Code of Virginia

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Code of Virginia
Title 38.2. Insurance
Chapter 38. Cooperative Nonprofit Life Benefit Companies
1/19/2021

§ 38.2-3817. Paid-up insurance or extended term insurance.

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.

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

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.