{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3354.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3354.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3354.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3354.html"}],"law_id":66416,"edition_id":1,"section_id":66416,"structure_id":15143,"section_number":"38.2-3354","catch_line":"Prohibited provisions","history":"Code 1950, \u00a7 38-437; 1952, c. 317, \u00a7 38.1-422; 1986, c. 562.","full_text":"No industrial life insurance policy shall be delivered or issued for delivery in this Commonwealth if it contains any of the following provisions:\n\n1\n\nLimiting 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\n\nFor 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; or3\n\nTo 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.","order_by":null,"text":{"0":{"id":241087,"text":"No industrial life insurance policy shall be delivered or issued for delivery in this Commonwealth if it contains any of the following provisions:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":241088,"text":"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;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":241089,"text":"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","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":241090,"text":"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.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":15143,"edition_id":1,"name":"Industrial Life Insurance Policies","identifier":"3","label":"article","depth":3,"order_by":1,"parent_id":13164,"metadata":{},"date_created":"2026-06-26 03:52:30","date_modified":"2026-06-26 03:52:30","permalink":{"id":214825,"object_type":"structure","relational_id":15143,"identifier":"3","token":"38.2\/33\/3","url":"\/38.2\/33\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13164,"edition_id":1,"name":"Life Insurance Policies","identifier":"33","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:22","date_modified":"2026-06-26 03:44:22","permalink":{"id":214627,"object_type":"structure","relational_id":13164,"identifier":"33","token":"38.2\/33","url":"\/38.2\/33\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":81893,"structure_id":15143,"section_number":"38.2-3340","catch_line":"Definition of industrial life insurance","url":"\/38.2-3340\/","token":"38.2\/33\/3\/38.2-3340","metadata":false},{"id":77512,"structure_id":15143,"section_number":"38.2-3341","catch_line":"Standard provisions required","url":"\/38.2-3341\/","token":"38.2\/33\/3\/38.2-3341","metadata":false},{"id":65601,"structure_id":15143,"section_number":"38.2-3342","catch_line":"Ten-day right to examine policy","url":"\/38.2-3342\/","token":"38.2\/33\/3\/38.2-3342","metadata":false},{"id":81386,"structure_id":15143,"section_number":"38.2-3343","catch_line":"Grace period","url":"\/38.2-3343\/","token":"38.2\/33\/3\/38.2-3343","metadata":false},{"id":78410,"structure_id":15143,"section_number":"38.2-3344","catch_line":"Policy and application to constitute entire contract; statements deemed representations","url":"\/38.2-3344\/","token":"38.2\/33\/3\/38.2-3344","metadata":false},{"id":71274,"structure_id":15143,"section_number":"38.2-3345","catch_line":"Incontestability","url":"\/38.2-3345\/","token":"38.2\/33\/3\/38.2-3345","metadata":false},{"id":85567,"structure_id":15143,"section_number":"38.2-3346","catch_line":"Misstatement of age","url":"\/38.2-3346\/","token":"38.2\/33\/3\/38.2-3346","metadata":false},{"id":71365,"structure_id":15143,"section_number":"38.2-3347","catch_line":"Nonforfeiture benefits and cash surrender values","url":"\/38.2-3347\/","token":"38.2\/33\/3\/38.2-3347","metadata":false},{"id":71652,"structure_id":15143,"section_number":"38.2-3348","catch_line":"Reinstatement","url":"\/38.2-3348\/","token":"38.2\/33\/3\/38.2-3348","metadata":false},{"id":86616,"structure_id":15143,"section_number":"38.2-3349","catch_line":"Table of nonforfeiture options","url":"\/38.2-3349\/","token":"38.2\/33\/3\/38.2-3349","metadata":false},{"id":71343,"structure_id":15143,"section_number":"38.2-3350","catch_line":"Settlement","url":"\/38.2-3350\/","token":"38.2\/33\/3\/38.2-3350","metadata":false},{"id":79343,"structure_id":15143,"section_number":"38.2-3351","catch_line":"Title","url":"\/38.2-3351\/","token":"38.2\/33\/3\/38.2-3351","metadata":false},{"id":64143,"structure_id":15143,"section_number":"38.2-3352","catch_line":"Provisions not required in certain policies","url":"\/38.2-3352\/","token":"38.2\/33\/3\/38.2-3352","metadata":false},{"id":57691,"structure_id":15143,"section_number":"38.2-3353","catch_line":"Provisions required by other jurisdictions","url":"\/38.2-3353\/","token":"38.2\/33\/3\/38.2-3353","metadata":false},{"id":66416,"structure_id":15143,"section_number":"38.2-3354","catch_line":"Prohibited provisions","url":"\/38.2-3354\/","token":"38.2\/33\/3\/38.2-3354","metadata":false}],"previous_section":{"id":57691,"structure_id":15143,"section_number":"38.2-3353","catch_line":"Provisions required by other jurisdictions","url":"\/38.2-3353\/","token":"38.2\/33\/3\/38.2-3353","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3354\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":214883,"object_type":"law","relational_id":66416,"identifier":"38.2-3354","token":"38.2\/33\/3\/38.2-3354","url":"\/38.2-3354\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3354\/","token":"38.2\/33\/3\/38.2-3354","dublin_core":{"Title":"Prohibited provisions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3354","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

No industrial life insurance<\/span> policy shall be delivered or issued for delivery in this Commonwealth if it contains any of the following provisions:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Limiting the time within which any action at law<\/span> or in equity<\/span> may be commenced to less than one year after the cause of action<\/span> accrues; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> For any mode of settlement<\/span> 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<\/span> 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<\/span>, and shall not prohibit the issuance of policies providing for a limitation in the amount payable under certain specified conditions; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> To the effect that the agent soliciting the insurance<\/span> is the agent of the person<\/span> insured under the policy, or making the acts or representations of the agent binding upon the person<\/span> insured under the policy. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROHIBITED PROVISIONS (\u00a7 38.2-3354)\n\nNo industrial life insurance policy shall be delivered or issued for delivery in\nthis Commonwealth if it contains any of the following provisions:\n\n1. Limiting the time within which any action at law or in equity may be\ncommenced to less than one year after the cause of action accrues;\n\n2. For any mode of settlement at maturity of less value than the amount insured\nby the policy plus any dividend additions to the policy, less (i) any\nindebtedness to the insurer on or secured by the policy and (ii) any premium\nthat may by the terms of the policy be deducted. This subdivision shall not\napply to any nonforfeiture provision that employs the cash value less any\nindebtedness, to purchase paid up or extended insurance, and shall not prohibit\nthe issuance of policies providing for a limitation in the amount payable under\ncertain specified conditions; or\n\n3. To the effect that the agent soliciting the insurance is the agent of the\nperson insured under the policy, or making the acts or representations of the\nagent binding upon the person insured under the policy.\n\nHISTORY: Code 1950, \u00a7 38-437; 1952, c. 317, \u00a7 38.1-422; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}