§ 38.2-3333. Right to individual policy upon termination of group policy or elimination of class of insured pers...
Each group life insurance policy shall contain a provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person, other than a minor child insured pursuant to § 38.2-3323, whose insurance terminates and who has been insured for at least five years prior to the termination date shall be entitled to have the insurer issue him an individual life insurance policy. The individual life policy shall be subject to the conditions and limitations set forth in § 38.2-3332. However, the group policy may contain a provision that the amount of the individual policy shall not exceed the smaller of (i) the amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he is or becomes eligible under any group policy issued or reinstated by the same or another insurer within 31 days after the termination, or (ii) $10,000.
(1960, c. 273, § 38.1-428.2; 1986, c. 562.)
Sections: Previous 38.2-3326 38.2-3327 38.2-3328 38.2-3329 38.2-3330 38.2-3331 38.2-3332 38.2-3333 38.2-3334 38.2-3335 38.2-3336 38.2-3337 38.2-3338 38.2-3339 38.2-3340 NextLast modified: April 16, 2009