38.2-3300 - Requirements; exceptions. - Virginia Statutes

§ 38.2-3300. Requirements; exceptions.

A. No individual life insurance policy shall be delivered or issued fordelivery in this Commonwealth unless it contains in substance all of therequirements prescribed in §§ 38.2-3301 through 38.2-3315 of this article.

B. As used in this article, "individual life insurance" means any lifeinsurance other than group life insurance, industrial life insurance,annuities, credit life insurance, and pure endowments, with or without returnof premiums or of premiums and interest. However, for the purposes of §38.2-3308, "policy" includes annuity contracts that provide for policyloans and certificates issued by a fraternal benefit society.

C. The requirements of §§ 38.2-3300 through 38.2-3315 shall not apply topolicies of reinsurance or to policies issued or granted in exchange forlapsed or surrendered policies.

(Code 1950, §§ 38-371, 38-373; 1952, c. 317, §§ 38.1-390, 38.1-405; 1977, c.174; 1986, c. 562.)