38.2-3544 - Definition of industrial sick benefit insurance. - Virginia Statutes

§ 38.2-3544. Definition of industrial sick benefit insurance.

Industrial sick benefit insurance means life insurance combined with accidentand sickness insurance under which:

1. Premiums, dues or assessments are payable weekly;

2. A ten dollar maximum weekly indemnity is paid to members or policyownersin the event of sickness or accident;

3. A $250 maximum death benefit is provided, and the named beneficiary isconfined to the spouse of the insured, a relative of the insured by blood,marriage or adoption, a person bound in a pledge of marriage to the insured,or any person dependent on the insured; and

4. The issuing insurer is not required by its charter, bylaws, or by statuteto maintain the legal reserve for death benefits.

(Code 1950, §§ 38-350, 38-351, 38-352; 1952, c. 317, § 38.1-483; 1986, c.562.)