Each industrial life insurance policy shall contain a provision that the policy, if not surrendered for its cash value or if the period of extended term insurance has not expired, may be reinstated within one year from the date of default in payment of premiums upon:
1. Payment of all overdue premiums and, at the insurer's option, interest on the overdue premiums at an annual rate not exceeding six percent; and
2. Presentation of evidence satisfactory to the insurer of the insurability of the insured.
Code 1950, § 38-434(7); 1952, c. 317, § 38.1-416; 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