reglab/housing_qa huggingface dataset:
VA Code § 38.2-3227 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3227. Inclusion of lapse of time considerations

Any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for a lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.1979, c. 437, § 38.1-470.1; 1986, c. 562.
VA Code § 38.2-3228 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3228. Proration of values; additional benefits

For any contract that provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with interest, the minimum nonforfeiture benefits shall equal the sum of the minimum nonforfeiture benefits for the annuity portion and any minimum nonforfeiture benefits for the life insurance portion computed as if each portion were a separate contract. Notwithstanding the provisions of §§ 38.2-3222 through 38.2-3225 and 38.2-3227, additional benefits payable (i) in the event of total and permanent disability, (ii) as reversionary annuity or deferred reversionary annuity benefits, or (iii) as other policy benefits additional to life insurance, endowment and annuity benefits, and considerations for all the additional benefits, shall be disregarded in ascertaining the minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits that may be required by this article. The inclusion of these additional benefits shall not be required in any paid-up benefits, unless the additional benefits separately would require minimum nonforfeiture amounts, paid-up annuity, cash surrender and death benefits.1979, c. 437, § 38.1-470.1; 1986, c. 562.
VA Code § 38.2-3229 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 32 - Standard Nonforfeiture Provisions for Life Insurance|§ 38.2-3229. Effective date

After July 1, 1979, for contracts subject to subsection B, C, or D of § 38.2-3221, the operative date for application of § 38.2-3219 shall be the earlier of July 1, 1981, or the date on which the insurer filed with the Commission a written notice of its election to comply with the provisions of §§ 38.2-3219 through 38.2-3229 after a specified date before July 1, 1981. For contracts subject to subsection F of § 38.2-3221, the operative date shall be July 1, 2005, unless the insurer specifies an earlier date by filing with the Commission written notice of its election to apply subdivisions F 1 through F 4 of § 38.2-3221 on a contract-form-by-contract-form basis after a specified date, which shall be on or after July 1, 2004, and before July 1, 2005.1979, c. 437, § 38.1-470.1; 1986, c. 562; 2004, c. 313.
VA Code § 38.2-3300 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3300. Requirements; exceptions

A. No individual life insurance policy shall be delivered or issued for delivery in this Commonwealth unless it contains in substance all of the requirements prescribed in §§ 38.2-3301 through 38.2-3315 of this article.B. As used in this article, "individual life insurance" means any life insurance other than group life insurance, industrial life insurance, annuities, credit life insurance, and pure endowments, with or without return of premiums or of premiums and interest. However, for the purposes of § 38.2-3308, "policy" includes annuity contracts that provide for policy loans and certificates issued by a fraternal benefit society.C. The requirements of §§ 38.2-3300 through 38.2-3315 shall not apply to policies of reinsurance or to policies issued or granted in exchange for lapsed or surrendered policies.Code 1950, §§ 38-371, 38-373; 1952, c. 317, §§ 38.1-390, 38.1-405; 1977, c. 174; 1986, c. 562.
VA Code § 38.2-3301 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3301. Ten-day right to examine policy

No individual life insurance policy shall be delivered or issued for delivery in this Commonwealth unless it has printed on it a notice stating in substance that if, during a ten-day period from the date the policy is delivered to the policyowner, the policy is surrendered to the insurer or its agent with a written request for cancellation, the policy shall be void from the beginning and the insurer shall refund any premium paid for the policy. Nothing in this section shall prohibit an insurer from extending the right to examine period to more than ten days if the period is specified in the policy.1977, c. 174, § 38.1-390.1; 1986, c. 562.
VA Code § 38.2-3301.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3301.1. Delivery of individual life insurance policies

A. For purposes of determining the commencement of the period during which the owner of an individual life insurance policy may exercise any statutory right to examine, surrender, or return the policy for cancellation, the date of delivery of the policy shall be:1. The date of the signed receipt of delivery if the life insurance policy is (i) delivered by United States mail or other postal delivery system, or (ii) physically delivered to the owner by a representative of the insurer; or2. The date of electronic transmission of the policy, provided the electronic transmission has been effected in accordance with this title and any other state or federal laws governing the electronic transmission of documents and information. The insurer shall retain evidence of electronic transmittal for the entire period of the life insurance policy.B. If an insurer does not deliver a policy by the means set forth in subsection A, the burden of proof shall be on the insurer to establish that the policy was delivered, in the event of a dispute with the owner of the policy.C. Notwithstanding subsections A and B, a policy shall be deemed to have been received by the owner of the policy as of the date of its issuance if six months have passed since its issuance and the owner of the policy has paid the premiums pursuant to the contract for those six months.2009, c. 299.
VA Code § 38.2-3302 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3302. How premiums payable

