                                 CODE OF VIRGINIA

NO POLICY TO BE ISSUED PURPORTING TO TAKE EFFECT MORE THAN SIX MONTHS BEFORE
APPLICATION MADE; CONVERSION PERMITTED (§ 38.2-3104)

A. No life insurance policy delivered or issued for delivery in this
Commonwealth shall be backdated more than six months from the date the written
application for the insurance was made if the premium on the policy is less than
the premium that would be payable on the policy, as determined by the nearest
birthday of the insured when the application was made.

B. Neither the provisions of subsection A of this section nor any other
provision of general law shall prohibit the conversion or exchange to some form
of life insurance dated back to become effective at an age not less than the
insured&#8217;s age at his nearest birthday on the date of issue of the existing
contract for:

   1. A policy insuring one person for a policy insuring another person dated not
   earlier than the original policy exchanged;

   2. The conversion of any existing life insurance policy; or

   3. Any deferred annuity contract purchased by a consideration payable in
   annual or more frequent installments, and under which no annuity payments have
   yet been made.
   				The exchanged or converted form of life insurance shall not exceed the
   greater of (i) the amount of insurance under the existing policy or (ii) the
   amount of insurance that the premium or consideration paid for the existing
   policy or contract would have purchased at the insured&#8217;s age on his
   nearest birthday at the date of issue of the existing policy or contract.

HISTORY: Code 1950, § 38-363; 1952, c. 317, § 38.1-435; 1956, c. 417; 1980, c.
205; 1986, c. 562.