Virginia Code 38.2-3114: Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contract
Current as of: 2023 | Check for updates
|
Other versions
Any variable life insurance or variable annuity contract delivered or issued for delivery in this Commonwealth, and any certificate evidencing variable benefits issued pursuant to any life insurance or annuity contract issued on a group basis shall:
Terms Used In Virginia Code 38.2-3114
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- annuity: shall be deemed to include "variable annuity" and "modified guaranteed annuity" and shall be deemed to include a contract under which a lump sum cash settlement is an alternative to the option of periodic payments. See Virginia Code 38.2-106
- Contract: A legal written agreement that becomes binding when signed.
- Insurer: means an insurance company. See Virginia Code 38.2-100
- 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 surrender value, a special benefit or an annuity, in the event of total and permanent disability of the insured; and (iv) optional modes of settlement of proceeds. See Virginia Code 38.2-102
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
1. State the essential features of the procedure to be followed by the insurer in determining the value of benefits or other contractual payments under the contract;
2. State clearly that the benefits may decrease or increase according to the procedure; and
3. State clearly on its first page that the benefits or other contractual payments are on a variable basis.
1966, c. 289, § 38.1-408; 1976, c. 562; 1986, c. 562.