Prior to the payment of the accelerated benefit, the insurer is required to obtain from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout. If the insurer making the accelerated benefit is itself the assignee under the policy, no such acknowledgement is required.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

Historical Notes

Derived from Regulation 44, Case No. INS920076, § 7, eff. June 1, 1992.