                                 CODE OF VIRGINIA

CONTENTS OF POLICIES (§ 38.2-305)

A. Each insurance policy or contract shall specify:

   1. The names of the parties to the contract;

   2. The subject of the insurance;

   3. The risks insured against;

   4. The time the insurance takes effect and, except in the case of group
   insurance, title insurance, and insurance written under perpetual policies,
   the period during which the insurance is to continue;

   5. A statement of the premium, except in the case of group insurance and title
   insurance; and

   6. The conditions pertaining to the insurance.
   				In addition, each policy of property and casualty insurance shall contain
   a list of all policy forms and endorsements applicable to that policy, which
   shall display the respective form numbers and, if those form numbers are not
   unique identifiers of such forms, the applicable edition dates.

B. Each new or renewal insurance policy, contract, certificate, or evidence of
coverage issued to a policyholder, covered person, or enrollee shall be
accompanied by a notice stating substantially:
			&#8220;IMPORTANT INFORMATION REGARDING YOUR INSURANCE&#8221;
			&#8220;In the event you need to contact someone about this insurance for any
reason, please contact your agent. If no agent was involved in the sale of this
insurance, or if you have additional questions, you may contact the insurance
company issuing this insurance at the following address and telephone number:
[Insert the appropriate address and telephone number, toll free number if
available, for the company's home or regional office].&#8221;
			&#8220;If you have been unable to contact or obtain satisfaction from the
company or the agent, you may contact the Virginia State Corporation
Commission&#8217;s Bureau of Insurance at: [Insert the appropriate address, toll
free phone number, and phone number for out-of-state calls for the Bureau of
Insurance].&#8221;
			&#8220;Written correspondence is preferable so that a record of your inquiry
is maintained. When contacting your agent, company or the Bureau of Insurance,
have your policy number available.&#8221;
			Health maintenance organizations shall add the following: &#8220;We recommend
that you familiarize yourself with our grievance procedure and make use of it
before taking any other action.&#8221;

C. In any life insurance or annuity contract containing a beneficiary
designation in which the designated beneficiary is the spouse of the policy
owner, the following notice shall be included with the policy when issued,
either attached to or incorporated into the front or first page of such
contract:
			&#8220;BENEFICIARY DESIGNATION MAY NOT APPLY IN THE EVENT OF ANNULMENT OR
DIVORCE&#8221;
			&#8220;Under Virginia law (Virginia Code &#xA7; 20-111.1), a revocable
beneficiary designation in a policy owned by one spouse that names the other
spouse as beneficiary becomes void upon the entry of a decree of annulment or
divorce, and the death benefit prevented from passing to a former spouse will be
paid as if the former spouse had predeceased the decedent. In the event of
annulment or divorce proceedings, and if it is the intent of the parties that
the beneficiary designation of the former spouse is to continue, you are advised
to make certain that one of the following courses of action is taken prior to
the entry of a decree of annulment or divorce: (i) change the beneficiary
designation to make it irrevocable; (ii) change the ownership of the policy or
contract; (iii) execute a separate written agreement stating the intention of
both parties that the beneficiary designation is to remain in effect beyond the
date of entry of the decree of annulment or divorce; or (iv) make certain that
the decree of annulment or divorce contains a provision stating that the
beneficiary designation is not to be revoked pursuant to &#xA7; 20-111.1.&#8221;

D. If, under the contract, the exact amount of premiums is determinable only at
the termination of the contract, a statement of the basis and rates upon which
the final premium is to be determined and paid shall be furnished to any
policy-examining bureau having jurisdiction or to the insured upon request.

E. This section shall not apply to surety insurance contracts.

HISTORY: 1952, c. 317, § 38.1-333; 1986, c. 562; 1987, c. 519; 1988, c. 333;
1997, c. 688; 2000, c. 193; 2012, c. 264; 2013, c. 27.