its customer to waive some or all of the nonrefundable cancellation fee provisions of the supplier's underlying travel contract with or without regard to the reason for the cancellation or form of reimbursement. See Virginia Code 38.2-1887
• Chambers: A judge's office.
• 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
• Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
• 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
• 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.
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
• Covered voter: means :

  a. See Virginia Code 24.2-452

• Custodial property: means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. See Virginia Code 64.2-1900
• Custodian: means a person so designated under § 64. See Virginia Code 64.2-1900
• Customer: means a person who purchases portable electronics or services. See Virginia Code 38.2-1875
• Customer: means a person who leases a self storage unit. See Virginia Code 38.2-1881
• 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.
• Dependent: A person dependent for support upon another.
• Dependent: means an individual recognized as a dependent by a uniformed service. See Virginia Code 24.2-452
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• DLP: means an employee, officer, director, manager, member, or partner of a limited lines travel insurance agent who (i) is a licensed property and casualty insurance agent, a personal lines insurance agent, or an individual limited lines property and casualty insurance agent and (ii) has been designated by the limited lines travel insurance agent as the person responsible for the limited lines travel insurance agent's compliance with the travel insurance laws, rules, and regulations of the Commonwealth. See Virginia Code 38.2-1887
• Donee: The recipient of a gift.
• Donor: means a person that creates a power of appointment. See Virginia Code 64.2-2700
• Donor: The person who makes a gift.
• Election: means a general, primary, or special election. See Virginia Code 24.2-101
• Eligible group: means two or more persons who are engaged in a common enterprise or have an economic, educational, or social affinity or relationship, including:

  1. See Virginia Code 38.2-1887

• 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}
• Federal postcard application: means the application prescribed under § 101(b)(2) of the Uniformed and Overseas Citizens Absentee Voting Act, 52 U. See Virginia Code 24.2-452
• Federal write-in absentee ballot: means the ballot described in § 103 of the Uniformed and Overseas Citizens Absentee Voting Act, 52 U. See Virginia Code 24.2-452
• Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
• Fiduciary: A trustee, executor, or administrator.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Fulfillment materials: means documentation sent to the purchaser of a travel protection plan confirming the purchase and providing the travel protection plan's coverage and assistance details. See Virginia Code 38.2-1887
• 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
• 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.
• Impermissible appointee: means a person that is not a permissible appointee. See Virginia Code 64.2-2700
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Instrument: means a record. See Virginia Code 64.2-2700
• insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
• insurance producer: when used without qualification, means an individual or business entity that sells, solicits, or negotiates contracts of insurance or annuity in the Commonwealth. See Virginia Code 38.2-1800
• Insurer: means an insurance company. See Virginia Code 38.2-100
• Inter vivos: Transfer of property from one living person to another living person.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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}
• Legal representative: means an individual's personal representative or conservator. See Virginia Code 64.2-1900
• Lessor: means a person in the business of engaging in self storage unit transactions directly or indirectly. See Virginia Code 38.2-1881
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Limited lines travel insurance agent: means a licensed property and casualty insurance agent, a personal lines insurance agent, or a limited lines property and casualty agent. See Virginia Code 38.2-1887
• local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
• Military-overseas ballot: means :

