Virginia § 38.2-3114 - Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts
Full text of Virginia Code of Virginia § 38.2-3114 — Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts, with citation guidance and answers to common questions.
§ 38.2-3114. Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts
Any variable life insurance or variable annuity contract delivered or issued for delivery in this Commonwealth, and any certificate evidencing variable benefits issued pursuant to any life insurance or annuity contract issued on a group basis shall:
1. State the essential features of the procedure to be followed by the insurer in determining the value of benefits or other contractual payments under the contract;
2. State clearly that the benefits may decrease or increase according to the procedure; and
3. State clearly on its first page that the benefits or other contractual payments are on a variable basis.
1966, c. 289, § 38.1-408; 1976, c. 562; 1986, c. 562.
Frequently Asked Questions About Virginia § 38.2-3114
What does Code of Virginia § 38.2-3114 cover?
Section 38.2-3114 ("Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 38.2-3114?
A common citation format is "Code of Virginia § 38.2-3114" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-3114 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.