{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2507.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2507.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2507.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2507.html"}],"law_id":78230,"edition_id":1,"section_id":78230,"structure_id":13771,"section_number":"55.1-2507","catch_line":"Funds owing under life insurance policies","history":"1984, c. 121, \u00a7 55-210.4:01; 2019, c. 712.","full_text":"A\n\nFunds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than five years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, except that property described in subdivision C 2 is presumed abandoned if unclaimed for more than two years.B\n\nIf a person other than the insured or annuitant is entitled to the funds and no address of the person is known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company.C\n\nFor purposes of this section, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is deemed matured and the proceeds due and payable if:1\n\nThe company knows that the insured or annuitant has died; or2\n\n(i) The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based; (ii) the policy was in force at the time the insured attained, or would have attained, the limiting age specified in clause (i); and (iii) neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.D\n\nFor purposes of this section, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection A if the insured has died or the insured or the beneficiaries of the policy otherwise have become entitled to the proceeds thereof before the depletion of the cash surrender value of the policy by the application of those provisions.E\n\nNotwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to locate the beneficiary and pay the proceeds to the beneficiary.F\n\nCommencing July 1, 1986, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of the Commonwealth shall request the following information:1\n\nThe name of each beneficiary or, if the class of beneficiaries is named, the name of each current beneficiary in the class;2\n\nThe address of each beneficiary; and3\n\nThe relationship of each beneficiary to the insured.","order_by":null,"text":{"0":{"id":280379,"text":"Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than five years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, except that property described in subdivision C 2 is presumed abandoned if unclaimed for more than two years.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":280380,"text":"If a person other than the insured or annuitant is entitled to the funds and no address of the person is known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address of the person entitled to the funds is the same as the last known address of the insured or annuitant according to the records of the company.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":280381,"text":"For purposes of this section, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is deemed matured and the proceeds due and payable if:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":280382,"text":"The company knows that the insured or annuitant has died; or","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":280383,"text":"(i) The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based; (ii) the policy was in force at the time the insured attained, or would have attained, the limiting age specified in clause (i); and (iii) neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"D"},"5":{"id":280384,"text":"For purposes of this section, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection A if the insured has died or the insured or the beneficiaries of the policy otherwise have become entitled to the proceeds thereof before the depletion of the cash surrender value of the policy by the application of those provisions.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C2","next_prefix":"E"},"6":{"id":280385,"text":"Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to locate the beneficiary and pay the proceeds to the beneficiary.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"7":{"id":280386,"text":"Commencing July 1, 1986, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of the Commonwealth shall request the following information:","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"F1"},"8":{"id":280387,"text":"The name of each beneficiary or, if the class of beneficiaries is named, the name of each current beneficiary in the class;","type":"section","prefixes":["F","1"],"prefix":"1","entire_prefix":"F1","prefix_anchor":"F1","level":2,"prior_prefix":"F","next_prefix":"F2"},"9":{"id":280388,"text":"The address of each beneficiary; and","type":"section","prefixes":["F","2"],"prefix":"2","entire_prefix":"F2","prefix_anchor":"F2","level":2,"prior_prefix":"F1","next_prefix":"F3"},"10":{"id":280389,"text":"The relationship of each beneficiary to the insured.","type":"section","prefixes":["F","3"],"prefix":"3","entire_prefix":"F3","prefix_anchor":"F3","level":2,"prior_prefix":"F2"}},"ancestry":[{"id":13771,"edition_id":1,"name":"Definitions; Property Abandoned or Assumed Abandoned","identifier":"1","label":"article","depth":4,"order_by":1,"parent_id":12709,"metadata":{},"date_created":"2026-06-26 03:45:50","date_modified":"2026-06-26 03:45:50","permalink":{"id":247945,"object_type":"structure","relational_id":13771,"identifier":"1","token":"55.1\/V\/25\/1","url":"\/55.1\/V\/25\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12709,"edition_id":1,"name":"Virginia Disposition Of Unclaimed Property Act","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12708,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247943,"object_type":"structure","relational_id":12709,"identifier":"25","token":"55.1\/V\/25","url":"\/55.1\/V\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12708,"edition_id":1,"name":"Miscellaneous","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247771,"object_type":"structure","relational_id":12708,"identifier":"V","token":"55.1\/V","url":"\/55.