Virginia Code 38.2-1431: Policy loans.
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A domestic insurer issuing life insurance policies or annuities may loan any sum not exceeding the cash surrender value specified in the policy to its policyholder upon the pledge of the policy as collateral.
Terms Used In Virginia Code 38.2-1431
- Annuities: means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. See Virginia Code 38.2-106
- insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
- Insurer: means a company licensed pursuant to Chapter 10 (§ Virginia Code 38.2-1401
1983, c. 457, § 38.1-217.34; 1986, c. 562.