Code of Virginia § 38.2-3717. Scope.
153 words·~1 min read·
/va/title-38-2/chapter-37-1/38-2-3717·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All life insurance and all accident and sickness insurance issued or sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter except:
1. Such insurance issued in connection with a loan or other credit transaction of more than ten years duration;
2. Such insurance written in connection with a credit transaction that is:
a. Secured by a first mortgage or deed of trust; and
b. Made to finance the purchase of real property or the construction of a dwelling thereon, or to refinance a prior credit transaction made for such a purpose;
3. Where the issuance of such insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.
1960, c. 67, § 38.1-482.1; 1972, c. 527, § 38.2-3700; 1982, c. 223; 1986, c. 562; 1990, c. 236; 1992, c. 586.