Virginia § 64.2-1054 - Insurance policy or contract
Full text of Virginia Code of Virginia § 64.2-1054 — Insurance policy or contract, with citation guidance and answers to common questions.
§ 64.2-1054. Insurance policy or contract
A. This section does not apply to a contract to which § 64.2-1056 applies.
B. Except as otherwise provided in subsection C, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.
C. A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:
1. Occupancy or other use by a current income beneficiary;
2. Income; or
3. Subject to § 64.2-1050, profits from a business.
2022, c. 354.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 64.2-1054
What does Code of Virginia § 64.2-1054 cover?
Section 64.2-1054 ("Insurance policy or contract") 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 § 64.2-1054?
A common citation format is "Code of Virginia § 64.2-1054" (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 § 64.2-1054 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.