38.2-3502 - Notice to be printed on policy; return of policy to insurer. - Virginia Statutes

§ 38.2-3502. Notice to be printed on policy; return of policy to insurer.

A. Any individual accident and sickness insurance policy delivered or issuedfor delivery in this Commonwealth shall have printed on it a notice statingsubstantially:

"THIS POLICY MAY NOT APPLY WHEN YOU HAVE A CLAIM! PLEASE READ! This policywas issued based on the information entered in your application, a copy ofwhich is attached to the policy. If you know of any misstatement in yourapplication, or if any information concerning the medical history of anyinsured person has been omitted, you should advise the Company immediatelyregarding the incorrect or omitted information; otherwise, your policy maynot be a valid contract.

RIGHT TO RETURN POLICY WITHIN 10 DAYS. If for any reason you are notsatisfied with your policy, you may return this policy to the Company withinten days of the date you received it and the premium you paid will bepromptly refunded."

B. If a policyowner returns the policy within ten days from the date ofreceipt, coverage under that policy shall become void from its inception uponthe mailing or delivery of the policy to the insurer or its agent.

C. If the first paragraph of the notice required in subsection A of thissection is inapplicable or partially inapplicable to a particular form ofpolicy, the insurer may modify or omit the notice with the Commission'sapproval.

D. Nothing in this section shall prohibit an insurer from extending the rightto examine period to more than ten days if the period is stated in the policy.

(1966, c. 342, § 38.1-348.4; 1986, c. 562.)