Code of Virginia - Title 38.2 Insurance - Section 38.2-3354 Prohibited provisions

§ 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  38.2-3354

Last modified: April 3, 2009