Terms Used In Virginia Code > Title 38.2 > Chapter 27 - Basic Property Insurance Residual Market Facility and Joint Underwriting Association

• Agent: means any person who represents or acts for or on behalf of a developer in the disposition of any lot in a subdivision, but does not include an attorney whose representation of another person consists solely of rendering legal services. See Virginia Code 55.1-2300
• Agent: means the authorized agent designated by the purchaser or seller in a ratified real estate contract, listing agreement, or other writing designating such agent. See Virginia Code 55.1-2307
• 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.
• 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.
• Association: means an association created pursuant to the Property Owners' Association Act (§ Virginia Code 55.1-2307
• Basic property insurance: means insurance against direct loss to any property caused by perils defined and limited in the standard fire policy prescribed in §§ Virginia Code 38.2-2701
• 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}
• Board: means the board of directors or executive board, of an association, except that in the case of a horizontal property regime created pursuant to the Horizontal Property Act (§ Virginia Code 55.1-2307
• 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
• Commission: means the State Corporation Commission. See Virginia Code 38.2-100
• Common interest community: means a condominium created pursuant to the Virginia Condominium Act (§ Virginia Code 55.1-2307
• contract: means the contract to purchase the unit and any addenda to such contract. See Virginia Code 55.1-2307
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Days: means calendar days. See Virginia Code 55.1-2307
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Developer: means any person who offers, directly or indirectly, for disposition, any lot in a subdivision, but does not include a trustee under a deed of trust securing an indebtedness or other obligation who sells lots within such subdivision under foreclosure proceedings, provided that the purpose in so doing is not to evade the provisions of this chapter. See Virginia Code 55.1-2300
• 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}
• 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.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Financial update: means updated financial information for the unit, including information required by subdivisions A 4 and 5 of § 55. See Virginia Code 55.1-2307
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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}
• 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
• Governing documents: means , to the extent applicable, the declaration, bylaws, organizing articles, and any other foundational documents of the association and all amendments to such documents. See Virginia Code 55.1-2307
• 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
• inhabitants: means with reference to any county, city, town, political subdivision of the Commonwealth or any combination thereof, the natural persons in such county, city, town, political subdivision or combination as shown by the unadjusted United States decennial census last preceding the time at which any provision dependent upon population is being applied or the time as of which it is being construed. See Virginia Code 1-235
• Inspection service: means any organization designated or approved by the Commission to determine the insurability and conditions of the properties for which basic property insurance is sought. See Virginia Code 38.2-2701
• Insurer: means an insurance company. See Virginia Code 38.2-100
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited elements: means the limited common elements appurtenant to a condominium unit or cooperative unit or the limited common area appurtenant to a lot. See Virginia Code 55.1-2307
• local government: shall be construed to mean a county, city, or town as the context may require. See Virginia Code 15.2-102
• Lot: means any unit, parcel, division, piece of land, or interest in land except utility easements if such interest carries with it the exclusive right to use a specific portion of property. See Virginia Code 55.1-2300
• Managing agent: means a licensee who performs management services as defined in § Virginia Code 55.1-2307
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Net direct premiums written: means gross direct premiums written in this Commonwealth on all policies of basic property insurance and the basic property insurance component of multi-peril policies less (i) all return premiums on those policies, (ii) dividends paid or credited to policyholders, and (iii) the unused or unabsorbed portions of premium deposits. See Virginia Code 38.2-2701
• 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 any individual, corporation, government or governmental agency, business trust, estate, trust, partnership, unincorporated association, two or more of any of the foregoing having a joint or common interest, or any other legal or commercial entity. See Virginia Code 55.1-2300
• 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.
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Purchaser: means a person who acquires or attempts to acquire any lot in a subdivision. See Virginia Code 55.1-2300
• Purchaser: means the person or entity acquiring the unit. See Virginia Code 55.1-2307
• Qualified property: means all real property and all tangible personal property at a fixed location in this Commonwealth, whether or not the property is subject to exposure from an external hazard located on property that is neither owned nor controlled by the prospective insured, and whether or not the property is subject to exposure from riot hazard, where the property:

  1. See Virginia Code 38.2-2701

• Quorum: The number of legislators that must be present to do business.
• 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.
• Resale certificate: means the information listed in § 55. See Virginia Code 55.1-2307
• Residual market facility: means any organization approved by the Commission to equitably distribute the responsibility to provide basic property insurance on qualified property among insurers licensed to write basic property insurance or other insurance containing a basic property insurance component. See Virginia Code 38.2-2701
• Rules and regulations: means restrictions or limitations adopted by the board or authorized committee addressing the use, operation, appearance, or design of a portion of the common interest community. See Virginia Code 55.1-2307
• sale: means any lease, assignment, or exchange, or any interest in any lot that is a part of or included in a subdivision. See Virginia Code 55.1-2300
• Seller: means the person or entity selling the unit. See Virginia Code 55.1-2307
• 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.
• Settlement agent: means the same as that term is defined in § Virginia Code 55.1-2307
• 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.
• Subdivision: means :

  1. See Virginia Code 55.1-2300

• Trustee: A person or institution holding and administering property in trust.
• Unit: means a condominium unit in a condominium, a cooperative unit in a real estate cooperative, or a lot in a community governed by an association. See Virginia Code 55.1-2307
• 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
• Updated resale certificate: means an update of the resale certificate referenced in § 55. See Virginia Code 55.1-2307