A. No life insurance policy shall be contestable after it has been in force during the lifetime of the insured for two years from its date, except for nonpayment of premiums.
B. Provisions relating to benefits in event of disability, and provisions granting additional insurance specifically against death by accident or accidental means may be exempted in an incontestability provision.
Code 1950, § 38-366; 1952, c. 317, § 38.1-438; 1962, c. 139; 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