38.2-105.1 - Modified guaranteed life insurance.
§ 38.2-105.1. Modified guaranteed life insurance.
"Modified guaranteed life insurance" means any policy or contract of lifeinsurance in which the benefits are guaranteed if held for specified periodsand nonforfeiture values are based upon a market-value adjustment formula ifheld for shorter periods. The formula may or may not reflect the investmentexperience of any separate account which may be maintained by the insurer forthe policy or contract as provided for in § 38.2-3113.1.
(1992, c. 210.)