Basic Property Insurance Residual Market Facility and Joint Underwriting Association
Code of Virginia Title 38.2 Chapter 27, §§ 38.2-2700 through 38.2-2713, 14 sections
Edition and licensing notes
Publisher. Virginia General Assembly, Division of Legislative Automated Systems (Virginia Law Portal, law.lis.virginia.gov)
Edition. Code of Virginia as published by the Virginia Law Portal, whose own currency label on the table of contents is "2026 Updates"; the page's printed date stamp reads 9/17/2026. The portal prints no other currency statement. Retrieved 2026-09-17.
Status. US state statute.
What this document is
Code of Virginia Title 38.2 Chapter 27 - Basic Property Insurance Residual Market Facility and Joint Underwriting Association (§§ 38.2-2700 through 38.2-2713, 14 sections) is a state statute published by Virginia General Assembly, Division of Legislative Automated Systems (Virginia Law Portal, law.lis.virginia.gov). It is one of the Virginia documents that insurance license exam questions are written from, including virginia property & casualty, virginia personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- Va. Code Sec. 38.2-2701 (Definitions; "Qualified property")
“"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...”
- Va. Code Sec. 38.2-2701 (Definitions; "Basic property insurance")
“"Basic property insurance" means insurance against direct loss to any property caused by perils defined and limited in the standard fire policy prescribed in §§ 38.2-2101 through 38.2-2112, and in the extended coverage endorsement approved by the Commission pursuant to § 38.2-2117 and such...”
- Va. Code Sec. 38.2-2704 (Inspection of property; entitlement upon request and access to the report)
“Any person having an insurable interest in real property and tangible personal property at a fixed location in this Commonwealth is entitled, upon request, to an inspection of the property by representatives of the residual market facility to determine whether the property is within the definition...”
- Va. Code Sec. 38.2-2712 (Appeal from decision of inspection service, residual market facility or joint underwriting association)
“Any person aggrieved by any action or decision of an inspection service, the residual market facility, or the joint underwriting association may appeal to the Commission within thirty days from the action or the decision. The Commission shall provide the aggrieved person and the inspection service,...”
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More Virginia sources
- Virginia Code s. 38.2-1809 - Records; fiduciary duties of agentsState statute
- Virginia Code s. 38.2-1822 - License required; agentsState statute
- Virginia Code s. 38.2-1826 - Reporting of actions; agentsState statute
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