Virginia Code 38.2-3902: Classes of insurance that may be written by mutual assessment life, accident and sickness insurers.
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The following classes of insurance can be written by mutual assessment life, accident and sickness insurers:
Terms Used In Virginia Code 38.2-3902
- Accident and sickness insurance: means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. See Virginia Code 38.2-109
- 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
- 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
- Medicare: means the "Health Insurance for the Aged Act" Title XVIII of the Social Security Amendment of 1965, as amended. See Virginia Code 38.2-100
Category A
1. Life insurance as defined in § 38.2-102;
2. Industrial life insurance as defined in § 38.2-104; and
3. Accident and sickness insurance as defined in § 38.2-109 except Medicare supplement insurance as defined in § 38.2-3600.
Category B
1. Credit life insurance as defined in § 38.2-103;
2. Variable life insurance as defined in § 38.2-105;
3. Credit accident and sickness insurance as defined in § 38.2-108; and
4. Medicare supplement insurance as defined in § 38.2-3600.
Category C
1. Annuities as defined in § 38.2-106; and
2. Variable annuities as defined in § 38.2-107.
1985, c. 400, § 38.1-549.3; 1986, c. 562.