38.2-3547 - Excessive insurance; remedy. - Virginia Statutes

§ 38.2-3547. Excessive insurance; remedy.

A. Any person holding industrial sick benefit insurance policies of severalinsurers, that, in the aggregate, provide sick benefits in excess of 150percent of his weekly salary, wages or earnings, shall not be permitted torecover the excess, nor shall the insurer be compelled to pay the excess,unless the existence of all previous policies was admitted by the insured inall applications for insurance in excess of such sum. If by misstatements, orby the failure to admit the existence of previous policies, the insured hasobtained such excess additional policies, and has received benefits undersuch policies in excess of the amount specified above the excess paid may bededucted from the death benefit provided for in the policies.

B. This section shall not apply in any case where the application for theexcess policy did not contain any question in regard to the amount ofinsurance already carried by the applicant, nor where the application blankwas printed in less than ten-point type.

(Code 1950, § 38-360; 1952, c. 317, § 38.1-486; 1986, c. 562.)