38.2-3817 - Paid-up insurance or extended term insurance.
§ 38.2-3817. Paid-up insurance or extended term insurance.
Any company shall provide for automatic paid-up or extended term insurance inthe event of the default in premium payments of any contract that has been inforce for at least two years from the date of issue. The amount of suchinsurance shall not exceed the amount which the reserve that is credited tothe member will purchase. The company shall carry the liability on its books.
(Code 1950, § 38-486; 1952, c. 317, § 38.1-517; 1986, c. 562.)