Virginia Code 38.2-4514: Subscriber to be advised in writing as to benefits and limitations thereon
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A nonstock corporation shall, prior to and during the term of the subscription contract, fully, fairly, and currently advise the subscriber in writing of the benefits available under the contract and all limitations on the benefits available under the contract.
Terms Used In Virginia Code 38.2-4514
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
- Subscriber: means any person entitled to benefits under the terms and conditions of a subscription contract. See Virginia Code 38.2-4501
1980, c. 682, § 38.1-903; 1986, c. 562.