                                 CODE OF VIRGINIA

PROHIBITED PROVISIONS (§ 38.2-3354)

No industrial life insurance policy shall be delivered or issued for delivery in
this Commonwealth if it contains any of the following provisions:

1. Limiting the time within which any action at law or in equity may be
commenced to less than one year after the cause of action accrues;

2. For any mode of settlement at maturity of less value than the amount insured
by the policy plus any dividend additions to the policy, less (i) any
indebtedness to the insurer on or secured by the policy and (ii) any premium
that may by the terms of the policy be deducted. This subdivision shall not
apply to any nonforfeiture provision that employs the cash value less any
indebtedness, to purchase paid up or extended insurance, and shall not prohibit
the issuance of policies providing for a limitation in the amount payable under
certain specified conditions; or

3. To the effect that the agent soliciting the insurance is the agent of the
person insured under the policy, or making the acts or representations of the
agent binding upon the person insured under the policy.

HISTORY: Code 1950, § 38-437; 1952, c. 317, § 38.1-422; 1986, c. 562.