38.2-102 - Life. - Virginia Statutes

§ 38.2-102. Life.

A. "Life insurance" means insurance upon the lives of human beings. "Lifeinsurance" includes policies that also provide (i) endowment benefits; (ii)additional benefits in the event of death, dismemberment, or loss of sight byaccident or accidental means; (iii) additional benefits to safeguard thecontract from lapse or to provide a special surrender value, a specialbenefit or an annuity, in the event of total and permanent disability of theinsured; and (iv) optional modes of settlement of proceeds. As used in thistitle, unless the context requires otherwise, "life insurance" shall bedeemed to include "credit life insurance," "industrial life insurance,""variable life insurance" and "modified guaranteed life insurance."

B. "Life insurance" also includes additional benefits to provide foreducational loans, subject to the provisions of § 38.2-3113.3.

(1952, c. 317, § 38.1-3; 1976, c. 562; 1986, c. 562; 1992, c. 210; 2000, c.173.)