A. No life insurance policy delivered or issued for delivery in this Commonwealth shall be backdated more than six months from the date the written application for the insurance was made if the premium on the policy is less than the premium that would be payable on the policy, as determined by the nearest birthday of the insured when the application was made.
B. Neither the provisions of subsection A of this section nor any other provision of general law shall prohibit the conversion or exchange to some form of life insurance dated back to become effective at an age not less than the insured's age at his nearest birthday on the date of issue of the existing contract for:
1. A policy insuring one person for a policy insuring another person dated not earlier than the original policy exchanged;
2. The conversion of any existing life insurance policy; or
3. Any deferred annuity contract purchased by a consideration payable in annual or more frequent installments, and under which no annuity payments have yet been made.
The exchanged or converted form of life insurance shall not exceed the greater of (i) the amount of insurance under the existing policy or (ii) the amount of insurance that the premium or consideration paid for the existing policy or contract would have purchased at the insured's age on his nearest birthday at the date of issue of the existing policy or contract.
Code 1950, § 38-363; 1952, c. 317, § 38.1-435; 1956, c. 417; 1980, c. 205; 1986, c. 562.
Structure Code of Virginia
§ 38.2-3100.1. Forms of insurance authorized
§ 38.2-3100.2. Funding agreements
§ 38.2-3101. Legal reserve insurers
§ 38.2-3103. Fraudulent procurement of policy; penalty
§ 38.2-3105. What contracts with respect to life insurance may be made by minors
§ 38.2-3106. Suicide and execution not grounds of defense; exception
§ 38.2-3107. Incontestability of certain policies
§ 38.2-3108. Misstatement of age
§ 38.2-3109. Contestability of reinstated policy
§ 38.2-3110. Incontestability not applicable to excluded or restricted coverage
§ 38.2-3111. Assignment of life insurance policies
§ 38.2-3112. Designation of testamentary trustee as beneficiary
§ 38.2-3113.3. Educational loan provisions in life insurance policies
§ 38.2-3115. Interest on life insurance and annuity contract proceeds
§ 38.2-3115.1. Accelerated payment of benefits
§ 38.2-3117. Standards for certain policies; prohibited policies
§ 38.2-3117.01. Provision of life insurance information upon notification of insured's death
§ 38.2-3117.2. Explanation of settlement options
§ 38.2-3117.3. Supplemental contract
§ 38.2-3117.4. Disclosures for retained asset accounts to beneficiaries
§ 38.2-3118. Spendthrift trusts created under life insurance policies
§ 38.2-3119. Limitation on § 38.2-3118
§ 38.2-3121. Segregation of proceeds not required
§ 38.2-3124. Protection of insurers from creditor's claims
§ 38.2-3125. Other rights of beneficiaries and assignees protected