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","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":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58539,"structure_id":13771,"section_number":"55.1-2500","catch_line":"Definitions","url":"\/55.1-2500\/","token":"55.1\/V\/25\/1\/55.1-2500","metadata":false},{"id":73294,"structure_id":13771,"section_number":"55.1-2501","catch_line":"Property presumed abandoned; general rule","url":"\/55.1-2501\/","token":"55.1\/V\/25\/1\/55.1-2501","metadata":false},{"id":65666,"structure_id":13771,"section_number":"55.1-2502","catch_line":"Taking custody of intangible unclaimed property; general rules","url":"\/55.1-2502\/","token":"55.1\/V\/25\/1\/55.1-2502","metadata":false},{"id":77387,"structure_id":13771,"section_number":"55.1-2503","catch_line":"Bank deposits and funds in financial organizations","url":"\/55.1-2503\/","token":"55.1\/V\/25\/1\/55.1-2503","metadata":false},{"id":73776,"structure_id":13771,"section_number":"55.1-2504","catch_line":"Traveler's checks and money orders","url":"\/55.1-2504\/","token":"55.1\/V\/25\/1\/55.1-2504","metadata":false},{"id":72388,"structure_id":13771,"section_number":"55.1-2505","catch_line":"Checks, drafts, and similar instruments issued or certified by banking and financial organizations","url":"\/55.1-2505\/","token":"55.1\/V\/25\/1\/55.1-2505","metadata":false},{"id":64112,"structure_id":13771,"section_number":"55.1-2506","catch_line":"Contents of safe deposit box or other safekeeping repository","url":"\/55.1-2506\/","token":"55.1\/V\/25\/1\/55.1-2506","metadata":false},{"id":78230,"structure_id":13771,"section_number":"55.1-2507","catch_line":"Funds owing under life insurance policies","url":"\/55.1-2507\/","token":"55.1\/V\/25\/1\/55.1-2507","metadata":false},{"id":62766,"structure_id":13771,"section_number":"55.1-2508","catch_line":"Intangible personal property held by insurance corporation subject to \u00a7 55.1-2501","url":"\/55.1-2508\/","token":"55.1\/V\/25\/1\/55.1-2508","metadata":false},{"id":85940,"structure_id":13771,"section_number":"55.1-2509","catch_line":"Unclaimed demutualization proceeds","url":"\/55.1-2509\/","token":"55.1\/V\/25\/1\/55.1-2509","metadata":false},{"id":84156,"structure_id":13771,"section_number":"55.1-2510","catch_line":"Deposits held by utilities","url":"\/55.1-2510\/","token":"55.1\/V\/25\/1\/55.1-2510","metadata":false},{"id":65661,"structure_id":13771,"section_number":"55.1-2511","catch_line":"Intangible interest in business association","url":"\/55.1-2511\/","token":"55.1\/V\/25\/1\/55.1-2511","metadata":false},{"id":59201,"structure_id":13771,"section_number":"55.1-2512","catch_line":"Refunds held by business associations","url":"\/55.1-2512\/","token":"55.1\/V\/25\/1\/55.1-2512","metadata":false},{"id":56945,"structure_id":13771,"section_number":"55.1-2513","catch_line":"Property of business associations held in course of dissolution","url":"\/55.1-2513\/","token":"55.1\/V\/25\/1\/55.1-2513","metadata":false},{"id":83377,"structure_id":13771,"section_number":"55.1-2514","catch_line":"Intangible personal property held in fiduciary capacity","url":"\/55.1-2514\/","token":"55.1\/V\/25\/1\/55.1-2514","metadata":false},{"id":75833,"structure_id":13771,"section_number":"55.1-2515","catch_line":"Gift certificates and credit balances","url":"\/55.1-2515\/","token":"55.1\/V\/25\/1\/55.1-2515","metadata":false},{"id":71400,"structure_id":13771,"section_number":"55.1-2516","catch_line":"Wages","url":"\/55.1-2516\/","token":"55.1\/V\/25\/1\/55.1-2516","metadata":false},{"id":72310,"structure_id":13771,"section_number":"55.1-2517","catch_line":"Intangible property held for owner by public agency","url":"\/55.1-2517\/","token":"55.1\/V\/25\/1\/55.1-2517","metadata":false},{"id":54779,"structure_id":13771,"section_number":"55.1-2518","catch_line":"Property held by courts","url":"\/55.1-2518\/","token":"55.1\/V\/25\/1\/55.1-2518","metadata":false},{"id":68278,"structure_id":13771,"section_number":"55.1-2519","catch_line":"Responsibilities of general receiver and clerk","url":"\/55.1-2519\/","token":"55.1\/V\/25\/1\/55.1-2519","metadata":false},{"id":55072,"structure_id":13771,"section_number":"55.1-2520","catch_line":"Employee benefit trust distribution","url":"\/55.1-2520\/","token":"55.1\/V\/25\/1\/55.1-2520","metadata":false},{"id":75309,"structure_id":13771,"section_number":"55.1-2521","catch_line":"Holder of tangible or intangible personal property may voluntarily report such property","url":"\/55.1-2521\/","token":"55.1\/V\/25\/1\/55.1-2521","metadata":false}],"previous_section":{"id":64112,"structure_id":13771,"section_number":"55.1-2506","catch_line":"Contents of safe deposit box or other safekeeping repository","url":"\/55.1-2506\/","token":"55.1\/V\/25\/1\/55.1-2506","metadata":false},"next_section":{"id":62766,"structure_id":13771,"section_number":"55.1-2508","catch_line":"Intangible personal property held by insurance corporation subject to \u00a7 55.1-2501","url":"\/55.1-2508\/","token":"55.1\/V\/25\/1\/55.1-2508","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2507\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 121 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 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. 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. That modification is as follows: in 2019, chapter 712<\/a>.<\/p>","references":[{"id":62766,"section_number":"55.1-2508","catch_line":"Intangible personal property held by insurance corporation subject to \u00a7 55.1-2501","order_by":null,"url":"\/55.1-2508\/"},{"id":84632,"section_number":"55.1-2522","catch_line":"Certain property not presumed abandoned in the Commonwealth","order_by":null,"url":"\/55.1-2522\/"}],"refers_to":false,"permalink":{"id":247975,"object_type":"law","relational_id":78230,"identifier":"55.1-2507","token":"55.1\/V\/25\/1\/55.1-2507","url":"\/55.1-2507\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2507\/","token":"55.1\/V\/25\/1\/55.1-2507","dublin_core":{"Title":"Funds owing under life insurance policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2507","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Funds held or owing under any life or endowment insurance policy or annuity contract<\/span> that has matured or terminated are presumed abandoned if unclaimed for more than five years after the funds became due and payable<\/span> as established from the records of the insurance company<\/span> holding or owing the funds, except that property described in subdivision C 2 is presumed abandoned if unclaimed for more than two years. