{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3720.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3720.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3720.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3720.html"}],"law_id":71214,"edition_id":1,"section_id":71214,"structure_id":15016,"section_number":"38.2-3720","catch_line":"Amount of credit life insurance and credit accident and sickness insurance","history":"1960, c. 67, \u00a7 38.1-482.4; 1972, c. 527, \u00a7\u00a7 38.2-3703, 38.2-3704; 1982, c. 223; 1986, c. 562; 1992, c. 586.","full_text":"A\n\nCredit life insurance. 1. Where an indebtedness is repayable in substantially equal installments, the amount of credit life insurance shall at no time exceed the actual amount of unpaid indebtedness.2\n\nNotwithstanding the provisions of subdivision A 1, insurance on agricultural credit transaction commitments not exceeding one year in duration may be written up to the amount of the loan commitment, on a nondecreasing or level-term plan.3\n\nNotwithstanding the provisions of subdivision A 1 of this subsection, or any other subsection, insurance on educational credit transaction commitments may be written for the amount of the loan commitment.B\n\nCredit accident and sickness insurance. &#8212; The total amount of periodic indemnity payable by credit accident and sickness insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.C\n\nMaximum aggregate provisions. &#8212; A provision in a credit life insurance or credit accident and sickness insurance policy or certificate issued thereunder that sets a maximum limit on total benefits payable thereunder shall apply only to that specific indebtedness for which such policy or certificate was issued.D\n\nThe amount of credit life insurance on an indebtedness of any debtor shall not exceed $70,000 with any one insurance company.","order_by":null,"text":{"0":{"id":256692,"text":"Credit life insurance. 1. Where an indebtedness is repayable in substantially equal installments, the amount of credit life insurance shall at no time exceed the actual amount of unpaid indebtedness.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A2"},"1":{"id":256693,"text":"Notwithstanding the provisions of subdivision A 1, insurance on agricultural credit transaction commitments not exceeding one year in duration may be written up to the amount of the loan commitment, on a nondecreasing or level-term plan.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A","next_prefix":"A3"},"2":{"id":256694,"text":"Notwithstanding the provisions of subdivision A 1 of this subsection, or any other subsection, insurance on educational credit transaction commitments may be written for the amount of the loan commitment.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"3":{"id":256695,"text":"Credit accident and sickness insurance. &#8212; The total amount of periodic indemnity payable by credit accident and sickness insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness; and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"4":{"id":256696,"text":"Maximum aggregate provisions. &#8212; A provision in a credit life insurance or credit accident and sickness insurance policy or certificate issued thereunder that sets a maximum limit on total benefits payable thereunder shall apply only to that specific indebtedness for which such policy or certificate was issued.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"5":{"id":256697,"text":"The amount of credit life insurance on an indebtedness of any debtor shall not exceed $70,000 with any one insurance company.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":15016,"edition_id":1,"name":"Credit Life Insurance and Credit Accident and Sickness Insurance","identifier":"37.1","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:51:32","date_modified":"2026-06-26 03:51:32","permalink":{"id":216059,"object_type":"structure","relational_id":15016,"identifier":"37.1","token":"38.2\/37.1","url":"\/38.2\/37.1\/","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":78738,"structure_id":15016,"section_number":"38.2-3717","catch_line":"Scope","url":"\/38.2-3717\/","token":"38.2\/37.1\/38.2-3717","metadata":false},{"id":61942,"structure_id":15016,"section_number":"38.2-3718","catch_line":"Definitions","url":"\/38.2-3718\/","token":"38.2\/37.1\/38.2-3718","metadata":false},{"id":68352,"structure_id":15016,"section_number":"38.2-3719","catch_line":"Forms of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3719\/","token":"38.2\/37.1\/38.2-3719","metadata":false},{"id":71214,"structure_id":15016,"section_number":"38.2-3720","catch_line":"Amount