Virginia Code 38.2-3507: Third-party ownership.
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The word “insured,” as used in this article, shall not be construed to prevent a person with a proper insurable interest from applying for and owning a policy covering another person or from being entitled to any indemnities, benefits and rights provided under the policy.
Terms Used In Virginia Code 38.2-3507
- Person: means any association, aggregate of individuals, business, company, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
1952, c. 317, § 38.1-353; 1986, c. 562.