This chapter shall apply to all classes of insurance except: 1. Ocean marine insurance other than private pleasure vessels; 2. Life insurance policies and accident and sickness insurance policies not delivered or issued for delivery in this Commonwealth; 3. Contracts of reinsurance; or 4. Annuities, except as provided for in §§ 38.2-305, 38.2-316 and 38.2-321. […]
A. Any individual of lawful age may take out an insurance contract upon himself for the benefit of any person. No person shall knowingly procure or cause to be procured any insurance contract upon another individual unless the benefits under the contract are payable to (i) the insured or his personal representative or (ii) a […]
A. No contract of insurance upon a person shall be made or effectuated unless at the time of the making of the contract the individual insured, being of lawful age and competent to contract for the insurance contract, (i) applies for insurance or (ii) consents in writing to the insurance contract. However: 1. Either spouse […]
A. No insurance contract on property or on any interest therein or arising therefrom shall be enforceable except for the benefit of persons having an insurable interest in the property insured. B. As used in this section, “insurable interest” means any lawful and substantial economic interest in the safety or preservation of the subject of […]
A. Oral or written binders or other temporary insurance contracts may be made and used for a period not exceeding sixty days pending the issuance of the policy. Unless otherwise provided, oral or written binders or other temporary insurance contracts shall be deemed to include the usual provisions, stipulations and agreements which are commonly used […]
A. Each insurance policy or contract shall specify: 1. The names of the parties to the contract; 2. The subject of the insurance; 3. The risks insured against; 4. The time the insurance takes effect and, except in the case of group insurance, title insurance, and insurance written under perpetual policies, the period during which […]
A policy or contract may contain additional provisions that are not substantially in conflict with this title and that: 1. Are required to be inserted by the laws of the insurer’s state or country of domicile or of the state or country in which the policy is to be delivered or issued for delivery; or […]
No policy shall contain any provision purporting to make any portion of the charter, bylaws or other organic law of the insurer, however designated, a part of the contract unless that portion is set out in full in the policy. Any policy provision in violation of this section shall be invalid. 1952, c. 317, § […]
Except in the case of nonassessable policies, the contingent liability of each member of a mutual insurer, other than a life insurer, shall be clearly stated in the mutual insurer’s policies. The contingent liability may be limited, but such limitation shall not be less than one additional annual premium on each policy held by the […]
All statements, declarations and descriptions in any application for an insurance policy or for the reinstatement of an insurance policy shall be deemed representations and not warranties. No statement in an application or in any affidavit made before or after loss under the policy shall bar a recovery upon a policy of insurance unless it […]
A. All fees, charges, premiums or other consideration charged for the insurance or for the procurement of insurance shall be stated in the policy except in the case of fidelity, surety, title, and group insurance, and except for consulting services as provided in Article 4 (§ 38.2-1837 et seq.) of Chapter 18 of this title. […]
Except as otherwise provided in this title, no restriction, condition or provision in or endorsed on any insurance policy shall be valid unless the condition or provision is printed in type as large as eight point type, or is written in ink or typewritten in or on the policy. This section shall not apply to […]
No insurance contract delivered or issued for delivery in this Commonwealth and covering subjects which are located or residing in this Commonwealth, or which are performed in this Commonwealth shall contain any condition, stipulation or agreement: 1. Requiring the contract to be construed according to the laws of any other state or country, except as […]
All insurance contracts on or with respect to the ownership, maintenance or use of property in this Commonwealth shall be deemed to have been made in and shall be construed in accordance with the laws of this Commonwealth. Code 1950, § 38-162; 1952, c. 317, § 38.1-340; 1986, c. 562.
No provision in any insurance policy shall be valid if it limits the time within which an action may be brought to less than one year after the loss occurs or the cause of action accrues. If an insurance policy requires a proof of loss, damage or liability to be filed within a specified time, […]
If any breach of warranty or condition in any insurance contract covering property located in this Commonwealth occurs prior to a loss under the contract, the breach shall not void the contract nor permit the insurer to avoid liability unless the breach existed at the time of the loss. Code 1950, § 38-8; 1952, c. […]
A. No policy of life insurance, industrial life insurance, variable life insurance, modified guaranteed life insurance, group life insurance, family leave insurance, accident and sickness insurance, or group accident and sickness insurance; no annuity, modified guaranteed annuity, pure endowment, variable annuity, group annuity, group modified guaranteed annuity, or group variable annuity contract; no health services […]
A. As used in this section: “Anticipated loss ratio” means the ratio of the present value of the future benefits to the present value of the future premiums of a policy form over the entire period for which rates are computed to provide coverage. “Student health insurance coverage” means a type of individual health insurance […]
A. No insurance policy or endorsement of the kind to which Chapter 19 (§ 38.2-1900 et seq.) applies shall be delivered or issued for delivery in the Commonwealth unless the policy form or endorsement is filed with the Commission prior to its effective date. The provisions of this section shall not apply to statutory fire […]
A. Any insurance policy or form containing any condition or provision that is not in compliance with this title shall be valid, but shall be construed and applied in accordance with the conditions and provisions required by this title. B. As used in this section, “form” means any contract, rider, endorsement, amendment, certificate, or application […]
