38.2-5202.1 - Refund of premium for cancellation or termination of policy. - Virginia Statutes

§ 38.2-5202.1. Refund of premium for cancellation or termination of policy.

A. Each individual long-term care insurance policy or certificate shallprovide for refund of premium in the event of cancellation or termination ofcoverage. In the event that the policy or certificate is cancelled by theinsurer or terminated by the insured, the insurer shall, within thirty daysof the effective date of such cancellation or termination, return to theinsured the unearned portion of any premium paid. The earned premium shall becomputed on a pro rata basis.

B. The requirements of this section shall apply to all individual long-termcare insurance policies, contracts, and plans delivered, issued for delivery,reissued, renewed, or extended or at any time when any term of any suchpolicy, contract, or plan is changed or any premium adjustment is made. Therequirements of this section shall apply to neither group long-term careinsurance nor to any individual long-term care insurance policy, contract orplan providing coverage for the duration of the insured's life if the premiumtherefor is paid in a single installment payment.

(2000, c. 532.)