Statutes, codes, and regulations
Code of Virginia
Title 38.2 - INSURANCEChapter 38 - COOPERATIVE NONPROFIT LIFE BENEFIT COMPANIES
Article 2 - RESERVES, POLICIES AND BENEFITS
Section 38.2-3817 - Paid-up insurance or extended term insurance

Va. Code § 38.2-3817

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Current with changes from the 2024 legislative session through ch. 845
Section 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.

Va. Code § 38.2-3817

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