Each individual life insurance policy shall have a provision that all premiums after the first premium shall be payable in advance.Code 1950, § 38-371(1); 1950, p. 179; 1952, c. 317, § 38.1-391; 1986, c. 562.
VA Code § 38.2-3303 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3303. Grace period

A. Each individual life insurance policy shall contain a provision that the insured is entitled to a grace period of not less than thirty-one days within which the payment of any premium after the first premium may be made, subject at the insurer's option to an interest charge that is not to exceed six percent per year for the number of days of grace elapsing before the payment of the premium.B. The provision shall also state that during the grace period the policy shall continue in full force, but if a claim arises under the policy during the grace period before the overdue premium or any overdue premium installment is paid, the amount of any earned overdue premium or installment through the policy month of death with interest may be deducted from any amount payable under the policy in settlement. The grace period shall start on the premium payment due date.Code 1950, § 38-371(2); 1950, p. 179; 1952, c. 317, § 38.1-392; 1986, c. 562.
VA Code § 38.2-3304 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3304. Policy constitutes entire contract; statements deemed representations

A. Each individual life insurance policy shall contain a provision that the policy, or the policy and the application for the policy if a copy of the application is endorsed upon or attached to the policy when issued or delivered, shall constitute the entire contract between the parties.B. The provision shall also state that:1. All statements made by the insured shall, in the absence of fraud, be deemed representations and not warranties; and2. No statement shall be used in defense of a claim under the policy unless it is contained in a written application that is endorsed upon or attached to the policy when issued or delivered.C. As used in this section, "policy" shall include any riders, endorsements or amendments.Code 1950, § 38-371(3); 1950, p. 179; 1952, c. 317, § 38.1-393; 1986, c. 562; 1990, c. 223.
VA Code § 38.2-3305 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3305. Incontestability

A. Each individual life insurance policy shall contain a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for two years from its date of issue except for nonpayment of premiums.B. Provisions relating to benefits in event of disability, and provisions granting additional insurance specifically against death by accident or accidental means, may be excepted in the incontestability provision.Code 1950, § 38-371(3); 1950, p. 179; 1952, c. 317, § 38.1-394; 1986, c. 562.
VA Code § 38.2-3306 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3306. Misstatement of age

Each individual life insurance policy shall contain a provision that if, at any time before final settlement under the policy, the age of the insured, or the age of any other person if considered in determining the premium, is found to have been misstated, the amount payable under the policy shall equal the amount that the premium would have purchased at the insured's or other person's correct age at the time the policy was issued.Code 1950, § 38-371(4); 1950, p. 179; 1952, c. 317, § 38.1-395; 1986, c. 562.
VA Code § 38.2-3307 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3307. Participation in surplus

A. Each participating individual life insurance policy shall contain a provision that the policy shall participate in the surplus of the insurer. Any policy containing a provision for participation at the end of the first policy year, and annually thereafter, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The policyowner under any annual dividend policy shall have the right each year to have the dividend arising from the participation paid in cash. If the policy provides other dividend options, it shall also state which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium.B. This section shall not apply to any form of paid-up insurance, temporary insurance, or pure endowment insurance, issued or granted in exchange for lapsed or surrendered policies.Code 1950, § 38-371 (5); 1950, p. 180; 1952, c. 317, § 38.1-396; 1986, c. 562.
VA Code § 38.2-3309 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3309. Nonforfeiture benefits and cash surrender values

A. Each individual life insurance policy shall contain a provision for nonforfeiture benefits. The provision shall specify the options to which the policyowner is entitled, in accordance with the requirements of § 38.2-3202.B. Each individual life insurance policy shall have a provision for cash surrender values in accordance with the requirements of § 38.2-3203.Code 1950, § 38-371(7), (8); 1950, p. 180; 1952, c. 317, § 38.1-398; 1986, c. 562.
VA Code § 38.2-3310 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3310. Table of values and options