of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3720\/","token":"38.2\/37.1\/38.2-3720","metadata":false},{"id":83437,"structure_id":15016,"section_number":"38.2-3721","catch_line":"Term of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3721\/","token":"38.2\/37.1\/38.2-3721","metadata":false},{"id":74250,"structure_id":15016,"section_number":"38.2-3722","catch_line":"Variable interest rate indebtedness; amount; disclosure; refunds","url":"\/38.2-3722\/","token":"38.2\/37.1\/38.2-3722","metadata":false},{"id":60031,"structure_id":15016,"section_number":"38.2-3723","catch_line":"Reserves","url":"\/38.2-3723\/","token":"38.2\/37.1\/38.2-3723","metadata":false},{"id":72023,"structure_id":15016,"section_number":"38.2-3724","catch_line":"Policy provisions; disclosure to debtors; delivery of policy or certificate","url":"\/38.2-3724\/","token":"38.2\/37.1\/38.2-3724","metadata":false},{"id":79475,"structure_id":15016,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","url":"\/38.2-3725\/","token":"38.2\/37.1\/38.2-3725","metadata":false},{"id":81616,"structure_id":15016,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","url":"\/38.2-3726\/","token":"38.2\/37.1\/38.2-3726","metadata":false},{"id":64017,"structure_id":15016,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","url":"\/38.2-3727\/","token":"38.2\/37.1\/38.2-3727","metadata":false},{"id":67560,"structure_id":15016,"section_number":"38.2-3728","catch_line":"Use of rates","url":"\/38.2-3728\/","token":"38.2\/37.1\/38.2-3728","metadata":false},{"id":77928,"structure_id":15016,"section_number":"38.2-3729","catch_line":"Refunds","url":"\/38.2-3729\/","token":"38.2\/37.1\/38.2-3729","metadata":false},{"id":76093,"structure_id":15016,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","url":"\/38.2-3730\/","token":"38.2\/37.1\/38.2-3730","metadata":false},{"id":63767,"structure_id":15016,"section_number":"38.2-3731","catch_line":"Claims","url":"\/38.2-3731\/","token":"38.2\/37.1\/38.2-3731","metadata":false},{"id":78709,"structure_id":15016,"section_number":"38.2-3732","catch_line":"Insurer delegation of duties","url":"\/38.2-3732\/","token":"38.2\/37.1\/38.2-3732","metadata":false},{"id":76840,"structure_id":15016,"section_number":"38.2-3733","catch_line":"Portion of premium may be allowed to creditor; insurance may be provided and serviced at creditor's place of business","url":"\/38.2-3733\/","token":"38.2\/37.1\/38.2-3733","metadata":false},{"id":63261,"structure_id":15016,"section_number":"38.2-3734","catch_line":"License requirements","url":"\/38.2-3734\/","token":"38.2\/37.1\/38.2-3734","metadata":false},{"id":57264,"structure_id":15016,"section_number":"38.2-3735","catch_line":"Disclosure and readability","url":"\/38.2-3735\/","token":"38.2\/37.1\/38.2-3735","metadata":false},{"id":71653,"structure_id":15016,"section_number":"38.2-3736","catch_line":"Noncontributory coverage","url":"\/38.2-3736\/","token":"38.2\/37.1\/38.2-3736","metadata":false},{"id":69488,"structure_id":15016,"section_number":"38.2-3737","catch_line":"Application","url":"\/38.2-3737\/","token":"38.2\/37.1\/38.2-3737","metadata":false},{"id":70889,"structure_id":15016,"section_number":"38.2-3738","catch_line":"What laws applicable","url":"\/38.2-3738\/","token":"38.2\/37.1\/38.2-3738","metadata":false}],"previous_section":{"id":68352,"structure_id":15016,"section_number":"38.2-3719","catch_line":"Forms of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3719\/","token":"38.2\/37.1\/38.2-3719","metadata":false},"next_section":{"id":83437,"structure_id":15016,"section_number":"38.2-3721","catch_line":"Term of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3721\/","token":"38.2\/37.1\/38.2-3721","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3720\/","history_text":"<p>This law was first created in 1960. The record of its establishment is cataloged in chapter 67 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1960 \u201cActs\u201d aren\u2019t available online. It has been modified 4 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 1972, chapter 527; in 1982, chapter 223; in 1986, chapter 562; in 1992, chapter 586.<\/p>","references":[{"id":74250,"section_number":"38.2-3722","catch_line":"Variable interest rate indebtedness; amount; disclosure; refunds","order_by":null,"url":"\/38.2-3722\/"}],"refers_to":false,"permalink":{"id":216073,"object_type":"law","relational_id":71214,"identifier":"38.2-3720","token":"38.2\/37.1\/38.2-3720","url":"\/38.2-3720\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3720\/","token":"38.2\/37.1\/38.2-3720","dublin_core":{"Title":"Amount of credit life insurance and credit accident and sickness insurance","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3720","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Credit life <span class=\"dictionary\">insurance<\/span>. 