§ 38.2-3817. Paid-up insurance or extended term insurance
Any company shall provide for automatic paid-up or extended term insurance in the event of the default in premium payments of any contract that has been in force for at least two years from the date of issue. The amount of such insurance shall not exceed the amount which the reserve that is credited to the member will purchase. The company shall carry the liability on its books.
(Code 1950, § 38-486; 1952, c. 317, § 38.1-517; 1986, c. 562.)
Sections: Previous 38.2-3804 38.2-3805 38.2-3806 38.2-3807 38.2-3808 38.2-3809 38.2-3810 38.2-3811 38.2-3812 38.2-3813 38.2-3814 38.2-3815 38.2-3816 38.2-3817 38.2-3818 NextLast modified: April 3, 2009