Except in the case of nonassessable policies, the contingent liability of each member of a mutual insurer, other than a life insurer, shall be clearly stated in the mutual insurer's policies. The contingent liability may be limited, but such limitation shall not be less than one additional annual premium on each policy held by the member.
Code 1950, § 38-508; 1952, c. 317, § 38.1-335.1; 1986, c. 562.
Structure Code of Virginia
Chapter 3 - Provisions Relating to Insurance Policies and Contracts
§ 38.2-301. Insurable interest required; life, accident and sickness insurance
§ 38.2-302. Life, accident, and sickness insurance; application required
§ 38.2-303. Insurable interest required; property insurance
§ 38.2-304. Contracts of temporary insurance; duration; what deemed to include
§ 38.2-305. Contents of policies
§ 38.2-306. Additional contents
§ 38.2-307. Charter and bylaw provisions in policies
§ 38.2-308. Contingent liability provisions in policies issued by certain mutual insurers
§ 38.2-309. When answers or statements of applicant do not bar recovery on policy
§ 38.2-310. All fees, charges, etc., to be stated in policy
§ 38.2-311. Type size in which conditions and restrictions to be printed
§ 38.2-313. Where certain contracts deemed made
§ 38.2-314. Limitation of action and proof of loss
§ 38.2-315. Intervening breach
§ 38.2-316. Policy forms to be filed with Commission; notice of approval or disapproval; exceptions
§ 38.2-317. Delivery and use of certain policies and endorsements
§ 38.2-318. Validity of noncomplying forms
§ 38.2-319. Validity of contracts in violation of law
§ 38.2-320. Insurer to furnish forms for proof of loss
§ 38.2-321. Payment discharges insurer
§ 38.2-322. Standardized claims forms
§ 38.2-324. Disclosure of property damage information