Virginia Code 38.2-3117.2: Explanation of settlement options
Current as of: 2023 | Check for updates
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The insurer shall provide the beneficiary, at the time a claim is made, written information describing the settlement options available under the policy and how to obtain specific details relevant to the options.
Terms Used In Virginia Code 38.2-3117.2
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Insurer: means an insurance company licensed in the Commonwealth that offers retained asset accounts for death benefits. See Virginia Code 38.2-3117.1
- Policy: means any policy or certificate of insurance that provides a death benefit. See Virginia Code 38.2-3117.1
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.