A. For purposes of determining the commencement of the period during which the owner of an individual life insurance policy may exercise any statutory right to examine, surrender, or return the policy for cancellation, the date of delivery of the policy shall be:
1. The date of the signed receipt of delivery if the life insurance policy is (i) delivered by United States mail or other postal delivery system, or (ii) physically delivered to the owner by a representative of the insurer; or
2. The date of electronic transmission of the policy, provided the electronic transmission has been effected in accordance with this title and any other state or federal laws governing the electronic transmission of documents and information. The insurer shall retain evidence of electronic transmittal for the entire period of the life insurance policy.
B. If an insurer does not deliver a policy by the means set forth in subsection A, the burden of proof shall be on the insurer to establish that the policy was delivered, in the event of a dispute with the owner of the policy.
C. Notwithstanding subsections A and B, a policy shall be deemed to have been received by the owner of the policy as of the date of its issuance if six months have passed since its issuance and the owner of the policy has paid the premiums pursuant to the contract for those six months.
2009, c. 299.
Structure Code of Virginia
Chapter 33 - Life Insurance Policies
§ 38.2-3300. Requirements; exceptions
§ 38.2-3301. Ten-day right to examine policy
§ 38.2-3301.1. Delivery of individual life insurance policies
§ 38.2-3302. How premiums payable
§ 38.2-3304. Policy constitutes entire contract; statements deemed representations
§ 38.2-3306. Misstatement of age
§ 38.2-3307. Participation in surplus
§ 38.2-3309. Nonforfeiture benefits and cash surrender values
§ 38.2-3310. Table of values and options
§ 38.2-3313. Table of installments
§ 38.2-3315. Variations for certain forms of policies; providing more favorable terms
§ 38.2-3316. Provisions prohibited
§ 38.2-3317. Provisions required by other jurisdictions
§ 38.2-3318.1. Group life insurance requirements
§ 38.2-3319.1. Limits of group life insurance
§ 38.2-3319.2. Review of records
§ 38.2-3320.1. Policies issued outside of the Commonwealth of Virginia
§ 38.2-3321.1. Requirements for those marketing group life insurance
§ 38.2-3323. Group life insurance coverages of spouses, dependent children, and other persons
§ 38.2-3324. Standard provisions required; exceptions
§ 38.2-3327. Entire contract; statements deemed representations
§ 38.2-3328. Evidence of individual insurability
§ 38.2-3329. Misstatement of age
§ 38.2-3330. Payment of benefits
§ 38.2-3331. Individual certificates
§ 38.2-3332. Right to individual policy upon termination of employment or membership
§ 38.2-3334. Death after termination of group insurance and before issuance of individual policy
§ 38.2-3335. Additional persons becoming eligible
§ 38.2-3336. Provisions required by other jurisdictions
§ 38.2-3338. Provisions prohibited
§ 38.2-3339. Exemption of group life insurance policies from legal process
§ 38.2-3340. Definition of industrial life insurance
§ 38.2-3341. Standard provisions required
§ 38.2-3342. Ten-day right to examine policy
§ 38.2-3344. Policy and application to constitute entire contract; statements deemed representations
§ 38.2-3346. Misstatement of age
§ 38.2-3347. Nonforfeiture benefits and cash surrender values
§ 38.2-3349. Table of nonforfeiture options
§ 38.2-3352. Provisions not required in certain policies