  a. See Virginia Code 24.2-452

• Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
• Month: means a calendar month and "year" means a calendar year. See Virginia Code 1-223
• 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.
• Offer and disseminate: means providing general information, including a description of the coverage and price, as well as processing the application, collecting premiums, and performing other non-licensable activities permitted by the Commonwealth. See Virginia Code 38.2-1887
• Overseas voter: means a United States citizen who is outside the United States. See Virginia Code 24.2-452
• Permissible appointee: means a person in whose favor a powerholder may exercise a power of appointment. See Virginia Code 64.2-2700
• Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
• 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
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pool: means an arrangement, either voluntary or mandated by law, established on an on-going basis, pursuant to which two or more insurers participate in the sharing of risks on a predetermined basis, which arrangement may operate through an association, syndicate, or other pool arrangement. See Virginia Code 38.2-2000.1
• Portable electronics: means electronic devices that are portable in nature, accessories to such devices, and services related to the use of the devices. See Virginia Code 38.2-1875
• Portable electronics insurance: means insurance providing coverage for the repair or replacement of portable electronics that may cover portable electronics against any one or more of the following causes of loss: loss, theft, mechanical failure, malfunction, damage, or other applicable peril. See Virginia Code 38.2-1875
• 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
• 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}
• Powerholder: means a person in which a donor creates a power of appointment. See Virginia Code 64.2-2700
• Precinct: means the territory designated by the governing body of a county, city, or town to be served by one polling place. See Virginia Code 24.2-101
• Primary certificate holder: means a person who elects and purchases travel insurance under a group policy. See Virginia Code 38.2-1887
• primary election: means an election held for the purpose of selecting a candidate to be the nominee of a political party for election to office. See Virginia Code 24.2-101
• Primary policyholder: means a person who elects and purchases individual travel insurance. See Virginia Code 38.2-1887
• Proof of compliance: means all fees prescribed by the Board and all documents and forms specified by the Board for demonstrating completion of Board-approved continuing education courses relevant to the license held and for the required number of hours. See Virginia Code 38.2-1868.1
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Qualified voter: means a person who is entitled to vote pursuant to the Constitution of Virginia and who is (i) 18 years of age on or before the day of the election or qualified pursuant to § 24. See Virginia Code 24.2-101
• 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 estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
• 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
• 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}
• Referendum: means any election held pursuant to law to submit a question to the voters for approval or rejection. See Virginia Code 24.2-101
• Registered voter: means any person who is maintained on the Virginia voter registration system. See Virginia Code 24.2-101
• Residual market mechanism: means an arrangement, either voluntary or mandated by law, involving participation by insurers in equitable apportionment among themselves of insurance which may be afforded applicants who are unable to obtain insurance through ordinary methods including any filed and approved plans. See Virginia Code 38.2-2000.1
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Self storage insurance: means insurance providing coverage against loss of or damage to items of personal property stored in a self storage unit in accordance with the terms of the self storage unit rental agreement. See Virginia Code 38.2-1881
• Self storage unit: means a unit in a building, part of a building, or place used only for storage of personal property by the customer leasing the unit. See Virginia Code 38.2-1881
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• Specific-exercise clause: means a clause in an instrument which specifically refers to and exercises a particular power of appointment. See Virginia Code 64.2-2700
• 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
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Virginia Code 24.2-452
• Statute: A law passed by a legislature.
• Subscriber: means a person obligated under a reciprocal insurance agreement. See Virginia Code 38.2-1201
• Surplus lines broker: means a person licensed pursuant to Article 5. See Virginia Code 38.2-1800
• sworn: means "affirm" or "affirmed. See Virginia Code 1-250
• 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
• 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 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
• 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
• 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.
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July one, nineteen hundred seventy-one, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 15.2-102
• Town: means any existing town or an incorporated community within one or more counties which became a town before noon, July 1, 1971, as provided by law or which has within defined boundaries a population of 1,000 or more and which has become a town as provided by law. See Virginia Code 1-254
• 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
• Travel administrator: means a person who directly or indirectly underwrites, collects, charges collateral or premiums from, or adjusts or settles claims on residents of the Commonwealth, in connection with travel insurance. See Virginia Code 38.2-1887
• Travel assistance services: includes (i) security advisories; (ii) destination information; (iii) vaccination and immunization information services; (iv) travel reservation services; (v) entertainment; (vi) activity and event planning; (vii) translation assistance; (viii) emergency messaging; (ix) international legal and medical referrals; (x) medical case monitoring; (xi) coordination of transportation arrangements; (xii) emergency cash transfer assistance; (xiii) medical prescription replacement assistance; (xiv) passport and travel document replacement assistance; (xv) lost luggage assistance; (xvi) concierge services; and (xvii) any other service that is furnished in connection with planned travel. See Virginia Code 38.2-1887
• Travel insurance: means insurance coverage for personal risks incident to planned travel, including (i) interruption or cancellation of trip or event; (ii) loss of baggage or personal effects; (iii) damages to accommodations or rental vehicles; (iv) emergency evacuation; (v) repatriation of remains; or (vi) any other contractual obligations to indemnify or pay a specified amount to the traveler upon determinable contingencies related to travel as approved by the Commission. See Virginia Code 38.2-1887
• Travel protection plan: means any plan that provides travel insurance, travel assistance services, or cancellation fee waivers. See Virginia Code 38.2-1887
• Travel retailer: means a business entity that offers and disseminates travel insurance on behalf of and under the direction and license of a travel insurance agent. See Virginia Code 38.2-1887
• Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
• Trustee: A person or institution holding and administering property in trust.
• Uniformed service: means :

  a. See Virginia Code 24.2-452

• Uniformed-service voter: means an individual who is qualified to vote and is:

  a. See Virginia Code 24.2-452

• 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
• Vendor: means a person in the business of engaging in portable electronics transactions directly or indirectly. See Virginia Code 38.2-1875
• Virginia Property Insurance Association: means that organization established pursuant to Chapter 27 (§ 38. See Virginia Code 38.2-2000.1