Terms Used In Virginia Code > Title 15.2 > Subtitle II > Chapter 17 > Article 5 - Criminal Justice Training Academies.

• 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
• adjusted capital: means net worth of a health maintenance organization and, for all other licensees, means surplus to policyholders. See Virginia Code 38.2-5501
• Adjusted RBC Report: means an RBC report which has been adjusted by the Commission in accordance with subsection F of § Virginia Code 38.2-5501
• Aircraft: means any contrivance used or designed for untethered navigation or flight in the air by one or more persons at an altitude greater than twenty-four inches above the ground. See Virginia Code 58.1-1501
• 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
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Authorized Control Level RBC: means the number determined under the risk-based capital formula in accordance with the RBC Instructions;

  4. See Virginia Code 38.2-5501

• 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
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• 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
• Company Action Level RBC: means , with respect to any licensee, the product of 2. See Virginia Code 38.2-5501
• 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.
• Corrective Order: means an order issued by the Commission specifying corrective actions which the Commission has determined are required. See Virginia Code 38.2-5501
• County: means any existing county or such unit hereafter created. See Virginia Code 15.2-102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means any person owning five or more aircraft during the calendar year who the Commissioner finds is in the regular business of selling aircraft. See Virginia Code 58.1-1501
• Department: means the Department of Taxation. See Virginia Code 58.1-1
• Domestic health organization: means a health organization domiciled in this Commonwealth. See Virginia Code 38.2-5501
• Domestic insurer: means any domestic company which has obtained a license to engage in insurance transactions in this Commonwealth in accordance with the applicable provisions of Chapter 10 (§ Virginia Code 38.2-5501
• Domestic licensee: means and includes a domestic insurer and a domestic health organization. See Virginia Code 38.2-5501
• 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.
• Fixed place of business: means a mill, plant, yard, or other location at which occurs a regular and continuous course of dealing. See Virginia Code 58.1-1601
• Foreign health organization: means a health organization not domiciled in this Commonwealth which is licensed to do business in this Commonwealth. See Virginia Code 38.2-5501
• Foreign insurer: means any company not domiciled in this Commonwealth which has obtained a license to engage in insurance transactions in this Commonwealth in accordance with the applicable provisions in Chapter 10 (§ Virginia Code 38.2-5501
• Forest product: means wood, derived from trees severed in Virginia for commercial purposes, of any type or form, including but not limited to logs, timber, pulpwood, excelsior wood, chemical wood, woodchips, biomass chips, fuel chips, mulch, bolts, billets, crossties, switch ties, poles, piles, fuel wood, posts, all cooperage products, tanbark, mine ties, mine props, and all other types of forest products used in mines. See Virginia Code 58.1-1601
• 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
• Gross receipts: means the charges made or voluntary contributions received for the hourly rental and maintenance of an aircraft, all other charges for the use of an aircraft and, unless separately stated on the invoice, all charges for services of pilots or instructors in such aircraft. See Virginia Code 58.1-1501
• Health organization: means an insurer that is required by the Commission to use the NAIC's Health Annual Statement blank when filing the annual statement prescribed by § Virginia Code 38.2-5501
• 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 Virginia Code 1-257
• Includes: means includes, but not limited to. See Virginia Code 1-218
• Insurer: means an insurance company. See Virginia Code 38.2-100
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means and includes a life and health insurer, a property and casualty insurer, and a health organization. See Virginia Code 38.2-5501
• Lien: A claim against real or personal property in satisfaction of a debt.
• Life and health insurer: means any domestic insurer or foreign insurer, whether known as a life insurer or a property and casualty insurer or a reciprocal or a fraternal benefit society, which is authorized to write any class of life insurance, annuities, or accident and sickness insurance, and is not writing a class of insurance set forth in §§ Virginia Code 38.2-5501
• Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
• Locality: means a county, city, or town as the context may require. See Virginia Code 1-221
• Mandatory Control Level RBC: means the product of 0. See Virginia Code 38.2-5501
• Manufacturer: means any person that for commercial purposes at a fixed place of business (i) processes forest products into various sizes and forms, including chips; (ii) processes forest products into other products; (iii) uses or consumes forest products; or (iv) stores forest products for sale or shipment out of state. See Virginia Code 58.1-1601
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• NAIC: means the National Association of Insurance Commissioners. See Virginia Code 38.2-5501
• 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.
• Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
• Personal property: All property that is not real property.
• Property and casualty insurer: means any domestic insurer or foreign insurer which is authorized under any chapter of this title to write any class of insurance except a class of life insurance or annuities, provided that "property and casualty insurer" shall not include monoline mortgage guaranty insurers, financial guaranty insurers and title insurers, nor shall it include any insurer which is required by the Commission to use the NAIC's Health Annual Statement blank when filing the annual statement prescribed by § Virginia Code 38.2-5501
• RBC: means risk-based capital. See Virginia Code 38.2-5501
• RBC Instructions: means the RBC Report including risk-based capital instructions adopted by the NAIC, as such RBC Instructions may be amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC. See Virginia Code 38.2-5501
• RBC Plan: means a comprehensive financial plan containing the elements specified in subsection B of § Virginia Code 38.2-5501
• RBC Report: means the report required in § Virginia Code 38.2-5501
• Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
• Regulatory Action Level RBC: means the product of 1. See Virginia Code 38.2-5501
• revenue bonds: as used in this article shall embrace notes, bonds and other obligations authorized to be issued pursuant to this article. See Virginia Code 15.2-1749
• Sale: means any transfer of ownership or possession of an aircraft by exchange or barter, lease or rental, conditional or otherwise, in any manner or by any means whatsoever. See Virginia Code 58.1-1501
• Severer: means any person in this Commonwealth that fells, cuts, or otherwise separates timber or any other such forest product from the soil. See Virginia Code 58.1-1601
• State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
• State: when applied to a part of the United States, includes any of 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 1-245
• Surplus to policyholders: means the excess of total admitted assets over the liabilities of an insurer, and shall be the sum of all capital and surplus accounts, including any voluntary reserves, minus any impairment of all capital and surplus accounts. See Virginia Code 38.2-100
• Total Adjusted Capital: means the sum of:

  1. See Virginia Code 38.2-5501

• Trend Test Calculation: include d in the Life RBC Instructions. See Virginia Code 38.2-5501
• 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
• 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.