38.2-3333 - Right to individual policy upon termination of group policy or elimination of class of insured persons. - Virginia Statutes

§ 38.2-3333. Right to individual policy upon termination of group policy orelimination of class of insured persons.

Each group life insurance policy shall contain a provision that if the grouppolicy terminates or is amended so as to terminate the insurance of any classof insured persons, every person, other than a minor child insured pursuantto § 38.2-3323, whose insurance terminates and who has been insured for atleast five years prior to the termination date shall be entitled to have theinsurer issue him an individual life insurance policy. The individual lifepolicy shall be subject to the conditions and limitations set forth in §38.2-3332. However, the group policy may contain a provision that the amountof the individual policy shall not exceed the smaller of (i) the amount ofthe person's life insurance protection ceasing because of the termination oramendment of the group policy, less the amount of any life insurance forwhich he is or becomes eligible under any group policy issued or reinstatedby the same or another insurer within 31 days after the termination, or (ii)$10,000.

(1960, c. 273, § 38.1-428.2; 1986, c. 562.)