Terms Used In West Virginia Code > Chapter 33 > Article 27A - West Virginia Mutual to Mutual Insurance Holding Company Act

• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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}
• Intermediate holding company: means a stock corporation that owns all of the shares of voting stock of one or more recognized stock companies after a reorganization pursuant to this article. See West Virginia Code 33-27A-2
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mutual insurance company: means a domestic or foreign mutual Insurance company. See West Virginia Code 33-27A-2
• Mutual insurance holding company: means a domestic mutual insurance holding company incorporated pursuant to a reorganization plan adopted pursuant to this article, which company is the parent company of a reorganized stock company or of an intermediate holding company. See West Virginia Code 33-27A-2
• 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.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Policyholder: means the person, group of persons, association, corporation, partnership, member or other entity named as the insured under a mutual policy of insurance. See West Virginia Code 33-27A-2
• Reorganization plan: means a reorganization plan adopted by a mutual insurance company's board of directors in accordance with the provisions of this article. See West Virginia Code 33-27A-2
• Reorganized stock company: means the domestic or foreign stock insurance company resulting from a domestic or foreign mutual insurance company's reorganization under this article. See West Virginia Code 33-27A-2
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Voting Stock: means securities of any class or any ownership interests having voting power for the election of directors, trustees, or management of a person, other than securities having voting power only as a result of the occurrence of a contingency. See West Virginia Code 33-27A-2