38.2-302 - Life, accident and sickness insurance; application required. - Virginia Statutes

§ 38.2-302. Life, accident and sickness insurance; application required.

A. No contract of insurance upon a person shall be made or effectuated unlessat the time of the making of the contract the individual insured, being oflawful age and competent to contract for the insurance contract (i) appliesfor insurance, or (ii) consents in writing to the insurance contract. However:

1. A wife or husband may effect an insurance contract upon each other;

2. Any person having an insurable interest in the life of a minor, or anyperson upon whom a minor is dependent for support and maintenance, may effectan insurance contract upon the life of or pertaining to the minor; or

3. A corporate employer or an employee benefit trust having the insurableinterest described in subdivision 3 of subsection B of § 38.2-301, may effectan insurance contract upon the lives of such employees, provided that theemployer or trust provides the employee with notice in writing that suchinsurance has been purchased, the amount of such coverage, and to whombenefits are payable in the event of the employee's death.

B. Nothing in this section shall prohibit a minor from obtaining insurance onhis own life as authorized in § 38.2-3105.

(1952, c. 317, § 38.1-330; 1986, c. 562; 1988, c. 831; 1993, c. 105.)