§ 38.2-3354 Prohibited provisions
No industrial life insurance policy shall be delivered or issued for delivery in this Commonwealth if it contains any of the following provisions:
1. Limiting the time within which any action at law or in equity may be commenced to less than one year after the cause of action accrues;
2. For any mode of settlement at maturity of less value than the amount insured by the policy plus any dividend additions to the policy, less (i) any indebtedness to the insurer on or secured by the policy and (ii) any premium that may by the terms of the policy be deducted. This subdivision shall not apply to any nonforfeiture provision that employs the cash value less any indebtedness, to purchase paid up or extended insurance, and shall not prohibit the issuance of policies providing for a limitation in the amount payable under certain specified conditions; or
3. To the effect that the agent soliciting the insurance is the agent of the person insured under the policy, or making the acts or representations of the agent binding upon the person insured under the policy.
History
The record of this law’s original creation isn’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.
Code 1950, § 38-437; 1952, c. 317, § 38.1-422; 1986, c. 562.