Each individual life insurance policy shall contain a table showing the loan values in figures, line by line. The table shall also show any options available under the policy each year upon default in premium payments, during at least the first twenty years of the policy or during the premium-paying period if it is less than twenty years.Code 1950, § 38-371(9); 1950, p. 180; 1952, c. 317, § 38.1-399; 1986, c. 562.
VA Code § 38.2-3311 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3311. Reinstatement

Each individual life insurance policy shall have a provision that in the event of default in premium payments, if (i) the value of the policy has been applied automatically to the purchase of other insurance as provided for in this article, (ii) the insurance is in force, and (iii) the original policy has not been surrendered to the insurer and cancelled, the policy may be reinstated within three years from default, upon:1. Evidence of insurability satisfactory to the insurer;2. Payment of premiums in arrears with interest at a rate not exceeding six percent per year payable annually; and3. The payment or reinstatement of any other indebtedness to the insurer upon the policy, with interest at the rate set forth in the policy for the indebtedness.Code 1950, § 38-371(10); 1950, p. 180; 1952, c. 317, § 38.1-400; 1986, c. 562.
VA Code § 38.2-3312 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3312. Settlement

Each individual life insurance policy shall contain a provision that when a death claim arises under the policy, settlement shall be made upon receipt of due proof of death.Code 1950, § 38-371(11); 1950, p. 181; 1952, c. 317, § 38.1-401; 1986, c. 562.
VA Code § 38.2-3313 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3313. Table of installments

If an individual life insurance policy provides that the proceeds may be payable in installments that are determinable prior to the maturity of the policy, the policy shall have a table showing the guaranteed installments.Code 1950, § 38-371(12); 1950, p. 181; 1952, c. 317, § 38.1-402; 1986, c. 562.
VA Code § 38.2-3314 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3314. Title

Each individual life insurance policy shall have a title on its face that shall briefly and accurately describe the nature and form of the policy.Code 1950, § 38-371(13); 1950, p. 181; 1952, c. 317, § 38.1-403; 1986, c. 562.
VA Code § 38.2-3315 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3315. Variations for certain forms of policies; providing more favorable terms

A. Any of the requirements of §§ 38.2-3300 through 38.2-3314 not applicable to single premium, nonparticipating, term, variable, or flexible premium life insurance policies shall to that extent, as approved by the Commission, be appropriately modified or not be incorporated in these policies.B. Any individual life insurance policy that, in the opinion of the Commission, contains provisions more favorable to the policyholder than those required by §§ 38.2-3300 through 38.2-3314, may be delivered or issued for delivery in this Commonwealth after approval by the Commission.Code 1950, § 38-372; 1952, c. 317, § 38.1-404; 1976, c. 562; 1986, c. 562.
VA Code § 38.2-3316 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3316. Provisions prohibited

No individual life insurance policy shall be delivered or issued for delivery in this Commonwealth if it contains any provision:1. Limiting the time within which any action at law or in equity may be commenced to less than one year after the cause of action accrues;2. For any mode of settlement at maturity, of less value than the amount insured on the face of the policy plus any dividend additions, less any indebtedness to the insurer on or secured by the policy, and less any premium or portion of any premium, that may by the terms of the policy be deducted. This paragraph shall not apply to any nonforfeiture provision that employs the cash value less any indebtedness to purchase paid-up or extended insurance, and shall not prohibit the issuance of policies providing for a limitation in the amount payable under certain specified conditions;3. For forfeiture of the policy for failure to repay any loan on the policy, or to pay interest on any policy loan, while the total indebtedness on the policy, including interest, is less than the loan value of the policy; or4. To the effect that the agent soliciting the insurance is the agent of the person insured under the policy, or making the acts or representations of the agent binding upon the person insured under the policy.Code 1950, § 38-386; 1952, c. 317, § 38.1-406; 1956, c. 417; 1986, c. 562.
VA Code § 38.2-3317 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3317. Provisions required by other jurisdictions

Individual life insurance policies issued by any foreign or alien insurer for delivery in this Commonwealth may contain any provision that is prescribed by the laws of its domiciliary jurisdiction and that is not in conflict with the laws of this Commonwealth. Policies issued by any domestic insurer for delivery in any other jurisdiction may contain any provision required by the laws of that jurisdiction.Code 1950, § 38-387; 1952, c. 317, § 38.1-407; 1986, c. 562.
VA Code § 38.2-3319.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3319.1. Limits of group life insurance

