Virginia Code 38.2-3322.2: Lives covered.
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A group life insurance policy shall cover at least two persons, other than spouses or minor children, at the issue date and at each policy anniversary date.
Terms Used In Virginia Code 38.2-3322.2
- Life insurance: includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
1998, c. 154.