§ 38.2-101 Classification of insurance.
§ 38.2-102 Life.
§ 38.2-103 Credit life.
§ 38.2-104 Industrial life.
§ 38.2-105 Variable life.
§ 38.2-105.1 Modified guaranteed life insurance.
§ 38.2-106 Annuities.
§ 38.2-106.1 Charitable gift annuities.
§ 38.2-107 Variable annuity.
§ 38.2-107.1 Modified guaranteed annuity.
§ 38.2-107.2 Private family leave insurance.
§ 38.2-108 Credit accident and sickness.
§ 38.2-109 Accident and sickness.
§ 38.2-110 Fire.
§ 38.2-111 Miscellaneous property and casualty.
§ 38.2-112 Water damage.
§ 38.2-113 Burglary and theft.
§ 38.2-114 Glass insurance.
§ 38.2-115 Boiler and machinery.
§ 38.2-116 Animal.
§ 38.2-117 Personal injury liability.
§ 38.2-118 Property damage liability.
§ 38.2-119 Workers’ compensation and employers’ liability.
§ 38.2-120 Fidelity.
§ 38.2-121 Surety.
§ 38.2-122 Credit.
§ 38.2-122.1 Credit involuntary unemployment insurance.
§ 38.2-122.2 Credit property insurance.
§ 38.2-123 Title.
§ 38.2-124 Motor vehicle.
§ 38.2-125 Aircraft.
§ 38.2-126 Marine.
§ 38.2-127 Legal services insurance.
§ 38.2-128 Mortgage guaranty insurance.
§ 38.2-129 Home protection insurance.
§ 38.2-130 Homeowners insurance.
§ 38.2-131 Farmowners insurance.
§ 38.2-132 Commercial multi-peril insurance.
§ 38.2-133 Contingent and consequential losses.
§ 38.2-134 Definitions to include other insurance of same general kind.
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Terms Used In Virginia Code > Title 38.2 > Chapter 1 > Article 2 - Insurance Classified and Defined.

  • 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
  • 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
  • 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
  • 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
  • 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
  • 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.
  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Donor: The person who makes a gift.
  • 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.
  • 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
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Includes: means includes, but not limited to. See Virginia Code 1-218
  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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: 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.
  • 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.
  • 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.
  • 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.