{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3721.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3721.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3721.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3721.html"}],"law_id":83437,"edition_id":1,"section_id":83437,"structure_id":15016,"section_number":"38.2-3721","catch_line":"Term of credit life insurance and credit accident and sickness insurance","history":"1960, c. 67, \u00a7 38.1-482.5; 1982, c. 223, \u00a7 38.2-3706; 1986, c. 562; 1992, c. 586.","full_text":"A\n\nThe term of any policy or certificate of credit life insurance or credit accident and sickness insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor; except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than thirty days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date the insurance company determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than fifteen days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in § 38.2-3729.B\n\nRenewal or refinancing of the indebtedness. — If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of such termination prior to scheduled maturity, a refund shall be paid or credited to the debtor as provided in § 38.2-3729. In any renewal or refinancing of the indebtedness, the effective date of the coverage for purposes of application of any policy provision shall be deemed to be the first date on which the debtor became insured under the policy covering the indebtedness which was renewed or refinanced at least to the extent of the remaining amount and duration of coverage in force on the indebtedness that was renewed or refinanced.C\n\nTermination of group credit insurance policy. — 1. If a debtor is covered by a group credit insurance policy providing for the payment of single premiums to the insurer, then provision shall be made by the insurer that in the event of termination of the policy for any reason, insurance coverage with respect to any debtor insured under such policy shall be continued for the entire period for which the single premium has been paid.2\n\nIf a debtor is covered by a group credit insurance policy providing for the payment of premiums to the insurer on a monthly outstanding balance basis, then the policy shall provide that, in the event of termination of such policy for whatever reason, notice of termination thereof shall be given to the insured debtor at least thirty days prior to the effective date of termination except where replacement of the coverage by the same or another insurer in the same or greater amount takes place without lapse of coverage. The notice required in this subdivision shall be given by the insurer or, at the option of the insurer, by the creditor, in writing, mailed to the insured debtor at the insured debtor’s address as shown in the records of the insurer or creditor.D\n\nEach credit life insurance or credit accident and sickness insurance policy or certificate shall contain a provision that the insurance may be terminated upon written request of the debtor except if the insurance was required as security for any indebtedness at the time of the credit transaction. If insurance is required, the debtor shall have the right to terminate the insurance by furnishing evidence of other insurance that is at least equal in coverage and protection to the creditor.","order_by":null,"text":{"0":{"id":298957,"text":"The term of any policy or certificate of credit life insurance or credit accident and sickness insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor; except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than thirty days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date the insurance company determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than fifteen days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in § 38.2-3729.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":298958,"text":"Renewal or refinancing of the indebtedness. — If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of such termination prior to scheduled maturity, a refund shall be paid or credited to the debtor as provided in § 38.2-3729. In any renewal or refinancing of the indebtedness, the effective date of the coverage for purposes of application of any policy provision shall be deemed to be the first date on which the debtor became insured under the policy covering the indebtedness which was renewed or refinanced at least to the extent of the remaining amount and duration of coverage in force on the indebtedness that was renewed or refinanced.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":298959,"text":"Termination of group credit insurance policy. — 1. If a debtor is covered by a group credit insurance policy providing for the payment of single premiums to the insurer, then provision shall be made by the insurer that in the event of termination of the policy for any reason, insurance coverage with respect to any debtor insured under such policy shall be continued for the entire period for which the single premium has been paid.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C2"},"3":{"id":298960,"text":"If a debtor is covered by a group credit insurance policy providing for the payment of premiums to the insurer on a monthly outstanding balance basis, then the policy shall provide that, in the event of termination of such policy for whatever reason, notice of termination thereof shall be given to the insured debtor at least thirty days prior to the effective date of termination except where replacement of the coverage by the same or another insurer in the same or greater amount takes place without lapse of coverage. The notice required in this subdivision shall be given by the insurer or, at the option of the insurer, by the creditor, in writing, mailed to the insured debtor at the insured debtor’s address as shown in the records of the insurer or creditor.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C","next_prefix":"D"},"4":{"id":298961,"text":"Each credit life insurance or credit accident and sickness insurance policy or certificate shall contain a provision that the insurance may be terminated upon written request of the debtor except if the insurance was required as security for any indebtedness at the time of the credit transaction. If insurance is required, the debtor shall have the right to terminate the insurance by furnishing evidence of other insurance that is at least equal in coverage and protection to the creditor.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3721\/","history_text":"

