No individual life insurance policy shall be delivered or issued for delivery in this Commonwealth if it contains any provision:
1. Limiting the time within which any action at law or in equity may be commenced to less than one year after the cause of action accrues;
2. For any mode of settlement at maturity, of less value than the amount insured on the face of the policy plus any dividend additions, less any indebtedness to the insurer on or secured by the policy, and less any premium or portion of any premium, that may by the terms of the policy be deducted. This paragraph shall not apply to any nonforfeiture provision that employs the cash value less any indebtedness to purchase paid-up or extended insurance, and shall not prohibit the issuance of policies providing for a limitation in the amount payable under certain specified conditions;
3. For forfeiture of the policy for failure to repay any loan on the policy, or to pay interest on any policy loan, while the total indebtedness on the policy, including interest, is less than the loan value of the policy; or
4. To the effect that the agent soliciting the insurance is the agent of the person insured under the policy, or making the acts or representations of the agent binding upon the person insured under the policy.
Code 1950, § 38-386; 1952, c. 317, § 38.1-406; 1956, c. 417; 1986, c. 562.
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