Accelerated benefit riders and life insurance policies with accelerated benefit provisions are primarily mortality risks rather than morbidity risks. They are life insurance benefits subject to Chapter 31 (§ 38.2-3100 et seq.), Chapter 32 (§ 38.2-3200 et seq.), and Chapter 33 (§ 38.2-3300 et seq.) of Title 38.2 of the Code of Virginia.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Regulation 44, Case No. INS920076, § 6, eff. June 1, 1992.