38.2-3311 - Reinstatement. - Virginia Statutes

§ 38.2-3311. Reinstatement.

Each individual life insurance policy shall have a provision that in theevent of default in premium payments, if (i) the value of the policy has beenapplied automatically to the purchase of other insurance as provided for inthis article, (ii) the insurance is in force, and (iii) the original policyhas not been surrendered to the insurer and cancelled, the policy may bereinstated within three years from default, upon:

1. Evidence of insurability satisfactory to the insurer;

2. Payment of premiums in arrears with interest at a rate not exceeding sixpercent per year payable annually; and

3. The payment or reinstatement of any other indebtedness to the insurer uponthe policy, with interest at the rate set forth in the policy for theindebtedness.

(Code 1950, § 38-371(10); 1950, p. 180; 1952, c. 317, § 38.1-400; 1986, c.562.)