Life insurance policies; delivery method. (SB1480)
Introduced By
Sen. Frank Ruff (R-Clarksville)
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
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Signed by Governor |
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Became Law |
Description
Life insurance policies; delivery method. Establishes permissible methods for delivery of a life insurance policy by the insurer to the owner of the policy in order to start the period running during which the owner may exercise a right to examine, surrender, or return a policy for cancellation. Permitted forms of delivery include registered or certified mail; personal delivery, with a signed, written receipt of delivery; first-class mail, with a signed, written receipt of delivery; or other reasonable means, as determined by the Commissioner. If a dispute arises regarding delivery of a policy, the burden of proof shall be on the insurer to establish that the policy was delivered if delivery was not made by one of such manners. In any event, a policy shall be deemed to have been received six months after the date of issuance if the insured has paid premiums pursuant to the contract. Amends § 38.2-3301.1 (“Delivery of individual life insurance policies.”), of the Code of Virginia. View Full Text »
