§ 38.2-3100 Scope of chapter.
§ 38.2-3100.1 Forms of insurance authorized.
§ 38.2-3100.2 Funding agreements.
§ 38.2-3100.3 Requirements of life insurance or annuity contracts used to fund preneed funeral contracts.
§ 38.2-3101 Legal reserve insurers.
§ 38.2-3102 Domestic insurers prohibited from insuring lives and persons of residents of “reciprocal states.”.
§ 38.2-3103 Fraudulent procurement of policy; penalty.
§ 38.2-3104 No policy to be issued purporting to take effect more than six months before application made; conversion permitted.
§ 38.2-3105 What contracts with respect to life insurance may be made by minors.
§ 38.2-3106 Suicide and execution not grounds of defense; exception.
§ 38.2-3107 Incontestability of certain policies.
§ 38.2-3108 Misstatement of age.
§ 38.2-3109 Contestability of reinstated policy.
§ 38.2-3110 Incontestability not applicable to excluded or restricted coverage.
§ 38.2-3111 Assignment of life insurance policies.
§ 38.2-3111.1 Annuity contract purchased to fund retirement benefits; transfer subject to Commission approval.
§ 38.2-3112 Designation of testamentary trustee as beneficiary.
§ 38.2-3113 Variable life insurance and variable annuities; separate accounts to be established; authority to issue; reports; special voting rights and procedures for owners.
§ 38.2-3113.1 Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority to issue; statements required; regulations to be issued; approval expenses.
§ 38.2-3113.2 Qualified charitable gift annuities; issuance not business of insurance; disclosures to donors; unfair trade practices provisions not applicable.
§ 38.2-3113.3 Educational loan provisions in life insurance policies.
§ 38.2-3114 Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts.
§ 38.2-3115 Interest on life insurance and annuity contract proceeds.
§ 38.2-3115.1 Accelerated payment of benefits.
§ 38.2-3116 Commission to establish standards for simplified and readable life insurance and annuity policies.
§ 38.2-3117 Standards for certain policies; prohibited policies.
§ 38.2-3117.01 Provision of life insurance information upon notification of insured’s death.
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Virginia Code > Title 38.2 > Chapter 31 > Article 1 - General Provisions.

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • 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
  • annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • business of insurance: include solicitation, negotiations preliminary to execution, execution of an insurance contract, and the transaction of matters subsequent to execution of the contract and arising out of it. See Virginia Code 38.2-100
  • Commission: means the State Corporation Commission. See Virginia Code 38.2-100
  • Contract: A legal written agreement that becomes binding when signed.
  • Dependent: A person dependent for support upon another.
  • Donor: The person who makes a gift.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fraud: Intentional deception resulting in injury to another.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Virginia Code 1-257
  • Includes: means includes, but not limited to. See Virginia Code 1-218
  • insurance policies: shall include contracts of fidelity, indemnity, guaranty and suretyship. See Virginia Code 38.2-100
  • Insurer: means an insurance company. See Virginia Code 38.2-100
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
  • 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
  • Probate: Proving a will
  • rates: means any rate of premium, policy fee, membership fee or any other charge made by an insurer for or in connection with a contract or policy of insurance. See Virginia Code 38.2-100
  • Reciprocal: means the aggregation of subscribers under a common name. See Virginia Code 38.2-1201
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
  • Statute: A law passed by a legislature.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255