A. Each insurance policy or contract shall specify:
1. The names of the parties to the contract;
2. The subject of the insurance;
3. The risks insured against;
4. The time the insurance takes effect and, except in the case of groupinsurance, title insurance, and insurance written under perpetual policies,the period during which the insurance is to continue;
5. A statement of the premium, except in the case of group insurance andtitle insurance; and
6. The conditions pertaining to the insurance.
B. Each new or renewal insurance policy, contract, certificate or evidence ofcoverage issued to a policyholder, covered person or enrollee shall beaccompanied by a notice stating substantially:
"IMPORTANT INFORMATION REGARDING YOUR INSURANCE"
"In the event you need to contact someone about this insurance for anyreason please contact your agent. If no agent was involved in the sale ofthis insurance, or if you have additional questions you may contact theinsurance company issuing this insurance at the following address andtelephone number [Insert the appropriate address and telephone number, tollfree number if available, for the company's home or regional office].
Health maintenance organizations shall add the following: We recommend thatyou familiarize yourself with our grievance procedure, and make use of itbefore taking any other action.
If you have been unable to contact or obtain satisfaction from the company orthe agent, you may contact the Virginia State Corporation Commission's Bureauof Insurance at: [Insert the appropriate address, toll free phone number, andphone number for out-of-state calls for the Bureau of Insurance].
Written correspondence is preferable so that a record of your inquiry ismaintained. When contacting your agent, company or the Bureau of Insurance,have your policy number available."
C. In any life insurance or annuity contract containing a beneficiarydesignation in which the designated beneficiary is the spouse of the policyowner, the following notice shall be included with the policy when issued,either attached to or incorporated into the front or first page of suchcontract:
"BENEFICIARY DESIGNATION MAY NOT APPLY IN THE EVENT OF ANNULMENT OR DIVORCE"
"Under Virginia law (Virginia Code § 20-111.1), a revocable beneficiarydesignation in a policy owned by one spouse that names the other spouse asbeneficiary becomes void upon the entry of a decree of annulment or divorce,and the death benefit prevented from passing to a former spouse will be paidas if the former spouse had predeceased the decedent. In the event ofannulment or divorce proceedings, and if it is the intent of the parties thatthe beneficiary designation of the former spouse is to continue, you areadvised to make certain that one of the following courses of action is takenprior to the entry of a decree of annulment or divorce: (i) change thebeneficiary designation to make it irrevocable; (ii) change the ownership ofthe policy or contract; (iii) execute a separate written agreement statingthe intention of both parties that the beneficiary designation is to remainin effect beyond the date of entry of the decree of annulment or divorce; or(iv) make certain that the decree of annulment or divorce contains aprovision stating that the beneficiary designation is not to be revokedpursuant to § 20-111.1."
D. If, under the contract, the exact amount of premiums is determinable onlyat the termination of the contract, a statement of the basis and rates uponwhich the final premium is to be determined and paid shall be furnished toany policy-examining bureau having jurisdiction or to the insured uponrequest.
E. This section shall not apply to surety insurance contracts.
(1952, c. 317, § 38.1-333; 1986, c. 562; 1987, c. 519; 1988, c. 333; 1997, c.688; 2000, c. 193.)
A. Each insurance policy or contract shall specify:
1. The names of the parties to the contract;
2. The subject of the insurance;
3. The risks insured against;
4. The time the insurance takes effect and, except in the case of groupinsurance, title insurance, and insurance written under perpetual policies,the period during which the insurance is to continue;
5. A statement of the premium, except in the case of group insurance andtitle insurance; and
6. The conditions pertaining to the insurance.
B. Each new or renewal insurance policy, contract, certificate or evidence ofcoverage issued to a policyholder, covered person or enrollee shall beaccompanied by a notice stating substantially:
"IMPORTANT INFORMATION REGARDING YOUR INSURANCE"
"In the event you need to contact someone about this insurance for anyreason please contact your agent. If no agent was involved in the sale ofthis insurance, or if you have additional questions you may contact theinsurance company issuing this insurance at the following address andtelephone number [Insert the appropriate address and telephone number, tollfree number if available, for the company's home or regional office].
Health maintenance organizations shall add the following: We recommend thatyou familiarize yourself with our grievance procedure, and make use of itbefore taking any other action.
If you have been unable to contact or obtain satisfaction from the company orthe agent, you may contact the Virginia State Corporation Commission's Bureauof Insurance at: [Insert the appropriate address, toll free phone number, andphone number for out-of-state calls for the Bureau of Insurance].
Written correspondence is preferable so that a record of your inquiry ismaintained. When contacting your agent, company or the Bureau of Insurance,have your policy number available."
