38.2-3348 - Reinstatement.
§ 38.2-3348. Reinstatement.
Each industrial life insurance policy shall contain a provision that thepolicy, if not surrendered for its cash value or if the period of extendedterm insurance has not expired, may be reinstated within one year from thedate of default in payment of premiums upon:
1. Payment of all overdue premiums and, at the insurer's option, interest onthe overdue premiums at an annual rate not exceeding six percent; and
2. Presentation of evidence satisfactory to the insurer of the insurabilityof the insured.
(Code 1950, § 38-434(7); 1952, c. 317, § 38.1-416; 1986, c. 562.)