1. Where an <span class=\"dictionary\">indebtedness<\/span> is repayable in substantially equal installments, the amount of credit life <span class=\"dictionary\">insurance<\/span> shall at no time exceed the actual amount of unpaid <span class=\"dictionary\">indebtedness<\/span>. <a id=\"paragraph-256692\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3720\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Notwithstanding the provisions of subdivision A 1, <span class=\"dictionary\">insurance<\/span> on agricultural <span class=\"dictionary\">credit transaction<\/span> commitments not exceeding one year in duration may be written up to the amount of the loan commitment, on a nondecreasing or level-term plan. <a id=\"paragraph-256693\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3720\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Notwithstanding the provisions of subdivision A 1 of this subsection, or any other subsection, <span class=\"dictionary\">insurance<\/span> on educational <span class=\"dictionary\">credit transaction<\/span> commitments may be written for the amount of the loan commitment. <a id=\"paragraph-256694\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3720\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Credit accident and sickness <span class=\"dictionary\">insurance<\/span>. &#8212; The total amount of periodic indemnity payable by credit accident and sickness <span class=\"dictionary\">insurance<\/span> in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the <span class=\"dictionary\">indebtedness<\/span>; and the amount of each periodic indemnity payment shall not exceed the original <span class=\"dictionary\">indebtedness<\/span> divided by the number of periodic installments. <a id=\"paragraph-256695\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3720\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> Maximum aggregate provisions. &#8212; A provision in a credit life <span class=\"dictionary\">insurance<\/span> or credit accident and sickness <span class=\"dictionary\">insurance<\/span> policy or certificate issued thereunder that sets a maximum limit on total benefits payable thereunder shall apply only to that specific <span class=\"dictionary\">indebtedness<\/span> for which such policy or certificate was issued. <a id=\"paragraph-256696\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3720\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> The amount of credit life insurance on an <span class=\"dictionary\">indebtedness<\/span> of any <span class=\"dictionary\">debtor<\/span> shall not exceed $70,000 with any one <span class=\"dictionary\">insurance company<\/span>. <a id=\"paragraph-256697\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3720\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nAMOUNT OF CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND SICKNESS INSURANCE (\u00a7\n38.2-3720)\n\nA. Credit life insurance. 1. Where an indebtedness is repayable in substantially\nequal installments, the amount of credit life insurance shall at no time exceed\nthe actual amount of unpaid indebtedness.\n\n   2. Notwithstanding the provisions of subdivision A 1, insurance on\n   agricultural credit transaction commitments not exceeding one year in duration\n   may be written up to the amount of the loan commitment, on a nondecreasing or\n   level-term plan.\n\n   3. Notwithstanding the provisions of subdivision A 1 of this subsection, or\n   any other subsection, insurance on educational credit transaction commitments\n   may be written for the amount of the loan commitment.\n\nB. Credit accident and sickness insurance. &#8212; The total amount of periodic\nindemnity payable by credit accident and sickness insurance in the event of\ndisability, as defined in the policy, shall not exceed the aggregate of the\nperiodic scheduled unpaid installments of the indebtedness; and the amount of\neach periodic indemnity payment shall not exceed the original indebtedness\ndivided by the number of periodic installments.\n\nC. Maximum aggregate provisions. &#8212; A provision in a credit life insurance\nor credit accident and sickness insurance policy or certificate issued\nthereunder that sets a maximum limit on total benefits payable thereunder shall\napply only to that specific indebtedness for which such policy or certificate\nwas issued.\n\nD. The amount of credit life insurance on an indebtedness of any debtor shall\nnot exceed $70,000 with any one insurance company.\n\nHISTORY: 1960, c. 67, \u00a7 38.1-482.4; 1972, c. 527, \u00a7\u00a7 38.2-3703, 38.2-3704;\n1982, c. 223; 1986, c. 562; 1992, c. 586.","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}}