C. In any life insurance or annuity contract containing a beneficiarydesignation in which the designated beneficiary is the spouse of the policyowner, the following notice shall be included with the policy when issued,either attached to or incorporated into the front or first page of suchcontract:
"BENEFICIARY DESIGNATION MAY NOT APPLY IN THE EVENT OF ANNULMENT OR DIVORCE"
"Under Virginia law (Virginia Code § 20-111.1), a revocable beneficiarydesignation in a policy owned by one spouse that names the other spouse asbeneficiary becomes void upon the entry of a decree of annulment or divorce,and the death benefit prevented from passing to a former spouse will be paidas if the former spouse had predeceased the decedent. In the event ofannulment or divorce proceedings, and if it is the intent of the parties thatthe beneficiary designation of the former spouse is to continue, you areadvised to make certain that one of the following courses of action is takenprior to the entry of a decree of annulment or divorce: (i) change thebeneficiary designation to make it irrevocable; (ii) change the ownership ofthe policy or contract; (iii) execute a separate written agreement statingthe intention of both parties that the beneficiary designation is to remainin effect beyond the date of entry of the decree of annulment or divorce; or(iv) make certain that the decree of annulment or divorce contains aprovision stating that the beneficiary designation is not to be revokedpursuant to § 20-111.1."
D. If, under the contract, the exact amount of premiums is determinable onlyat the termination of the contract, a statement of the basis and rates uponwhich the final premium is to be determined and paid shall be furnished toany policy-examining bureau having jurisdiction or to the insured uponrequest.
E. This section shall not apply to surety insurance contracts.
(1952, c. 317, § 38.1-333; 1986, c. 562; 1987, c. 519; 1988, c. 333; 1997, c.688; 2000, c. 193.)
A. Each insurance policy or contract shall specify:
1. The names of the parties to the contract;
2. The subject of the insurance;
3. The risks insured against;
4. The time the insurance takes effect and, except in the case of groupinsurance, title insurance, and insurance written under perpetual policies,the period during which the insurance is to continue;
5. A statement of the premium, except in the case of group insurance andtitle insurance; and
6. The conditions pertaining to the insurance.
B. Each new or renewal insurance policy, contract, certificate or evidence ofcoverage issued to a policyholder, covered person or enrollee shall beaccompanied by a notice stating substantially:
"IMPORTANT INFORMATION REGARDING YOUR INSURANCE"
"In the event you need to contact someone about this insurance for anyreason please contact your agent. If no agent was involved in the sale ofthis insurance, or if you have additional questions you may contact theinsurance company issuing this insurance at the following address andtelephone number [Insert the appropriate address and telephone number, tollfree number if available, for the company's home or regional office].
Health maintenance organizations shall add the following: We recommend thatyou familiarize yourself with our grievance procedure, and make use of itbefore taking any other action.
If you have been unable to contact or obtain satisfaction from the company orthe agent, you may contact the Virginia State Corporation Commission's Bureauof Insurance at: [Insert the appropriate address, toll free phone number, andphone number for out-of-state calls for the Bureau of Insurance].
Written correspondence is preferable so that a record of your inquiry ismaintained. When contacting your agent, company or the Bureau of Insurance,have your policy number available."
C. In any life insurance or annuity contract containing a beneficiarydesignation in which the designated beneficiary is the spouse of the policyowner, the following notice shall be included with the policy when issued,either attached to or incorporated into the front or first page of suchcontract:
"BENEFICIARY DESIGNATION MAY NOT APPLY IN THE EVENT OF ANNULMENT OR DIVORCE"
"Under Virginia law (Virginia Code § 20-111.1), a revocable beneficiarydesignation in a policy owned by one spouse that names the other spouse asbeneficiary becomes void upon the entry of a decree of annulment or divorce,and the death benefit prevented from passing to a former spouse will be paidas if the former spouse had predeceased the decedent. In the event ofannulment or divorce proceedings, and if it is the intent of the parties thatthe beneficiary designation of the former spouse is to continue, you areadvised to make certain that one of the following courses of action is takenprior to the entry of a decree of annulment or divorce: (i) change thebeneficiary designation to make it irrevocable; (ii) change the ownership ofthe policy or contract; (iii) execute a separate written agreement statingthe intention of both parties that the beneficiary designation is to remainin effect beyond the date of entry of the decree of annulment or divorce; or(iv) make certain that the decree of annulment or divorce contains aprovision stating that the beneficiary designation is not to be revokedpursuant to § 20-111.1."
D. If, under the contract, the exact amount of premiums is determinable onlyat the termination of the contract, a statement of the basis and rates uponwhich the final premium is to be determined and paid shall be furnished toany policy-examining bureau having jurisdiction or to the insured uponrequest.
E. This section shall not apply to surety insurance contracts.
(1952, c. 317, § 38.1-333; 1986, c. 562; 1987, c. 519; 1988, c. 333; 1997, c.688; 2000, c. 193.)
