                                 CODE OF VIRGINIA

PAID-UP INSURANCE OR EXTENDED TERM INSURANCE (§ 38.2-3817)

Any company shall provide for automatic paid-up or extended term insurance in
the event of the default in premium payments of any contract that has been in
force for at least two years from the date of issue. The amount of such
insurance shall not exceed the amount which the reserve that is credited to the
member will purchase. The company shall carry the liability on its books.

HISTORY: Code 1950, § 38-486; 1952, c. 317, § 38.1-517; 1986, c. 562.