Virginia Life Insurance (VA)

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The state of Virginia has laws and regulations in place to help financially protect both consumers and insurers.

VirginiA Life Insurance Laws Protecting Consumers (VA)

Title 38 of the Code of Virginia is the regulating force behind the insurance laws of Virginia. It is here that policy requirements and claims procedures are overseen by the state in order to protect you, the life insurance consumer of the state.

A 10-day “free look” is mandatory in all life insurance policies. This allows all new policyholders a minimum of ten days after their policy becomes effective to cancel the policy for any reason, while being refunded all payments made.

Written authorization of all life insurance policyholders is required, by law, to disclose any information regarding the insured.

Life insurance companies are obligated to settle claims in a timely manner. While individual insurers may vary, all information will be in your policy. Settlements shall begin to accrue interest if not completed as stated.

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Life Insurance Regulations Protecting Insurers In VirginiA (VA)

Virginia law also offers some protections to life insurance companies.

Any misstatements made or fraudulent findings on a policy or application for coverage within the first two years of a policy’s life shall result in policy termination. No claims need to be honored by the insurer. Any age errors found will result in the recalculation of death benefits to reflect the correct age of the insured.

If suicide is considered the cause of death within the first two years of a policy’s life, the insurer is exempt from payment, but all premiums will be refunded.

Additional VirginiA Life Insurance Regulations (VA)

Viatical settlements are arrangements made between a third party and an insured individual. The third party “buys” a life insurance policy from the insured and is responsible for making all payments. In return, the third party becomes the policy’s beneficiary. These arrangements are legal in Virginia.

Financial projections made by the insurer (insurance illustrations) are also legal in Virginia.

If your life insurance company were to become insolvent, your policy will be covered by the Virginia Life, Accident, & Sickness Insurance Guaranty Association, as long as your policy premiums are current and your insurer is licensed in Virginia.

Financial restrictions for this protection:

$300,000 per insured individual lost death benefit.

$100,000 per insured lost cash surrender.

These benefits are per insured, no matter the number of policies written or their compiled value.

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Life-Insurance-Info.us is not a life insurance broker or carrier, and cannot issue life insurance policies. This site provides free information on insurance providers and coverage options. We are not associated with the companies profiled on Life-Insurance-Info.us and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please contact the insurance company directly to answer your policy inquiries.

Last Updated: June 16, 2009