38.2-3717 - Scope. - Virginia Statutes

§ 38.2-3717. Scope.

All life insurance and all accident and sickness insurance issued or sold inconnection with loans or other credit transactions shall be subject to theprovisions of this chapter except:

1. Such insurance issued in connection with a loan or other credittransaction of more than ten years duration;

2. Such insurance written in connection with a credit transaction that is:

a. Secured by a first mortgage or deed of trust; and

b. Made to finance the purchase of real property or the construction of adwelling thereon, or to refinance a prior credit transaction made for such apurpose;

3. Where the issuance of such insurance is an isolated transaction on thepart of the insurer not related to an agreement or a plan for insuringdebtors of the creditor.

(1960, c. 67, § 38.1-482.1; 1972, c. 527, § 38.2-3700; 1982, c. 223; 1986, c.562; 1990, c. 236; 1992, c. 586.)