38.2-3105 - What contracts with respect to life insurance may be made by minors. - Virginia Statutes

§ 38.2-3105. What contracts with respect to life insurance may be made byminors.

A. A minor who is at least fifteen years of age:

1. Shall be competent to contract for life insurance upon his own life forhis own benefit or for the benefit of his ascending or descending kindred,spouse, brothers or sisters;

2. May exercise every right, privilege and benefit provided by any lifeinsurance policy on his own life, subject to the foregoing limitations as todesignation of beneficiary; and

3. Shall not be permitted to recover any premiums paid on the policy solelybecause he is a minor.

B. If the minor resides with at least one of his parents, the application forthe policy shall be approved in writing by the parent with whom he resides.No promissory note or other evidence of debt given by a minor in payment ofany first year premium on a policy shall be validated by this section.

C. Any such minor shall be competent to give a valid discharge for anybenefit accruing or money payable under the policy, and to create liens onthe policy in favor of the insurer issuing the policy for money borrowed orfor unpaid premiums and interest on the policy. However, any beneficiary orbeneficiaries named in the policy who are then at least fifteen years of ageshall unite in the discharge or in the instrument creating the lien.

(Code 1950, § 38-10; 1952, c. 317, § 38.1-436; 1960, c. 31; 1986, c. 562.)