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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 80. Rules Governing Variable Life Insurance
11/21/2024

14VAC5-80-310. Applications.

Article VIII
Applications

The application for a variable life insurance policy shall contain:

1. A prominent statement in boldface capital letters that the death benefit may be variable or fixed under specified conditions;

2. A prominent statement in boldface capital letters that cash values may increase or decrease in accordance with the experience of the separate account (subject to any specified minimum guarantees);

3. Questions based on the insurer's standards of suitability so that in view of the applicant's other insurance, investment objectives, age, earnings, marital status, number and age of dependents, current life insurance program, the value of savings and other assets, net worth, and any other pertinent information, the insurer may determine that variable life insurance is suitable for the applicant.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article IX, § 1, eff. June 15, 1992.

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