Group life insurance offered to a resident of this Commonwealth under a group life insurance policy issued to a group other than one described in § 38.2-3318.1 shall be subject to the following requirements:A. No such group life insurance policy shall be delivered in this Commonwealth unless the Commission finds that:1. The issuance of such group policy is not contrary to Virginia's public policy and is in the best interest of the citizens of this Commonwealth;2. The issuance of the group policy would result in economies of acquisition or administration; and3. The benefits are reasonable in relation to the premiums charged.Insurers filing policy forms seeking approval under the provisions of this subsection shall accompany the forms with a certification, signed by the officer of the company with the responsibility for forms compliance, in which the company certifies that each such policy form will be issued only where the requirements set forth in subdivisions 1 through 3 of this subsection have been met.B. No such group life insurance coverage may be offered in this Commonwealth by an insurer under a policy issued in another state unless this Commonwealth or another state having requirements substantially similar to those contained in subdivisions 1, 2 and 3 of subsection A has made a determination that such requirements have been met.An insurer offering group life insurance coverage in this Commonwealth under this subsection shall file a certification, signed by the officer of the company having responsibility for forms compliance in which the company certifies that all group insurance coverage marketed to residents of this Commonwealth under policies which have not been approved by this Commonwealth will comply with the provisions of § 38.2-3318.1 or have met the requirements set forth in subdivisions A 1 through A 3 of this section, and which clearly demonstrates that the substantially similar requirements of the state in which the contract will be issued have been met. The certification shall be accompanied by documentation from such state evidencing the determination that such requirements have been met.C. The premium for the policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both.D. An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.1998, c. 154.
VA Code § 38.2-3319.2 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3319.2. Review of records

The Commission may review the records of any insurer to determine that the insurer's policies have been issued in compliance with the requirements set forth in this article. Insurers issuing coverage not complying with the provisions of § 38.2-3318.1 and not complying with the requirements of § 38.2-3319.1 shall be deemed to have committed a knowing and willful violation of this article, and shall be punished as set forth in subsection A of § 38.2-218.1998, c. 154.
VA Code § 38.2-3320.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3320.1. Policies issued outside of the Commonwealth of Virginia

A group life insurance policy issued outside of this Commonwealth, providing coverage to residents of this Commonwealth, that does not qualify under § 38.2-3318.1 or does not comply with § 38.2-3319.1 shall be subject to the statutory requirements of this title and may subject the insurer issuing such policy to the penalties available under this title for violation of such requirements.1998, c. 154.
VA Code § 38.2-3321.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3321.1. Requirements for those marketing group life insurance

Insurance marketed to certificate holders of a group that does not qualify pursuant to § 38.2-3318.1 must be marketed by a person holding a valid life and health insurance agent license as required by Chapter 18 (§ 38.2-1800 et seq.) of this title.1998, c. 154.
VA Code § 38.2-3322.1 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3322.1. Regulations

The Commission may issue regulations to establish standards for group life insurance pursuant to the authority provided in § 38.2-223.1998, c. 154.
VA Code § 38.2-3322.2 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3322.2. Lives covered

A group life insurance policy shall cover at least two persons, other than spouses or minor children, at the issue date and at each policy anniversary date.1998, c. 154.
VA Code § 38.2-3324 (2021)
2021 Code of Virginia|Title 38.2 - Insurance|Chapter 33 - Life Insurance Policies|§ 38.2-3324. Standard provisions required; exceptions

A. No group life insurance policy shall be delivered or issued for delivery in this Commonwealth unless it contains in substance the standard provisions prescribed in this article. The standard provisions required for individual life insurance policies shall not apply to group life insurance policies.B. If a group life insurance policy is not term insurance, it shall contain a nonforfeiture provision that in the opinion of the Commission is equitable to the insured persons and to the policyholder. This subsection shall not be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.C. The provisions of § 38.2-3330, subsection A of § 38.2-3331, and §§ 38.2-3332 through 38.2-3334 shall not apply to policies issued pursuant to § 38.2-3318.1 B or group life insurance contracts in which the insurable interest is as described in subdivision 3 of subsection B of § 38.2-301.Code 1950, §§ 38-429, 38-431; 1952, c. 317, § 38.1-424; 1960, c. 273; 1968, c. 282; 1970, c. 145; 1986, c. 562; 1993, c. 105; 1998, c. 154.