38.2-3324 - Standard provisions required; exceptions. - Virginia Statutes

§ 38.2-3324. Standard provisions required; exceptions.

A. No group life insurance policy shall be delivered or issued for deliveryin this Commonwealth unless it contains in substance the standard provisionsprescribed in this article. The standard provisions required for individuallife insurance policies shall not apply to group life insurance policies.

B. If a group life insurance policy is not term insurance, it shall contain anonforfeiture provision that in the opinion of the Commission is equitable tothe insured persons and to the policyholder. This subsection shall not beconstrued to require that group life insurance policies contain the samenonforfeiture provisions as are required for individual life insurancepolicies.

C. The provisions of § 38.2-3330, subsection A of § 38.2-3331, and §§38.2-3332 through 38.2-3334 shall not apply to policies issued pursuant to §38.2-3318.1 B or group life insurance contracts in which the insurableinterest is as described in subdivision 3 of subsection B of § 38.2-301.

(Code 1950, §§ 38-429, 38-431; 1952, c. 317, § 38.1-424; 1960, c. 273; 1968,c. 282; 1970, c. 145; 1986, c. 562; 1993, c. 105; 1998, c. 154.)