38.2-3115.1 - Accelerated payment of benefits. - Virginia Statutes

§ 38.2-3115.1. Accelerated payment of benefits.

A. Except as set forth in subsection C of this section, each insurer issuinga life insurance policy in the Commonwealth may include a policy provisionfor accelerated payment of benefits to the insured during the lifetime of theinsured:

1. If a qualified health care provider or court of competent jurisdiction hasdetermined that the insured is no longer able to perform two of the followingactivities of daily living: (i) bathing, (ii) dressing, (iii) continence,(iv) eating, (v) toileting, or (vi) transferring; or

2. If a qualified health care provider or court of competent jurisdiction hasdetermined that the insured requires substantial supervision by anotherperson to protect the health and safety of the insured or any other person.

B. The Commission shall adopt appropriate rules and regulations to carry outthe intent of this section, and such rules and regulations may also providefor additional options for the accelerated payment of benefits under anyother conditions deemed appropriate by the Commission.

C. This section shall not apply to (i) credit life insurance issued pursuantto Chapter 37.1 (§ 38.2-3717 et seq.) of this title, or (ii) policies orcontracts issued prior to July 1, 2002, but shall apply to any renewals orreissues of group life insurance policies or contracts occurring after thatdate.

(2002, c. 343.)