§ 38.2-3354. Prohibited provisions
No industrial life insurance policy shall be delivered or issued for delivery in this Commonwealth if it contains any of the following provisions:
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 by the policy plus any dividend additions to the policy, less (i) any indebtedness to the insurer on or secured by the policy and (ii) any premium that may by the terms of the policy be deducted. This subdivision 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; or
3. 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, § 38-437; 1952, c. 317, § 38.1-422; 1986, c. 562.)
Sections: Previous 38.2-3340 38.2-3341 38.2-3342 38.2-3343 38.2-3344 38.2-3345 38.2-3346 38.2-3347 38.2-3348 38.2-3349 38.2-3350 38.2-3351 38.2-3352 38.2-3353 38.2-3354Last modified: April 3, 2009