§ 38.2-101. Classification of insurance

Insurance is classified and defined as set out in subsequent sections of this article. 1952, c. 317, § 38.1-2; 1986, c. 562.

§ 38.2-102. Life

A. “Life insurance” means insurance upon the lives of human beings. “Life insurance” includes policies that also provide (i) endowment benefits; (ii) additional benefits incidental to a loss in the event of death, dismemberment, or loss by accident or accidental means; (iii) additional benefits to safeguard the contract from lapse or to provide a special […]

§ 38.2-103. Credit life

“Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. 1960, c. 67, § 38.1-482.2; 1982, c. 223; 1986, c. 562.

§ 38.2-104. Industrial life

“Industrial life insurance” means life insurance provided by an individual insurance contract (i) under which premiums are payable at least monthly and (ii) that has the words “industrial policy” printed upon the policy as a part of the descriptive matter. Code 1950, § 38-433; 1952, c. 317, § 38.1-409; 1986, c. 562.

§ 38.2-105. Variable life

“Variable life insurance” means any policy or contract of life insurance in which the amount or duration of benefits may vary according to the investment experience of any separate account maintained by the insurer for the policy or contract, as provided for in § 38.2-3113. 1986, c. 562.

§ 38.2-105.1. Modified guaranteed life insurance

“Modified guaranteed life insurance” means any policy or contract of life insurance in which the benefits are guaranteed if held for specified periods and nonforfeiture values are based upon a market-value adjustment formula if held for shorter periods. The formula may or may not reflect the investment experience of any separate account which may be […]

§ 38.2-106. Annuities

“Annuities” means all agreements to make periodic payments in specified or calculable sums pursuant to the terms of a contract for a stated period of time or for the life of the person or persons specified in the contract. “Annuities” does not include contracts defined in § 38.2-102 and qualified charitable gift annuities as defined […]

§ 38.2-106.1. Charitable gift annuities

For purposes of this title: “Charitable gift annuity” means an agreement by a charitable organization to make periodic payments in fixed dollar amounts payable over one or two lives, under which the actuarial value of the annuity, as determined for federal tax purposes, is less than the value of the cash or other property transferred […]

§ 38.2-107. Variable annuity

“Variable annuity” means any agreement or contract for an annuity in which the amount or duration of benefits or optional lump sum cash settlement may vary according to the investment experience of any separate account maintained by the insurer for the policy or contract as provided for in § 38.2-3113. Pursuant to the terms of […]

§ 38.2-107.1. Modified guaranteed annuity

“Modified guaranteed annuity” means any agreement or contract for an annuity in which the benefits are guaranteed if held for specified periods and nonforfeiture values are based upon a market-value adjustment formula if held for shorter periods. The formula may or may not reflect the investment experience of any separate account which may be maintained […]

§ 38.2-107.2. Private family leave insurance

“Family leave insurance” means an insurance policy issued to an employer related to a benefit program provided to an employee to pay for a percentage or portion of the employee’s income loss due to (i) the birth of a child or adoption of a child by the employee; (ii) placement of a child with the […]

§ 38.2-108. Credit accident and sickness

“Credit accident and sickness insurance” means insurance on a debtor to provide for payments on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. 1960, c. 67, § 38.1-482.2; 1982, c. 223; 1986, c. 562.

§ 38.2-109. Accident and sickness

A. “Accident and sickness insurance” means insurance against loss resulting from sickness, or from bodily injury or death by accident or accidental means, or from a combination of any or all of these perils. As used in this title, unless the context requires otherwise, the term “accident and sickness insurance” shall be deemed to include […]

§ 38.2-110. Fire

“Fire insurance” means insurance against loss of or damage to any property resulting from fire, including loss or damage incident (i) to extinguishing a fire, or (ii) to the salvaging of property in connection with a fire. 1952, c. 317, § 38.1-6; 1986, c. 562.

§ 38.2-111. Miscellaneous property and casualty

A. “Miscellaneous property insurance” means insurance against loss of or damage to property resulting from: 1. Lightning, smoke or smudge, windstorm, tornado, cyclone, earthquake, volcanic eruption, rain, hail, frost and freeze, weather or climatic conditions, excess or deficiency of moisture, flood, the rising of the waters of the ocean or its tributaries; or 2. Insects, […]

§ 38.2-112. Water damage

“Water damage insurance” means insurance against loss or damage to any property by water or other fluid or substance resulting from (i) the breakage or leakage of sprinklers, pumps or other apparatus erected for extinguishing fires or of water pipes or other conduits or containers, or (ii) casual water entering through leaks or openings in […]

§ 38.2-113. Burglary and theft

“Burglary and theft insurance” means insurance against: 1. Loss of or damage to any property resulting from actual or attempted burglary, theft, larceny, robbery, forgery, fraud, vandalism, malicious mischief, wrongful confiscation or wrongful conversion, disposal or concealment by any person or persons; 2. Loss of or damage to moneys, coins, bullion, securities, notes, drafts, acceptances […]

§ 38.2-114. Glass insurance

“Glass insurance” means insurance against loss of or damage to glass and its appurtenances resulting from any cause. 1952, c. 317, § 38.1-10; 1986, c. 562.

§ 38.2-115. Boiler and machinery

“Boiler and machinery insurance” means insurance against any liability of the insured and against loss of or damage to any property of the insured resulting from the explosion of or injury to (i) any boiler, heater or other fired pressure vessel; (ii) any unfired pressure vessel; (iii) any pipes or containers connected with any of […]

§ 38.2-116. Animal

“Animal insurance” means insurance against loss of or damage to any animal resulting from any cause. 1952, c. 317, § 38.1-13; 1986, c. 562.