State statute · Virginia
Life insurance grace period and reinstatement provisions
Virginia Code s. 38.2-3115
Edition and licensing notes
Publisher. Virginia General Assembly (law.lis.virginia.gov)
Status. Code of Virginia, public domain (state government work).
What this document is
Virginia Code s. 38.2-3115 - Life insurance grace period and reinstatement provisions is a state statute published by Virginia General Assembly (law.lis.virginia.gov). It is one of the Virginia documents that insurance license exam questions are written from, including virginia life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.
Sections cited in practice questions
Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.
- Va. Code § 38.2-3115 (Interest on Life and Annuity Proceeds)
“interest upon the principal sum paid to the beneficiary or policyowner shall be computed daily at an annual rate of two and one-half percent or at the annual rate currently paid by the insurer on proceeds left under the interest settlement option, whichever is greater, commencing (i) from the date...”
- Va. Code Ann. § 38.2-3115(C) (Minimum interest payable)
“No insurer shall be required to pay interest computed under this section if the total interest is less than five dollars.”
- Va. Code Ann. § 38.2-3115(A) (Interest on judgment for life insurance or annuity proceeds)
“If an action to recover the proceeds due under a life insurance policy or annuity contract results in a judgment against the insurer, interest on the judgment at the legal rate of interest shall be paid from (i) the date of presentation to the insurer of proof of death on a life insurance policy or...”
- Va. Code Ann. § 38.2-3115(B) (Interest when no action is brought)
“If no action is brought, interest upon the principal sum paid to the beneficiary or policyowner shall be computed daily at an annual rate of two and one-half percent or at the annual rate currently paid by the insurer on proceeds left under the interest settlement option, whichever is greater,...”
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