Code of Virginia - Title 38.2 Insurance - Chapter 1 General Provisions

38.2-100 Definitions
As used in this title: "Alien company" means a company incorporated or organized under the laws of any country other than the United States. "Commission" ...

38.2-101 Classification of insurance
Insurance is classified and defined as set out in subsequent sections of this article. (1952, c. 317, § 38.1-2; 1986, c. 562.) ...

38.2-102 Life
A. "Life insurance" means insurance upon the lives of human beings. "Life insurance" includes policies that also provide (i) endowment benefits; (ii) additional benefits in ...

38.2-103 Credit life
"Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. (1960, ...

38.2-104 Industrial life
"Industrial life insurance" means life insurance provided by an individual insurance contract (i) under which premiums are payable at least monthly and (ii) that has ...

38.2-105 Variable life
"Variable life insurance" means any policy or contract of life insurance in which the amount or duration of benefits may vary according to the investment ...

38.2-105.1 Modified guaranteed life insurance
"Modified guaranteed life insurance" means any policy or contract of life insurance in which the benefits are guaranteed if held for specified periods and nonforfeiture ...

38.2-106 Annuities
"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 ...

38.2-106.1 Charitable gift annuities
For purposes of this title: "Charitable gift annuity" means an agreement by a charitable organization to make periodic payments in fixed dollar amounts payable over ...

38.2-107 Variable annuity
"Variable annuity" means any agreement or contract for an annuity in which the amount or duration of benefits or optional lump sum cash settlement may ...

38.2-107.1 Modified guaranteed annuity
"Modified guaranteed annuity" means any agreement or contract for an annuity in which the benefits are guaranteed if held for specified periods and nonforfeiture values ...

38.2-108 Credit accident and sickness
"Credit accident and sickness insurance" means insurance on a debtor to provide for payments on a specific loan or other credit transaction while the debtor ...

38.2-109 Accident and sickness
A. "Accident and sickness insurance" means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from ...

38.2-110 Fire
"Fire insurance" means insurance against loss of or damage to any property resulting from fire, including loss or damage incident (i) to extinguishing a fire, ...

38.2-111 Miscellaneous property and casualty
A. "Miscellaneous property insurance" means insurance against loss of or damage to property resulting from: 1. Lightning, smoke or smudge, windstorm, tornado, cyclone, earthquake, volcanic ...

38.2-112 Water damage
"Water damage insurance" means insurance against loss or damage to any property by water or other fluid or substance resulting from (i) the breakage or ...

38.2-113 Burglary and theft
"Burglary and theft insurance" means insurance against: 1. Loss of or damage to any property resulting from actual or attempted burglary, theft, larceny, robbery, forgery, ...

38.2-114 Glass insurance
"Glass insurance" means insurance against loss of or damage to glass and its appurtenances resulting from any cause. (1952, c. 317, § 38.1-10; 1986, c. ...

38.2-115 Boiler and machinery
"Boiler and machinery insurance" means insurance against any liability of the insured and against loss of or damage to any property of the insured resulting ...

38.2-116 Animal
"Animal insurance" means insurance against loss of or damage to any animal resulting from any cause. (1952, c. 317, § 38.1-13; 1986, c. 562.) ...

38.2-117 Personal injury liability
"Personal injury liability insurance" means insurance against legal liability of the insured, and against loss, damage or expense incident to a claim of such liability, ...

38.2-118 Property damage liability
"Property damage liability insurance" means insurance against legal liability of the insured, and against loss, damage or expense incident to a claim of such liability, ...

38.2-119 Workers' compensation and employers' liability
"Workers' compensation and employers' liability insurance" means insurance against the legal liability of any employer for the death or disablement of, or injury to, his ...

38.2-120 Fidelity
"Fidelity insurance" means: 1. Indemnifying any person against loss through counterfeit, forgery or alteration of, on, or in any security obligation or other written instrument; ...

38.2-121 Surety
"Surety insurance" means: 1. Becoming surety or guarantor for any person, in any public or private position or place of trust, whether the guarantee is ...

38.2-122 Credit
"Credit insurance" means indemnifying merchants or other persons extending credit against loss or damage resulting from the nonpayment of debts owed to them. "Credit insurance" ...

38.2-122.1 Credit involuntary unemployment insurance
"Credit involuntary unemployment insurance" means insurance on a debtor in connection with a specified loan or other credit transaction to provide payment to a creditor ...

38.2-122.2 Credit property insurance
"Credit property insurance" means insurance against direct physical damage to personal household property used as security for a loan or other credit transaction. Such insurance ...

38.2-123 Title
"Title insurance" means insurance against loss by reason of liens and encumbrances upon property, defects in the title to property, and other matters affecting the ...

38.2-124 Motor vehicle
A. "Motor vehicle insurance" means insurance against: 1. Loss of or damage to motor vehicles, including trailers, semitrailers or other attachments designed for use in ...

38.2-125 Aircraft
"Aircraft insurance" means insurance against: 1. Loss of or damage to aircraft and its equipment, resulting from any cause, and against legal liability of the ...

38.2-126 Marine
A. "Marine insurance" means insurance against any kind of loss or damage to: 1. Vessels, craft, aircraft, vehicles of every kind, excluding vehicles operating under ...

38.2-127 Legal services insurance
"Legal services insurance" means the assumption of a contractual obligation to reimburse the insured against, or pay on behalf of the insured, all or a ...

38.2-128 Mortgage guaranty insurance
"Mortgage guaranty insurance" means indemnifying lenders against financial loss arising from nonpayment of principal, interest, or other sums due under the terms of any evidence ...

38.2-129 Home protection insurance
"Home protection insurance" means any contract or agreement whereby a person undertakes for a specified period of time and for a predetermined fee to furnish, ...

38.2-130 Homeowners insurance
"Homeowners insurance" is a combination multi-peril policy written under the provisions of § 38.2-1921 containing fire, miscellaneous property, and liability coverages, insuring primarily (i) owner-occupied ...

38.2-131 Farmowners insurance
"Farmowners insurance" is a combination multi-peril policy written under the provisions of § 38.2-1921 containing fire, miscellaneous property, and liability coverages, insuring primarily (i) farm ...

38.2-132 Commercial multi-peril insurance
"Commercial multi-peril insurance" is a combination multi-peril policy written under the provisions of § 38.2-1921 insuring risks incident to a commercial enterprise containing any combination ...

38.2-133 Contingent and consequential losses
The definition of any class of insurance against loss of or damage to property enumerated in this article may include insurance against contingent, consequential and ...

38.2-134 Definitions to include other insurance of same general kind
The definition of any class of insurance enumerated in this article shall include insurance against other loss, damage or liability of the same general nature ...

38.2-135 Classes of insurance companies may be licensed to write
Except as otherwise provided in this title and subject to any conditions and restrictions imposed therein, any insurer licensed to transact the business of insurance ...

38.2-136 Reinsurance
A. Except as otherwise provided in this title, any insurer licensed to transact the business of insurance in this Commonwealth may, by policy, treaty or ...

38.2-137 Flood insurance
"Flood insurance" means insurance against loss or damage to any property caused by flooding or the rising of the waters of the ocean or its ...