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 3 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 1982, chapter 223; in 1986, chapter 562; in 1992, chapter 586.<\/p>","references":false,"refers_to":[{"id":77928,"section_number":"38.2-3729","catch_line":"Refunds","order_by":null,"url":"\/38.2-3729\/"}],"permalink":{"id":216077,"object_type":"law","relational_id":83437,"identifier":"38.2-3721","token":"38.2\/37.1\/38.2-3721","url":"\/38.2-3721\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3721\/","token":"38.2\/37.1\/38.2-3721","dublin_core":{"Title":"Term of credit life insurance and credit accident and sickness insurance","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3721","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The term of any policy or certificate of credit life insurance or credit accident and sickness insurance shall, subject to acceptance by the insurer<\/span>, commence on the date when the debtor<\/span> becomes obligated to the creditor<\/span>; except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor<\/span> with respect to such indebtedness<\/span> shall commence on the effective date of the policy. Where evidence<\/span> of insurability is required and such evidence<\/span> is furnished more than thirty days after the date when the debtor<\/span> becomes obligated to the creditor<\/span>, the term of the insurance may commence on the date the insurance company<\/span> determines the evidence<\/span> to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor<\/span> for insurance. The term of such insurance shall not extend more than fifteen days beyond the scheduled maturity date of the indebtedness<\/span> except when extended without additional cost to the debtor<\/span>. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in § 38.2-3729<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Renewal or refinancing of the indebtedness<\/span>. — If the indebtedness<\/span> is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness<\/span>. In all cases of such termination prior to scheduled maturity, a refund shall be paid or credited to the debtor<\/span> as provided in § 38.2-3729<\/a>. In any renewal or refinancing of the indebtedness<\/span>, the effective date of the coverage for purposes of application of any policy provision shall be deemed to be the first date on which the debtor<\/span> became insured under the policy covering the indebtedness<\/span> which was renewed or refinanced at least to the extent of the remaining amount and duration of coverage in force on the indebtedness<\/span> that was renewed or refinanced. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Termination of group credit insurance policy. — 1. If a debtor<\/span> is covered by a group credit insurance policy providing for the payment of single premiums to the insurer<\/span>, then provision shall be made by the insurer<\/span> that in the event of termination of the policy for any reason, insurance coverage with respect to any debtor<\/span> insured under such policy shall be continued for the entire period for which the single premium has been paid. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> If a debtor<\/span> is covered by a group credit insurance policy providing for the payment of premiums to the insurer<\/span> on a monthly outstanding balance basis, then the policy shall provide that, in the event of termination of such policy for whatever reason, notice of termination thereof shall be given to the insured debtor<\/span> at least thirty days prior to the effective date of termination except where replacement of the coverage by the same or another insurer<\/span> in the same or greater amount takes place without lapse of coverage. The notice required in this subdivision shall be given by the insurer<\/span> or, at the option of the insurer<\/span>, by the creditor<\/span>, in writing, mailed to the insured debtor<\/span> at the insured debtor<\/span>’s address as shown in the records of the insurer<\/span> or creditor<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Each credit life insurance or credit accident and sickness insurance policy or certificate shall contain a provision that the insurance may be terminated upon written request of the debtor<\/span> except if the insurance was required as security for any indebtedness<\/span> at the time of the credit transaction<\/span>. If insurance is required, the debtor<\/span> shall have the right to terminate the insurance by furnishing evidence<\/span> of other insurance that is at least equal in coverage and protection to the creditor<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTERM OF CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND SICKNESS INSURANCE (\u00a7\n38.2-3721)\n\nA. The term of any policy or certificate of credit life insurance or credit\naccident and sickness insurance shall, subject to acceptance by the insurer,\ncommence on the date when the debtor becomes obligated to the creditor; except\nthat where a group policy provides coverage with respect to existing\nobligations, the insurance on a debtor with respect to such indebtedness shall\ncommence on the effective date of the policy. Where evidence of insurability is\nrequired and such evidence is furnished more than thirty days after the date\nwhen the debtor becomes obligated to the creditor, the term of the insurance may\ncommence on the date the insurance company determines the evidence to be\nsatisfactory, and in such event there shall be an appropriate refund or\nadjustment of any charge to the debtor for insurance. The term of such insurance\nshall not extend more than fifteen days beyond the scheduled maturity date of\nthe indebtedness except when extended without additional cost to the debtor. In\nall cases of termination prior to scheduled maturity, a refund shall be paid or\ncredited as provided in § 38.2-3729.\n\nB. Renewal or refinancing of the indebtedness. — If the indebtedness is\ndischarged due to renewal or refinancing prior to the scheduled maturity date,\nthe insurance in force shall be terminated before any new insurance may be\nissued in connection with the renewed or refinanced indebtedness. In all cases\nof such termination prior to scheduled maturity, a refund shall be paid or\ncredited to the debtor as provided in § 38.2-3729. In any renewal or\nrefinancing of the indebtedness, the effective date of the coverage for purposes\nof application of any policy provision shall be deemed to be the first date on\nwhich the debtor became insured under the policy covering the indebtedness which\nwas renewed or refinanced at least to the extent of the remaining amount and\nduration of coverage in force on the indebtedness that was renewed or\nrefinanced.\n\nC. Termination of group credit insurance policy. — 1. If a debtor is\ncovered by a group credit insurance policy providing for the payment of single\npremiums to the insurer, then provision shall be made by the insurer that in the\nevent of termination of the policy for any reason, insurance coverage with\nrespect to any debtor insured under such policy shall be continued for the\nentire period for which the single premium has been paid.\n\n 2. If a debtor is covered by a group credit insurance policy providing for the\n payment of premiums to the insurer on a monthly outstanding balance basis,\n then the policy shall provide that, in the event of termination of such policy\n for whatever reason, notice of termination thereof shall be given to the\n insured debtor at least thirty days prior to the effective date of termination\n except where replacement of the coverage by the same or another insurer in the\n same or greater amount takes place without lapse of coverage. The notice\n required in this subdivision shall be given by the insurer or, at the option\n of the insurer, by the creditor, in writing, mailed to the insured debtor at\n the insured debtor’s address as shown in the records of the insurer or\n creditor.\n\nD. Each credit life insurance or credit accident and sickness insurance policy\nor certificate shall contain a provision that the insurance may be terminated\nupon written request of the debtor except if the insurance was required as\nsecurity for any indebtedness at the time of the credit transaction. If\ninsurance is required, the debtor shall have the right to terminate the\ninsurance by furnishing evidence of other insurance that is at least equal in\ncoverage and protection to the creditor.\n\nHISTORY: 1960, c. 67, \u00a7 38.1-482.5; 1982, c. 223, \u00a7 38.2-3706; 1986, c. 562;\n1992, 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}}