                                 CODE OF VIRGINIA

LIFE (§ 38.2-102)

A. &#8220;Life insurance&#8221; means insurance upon the lives of human beings.
&#8220;Life insurance&#8221; includes policies that also provide (i) endowment
benefits; (ii) additional benefits incidental to a loss in the event of death,
dismemberment, or loss by accident or accidental means; (iii) additional
benefits to safeguard the contract from lapse or to provide a special surrender
value, a special benefit or an annuity, in the event of total and permanent
disability of the insured; and (iv) optional modes of settlement of proceeds. As
used in this title, unless the context requires otherwise, &#8220;life
insurance&#8221; shall be deemed to include &#8220;credit life insurance,&#8221;
&#8220;industrial life insurance,&#8221; &#8220;variable life insurance&#8221;
and &#8220;modified guaranteed life insurance.&#8221;

B. &#8220;Life insurance&#8221; also includes additional benefits to provide for
educational loans, subject to the provisions of &#xA7; 38.2-3113.3.

C. &#8220;Life insurance&#8221; also includes additional benefits providing
specified disease coverage or limited benefit health coverage, subject to
compliance with the minimum standards established by the Commission for such
benefits pursuant to &#xA7; 38.2-3519. Such additional benefits may be combined
in an individual policy, or added as a rider to the policy, provided that the
insurer offering such additional benefits is licensed to transact the business
of accident and sickness insurance and complies with the rate and form filing
requirements of the Commission&#8217;s rules governing the filing of rates for
individual and certain group accident and sickness insurance policy forms
(14VAC5-130-10 et seq.), as amended.

HISTORY: 1952, c. 317, § 38.1-3; 1976, c. 562; 1986, c. 562; 1992, c. 210;
2000, c. 173; 2011, c. 186; 2012, c. 673.