LIS

Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 70. Rules Governing Accelerated Benefits Provisions
11/5/2024

14VAC5-70-70. Criteria for payment; lump sum settlement option; restrictions on use of proceeds; accidental death benefit provision.

A. Contract payment options shall include the option to take the benefit as a lump sum. The benefit shall not be made available as an annuity contingent upon the life of the insured.

B. No restrictions are permitted on the use of the proceeds.

C. If any death benefit remains after payment of an accelerated benefit, the accidental death provision, if any, in the policy or rider shall not be affected by the payment of the accelerated benefit.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Regulation 44, Case No. INS920076, § 8, eff. June 1, 1992.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.