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If a person<\/span> other than the insured or annuitant is entitled to the funds and no address of the person<\/span> is known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the last known address<\/span> of the person<\/span> entitled to the funds is the same as the last known address<\/span> of the insured or annuitant according to the records of the company. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For purposes of this section, a life or endowment insurance policy or annuity contract<\/span> not matured by actual proof of the death of the insured or annuitant according to the records of the company is deemed matured and the proceeds due and payable<\/span> if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The company knows that the insured or annuitant has died; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> (i) The insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based; (ii) the policy was in force at the time the insured attained, or would have attained, the limiting age specified in clause (i); and (iii) neither the insured nor any other person<\/span> appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum<\/span> or other record on file prepared by an employee of the company. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> For purposes of this section, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection A if the insured has died or the insured or the beneficiaries of the policy otherwise have become entitled to the proceeds thereof before the depletion of the cash surrender value of the policy by the application of those provisions. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Notwithstanding any other provision of law<\/span>, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to locate the beneficiary and pay the proceeds to the beneficiary. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Commencing July 1, 1986, every change of beneficiary form issued by an insurance company<\/span> under any life or endowment insurance policy or annuity contract<\/span> to an insured or owner<\/span> who is a resident of the Commonwealth shall request the following information: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The name of each beneficiary or, if the class of beneficiaries is named, the name of each current beneficiary in the class; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The address of each beneficiary; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The relationship of each beneficiary to the insured. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFUNDS OWING UNDER LIFE INSURANCE POLICIES (\u00a7 55.1-2507)\n\nA. Funds held or owing under any life or endowment insurance policy or annuity\ncontract that has matured or terminated are presumed abandoned if unclaimed for\nmore than five years after the funds became due and payable as established from\nthe records of the insurance company holding or owing the funds, except that\nproperty described in subdivision C 2 is presumed abandoned if unclaimed for\nmore than two years.\n\nB. If a person other than the insured or annuitant is entitled to the funds and\nno address of the person is known to the company or it is not definite and\ncertain from the records of the company who is entitled to the funds, it is\npresumed that the last known address of the person entitled to the funds is the\nsame as the last known address of the insured or annuitant according to the\nrecords of the company.\n\nC. For purposes of this section, a life or endowment insurance policy or annuity\ncontract not matured by actual proof of the death of the insured or annuitant\naccording to the records of the company is deemed matured and the proceeds due\nand payable if:\n\n 1. The company knows that the insured or annuitant has died; or\n\n 2. (i) The insured has attained, or would have attained if he were living, the\n limiting age under the mortality table on which the reserve is based; (ii) the\n policy was in force at the time the insured attained, or would have attained,\n the limiting age specified in clause (i); and (iii) neither the insured nor\n any other person appearing to have an interest in the policy within the\n preceding two years, according to the records of the company, has assigned,\n readjusted, or paid premiums on the policy, subjected the policy to a loan,\n corresponded in writing with the company concerning the policy, or otherwise\n indicated an interest as evidenced by a memorandum or other record on file\n prepared by an employee of the company.\n\nD. For purposes of this section, the application of an automatic premium loan\nprovision or other nonforfeiture provision contained in an insurance policy does\nnot prevent a policy from being matured or terminated under subsection A if the\ninsured has died or the insured or the beneficiaries of the policy otherwise\nhave become entitled to the proceeds thereof before the depletion of the cash\nsurrender value of the policy by the application of those provisions.\n\nE. Notwithstanding any other provision of law, if the company learns of the\ndeath of the insured or annuitant and the beneficiary has not communicated with\nthe insurer within four months after the death, the company shall take\nreasonable steps to locate the beneficiary and pay the proceeds to the\nbeneficiary.\n\nF. Commencing July 1, 1986, every change of beneficiary form issued by an\ninsurance company under any life or endowment insurance policy or annuity\ncontract to an insured or owner who is a resident of the Commonwealth shall\nrequest the following information:\n\n 1. The name of each beneficiary or, if the class of beneficiaries is named,\n the name of each current beneficiary in the class;\n\n 2. The address of each beneficiary; and\n\n 3. The relationship of each beneficiary to the insured.\n\nHISTORY: 1984, c. 121, \u00a7 55-210.4:01; 2019, c. 712.","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}}