38.2-3315 - Variations for certain forms of policies; providing more favorable terms. - Virginia Statutes

§ 38.2-3315. Variations for certain forms of policies; providing morefavorable terms.

A. Any of the requirements of §§ 38.2-3300 through 38.2-3314 not applicableto single premium, nonparticipating, term, variable, or flexible premium lifeinsurance policies shall to that extent, as approved by the Commission, beappropriately modified or not be incorporated in these policies.

B. Any individual life insurance policy that, in the opinion of theCommission, contains provisions more favorable to the policyholder than thoserequired by §§ 38.2-3300 through 38.2-3314, may be delivered or issued fordelivery in this Commonwealth after approval by the Commission.

(Code 1950, § 38-372; 1952, c. 317, § 38.1-404; 1976, c. 562; 1986, c. 562.)