                                 CODE OF VIRGINIA

FUNDS OWING UNDER LIFE INSURANCE POLICIES (§ 55.1-2507)

A. Funds held or owing under any life or endowment insurance policy or annuity
contract that has matured or terminated are presumed abandoned if unclaimed for
more than five years after the funds became due and payable as established from
the records of the insurance company holding or owing the funds, except that
property described in subdivision C 2 is presumed abandoned if unclaimed for
more than two years.

B. If a person other than the insured or annuitant is entitled to the funds and
no address of the person is known to the company or it is not definite and
certain from the records of the company who is entitled to the funds, it is
presumed that the last known address of the person entitled to the funds is the
same as the last known address of the insured or annuitant according to the
records of the company.

C. For purposes of this section, a life or endowment insurance policy or annuity
contract not matured by actual proof of the death of the insured or annuitant
according to the records of the company is deemed matured and the proceeds due
and payable if:

   1. The company knows that the insured or annuitant has died; or

   2. (i) The insured has attained, or would have attained if he were living, the
   limiting age under the mortality table on which the reserve is based; (ii) the
   policy was in force at the time the insured attained, or would have attained,
   the limiting age specified in clause (i); and (iii) neither the insured nor
   any other person appearing to have an interest in the policy within the
   preceding two years, according to the records of the company, has assigned,
   readjusted, or paid premiums on the policy, subjected the policy to a loan,
   corresponded in writing with the company concerning the policy, or otherwise
   indicated an interest as evidenced by a memorandum or other record on file
   prepared by an employee of the company.

D. For purposes of this section, the application of an automatic premium loan
provision or other nonforfeiture provision contained in an insurance policy does
not prevent a policy from being matured or terminated under subsection A if the
insured has died or the insured or the beneficiaries of the policy otherwise
have become entitled to the proceeds thereof before the depletion of the cash
surrender value of the policy by the application of those provisions.

E. Notwithstanding any other provision of law, if the company learns of the
death of the insured or annuitant and the beneficiary has not communicated with
the insurer within four months after the death, the company shall take
reasonable steps to locate the beneficiary and pay the proceeds to the
beneficiary.

F. Commencing July 1, 1986, every change of beneficiary form issued by an
insurance company under any life or endowment insurance policy or annuity
contract to an insured or owner who is a resident of the Commonwealth shall
request the following information:

   1. The name of each beneficiary or, if the class of beneficiaries is named,
   the name of each current beneficiary in the class;

   2. The address of each beneficiary; and

   3. The relationship of each beneficiary to the insured.

HISTORY: 1984, c. 121, § 55-210.4:01; 2019, c. 712.