                                 CODE OF VIRGINIA

WHAT CONTRACTS WITH RESPECT TO LIFE INSURANCE MAY BE MADE BY MINORS (§
38.2-3105)

A. A minor who is at least fifteen years of age:

   1. Shall be competent to contract for life insurance upon his own life for his
   own benefit or for the benefit of his ascending or descending kindred, spouse,
   brothers or sisters;

   2. May exercise every right, privilege and benefit provided by any life
   insurance policy on his own life, subject to the foregoing limitations as to
   designation of beneficiary; and

   3. Shall not be permitted to recover any premiums paid on the policy solely
   because he is a minor.

B. If the minor resides with at least one of his parents, the application for
the policy shall be approved in writing by the parent with whom he resides. No
promissory note or other evidence of debt given by a minor in payment of any
first year premium on a policy shall be validated by this section.

C. Any such minor shall be competent to give a valid discharge for any benefit
accruing or money payable under the policy, and to create liens on the policy in
favor of the insurer issuing the policy for money borrowed or for unpaid
premiums and interest on the policy. However, any beneficiary or beneficiaries
named in the policy who are then at least fifteen years of age shall unite in
the discharge or in the instrument creating the lien.

HISTORY: Code 1950, § 38-10; 1952, c. 317, § 38.1-436; 1960, c. 31; 1986, c.
562.