{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-3111.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-3111.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-3111.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-3111.html"}],"law_id":361994,"edition_id":2,"section_id":361994,"structure_id":51730,"section_number":"38.2-3111","catch_line":"Assignment of life insurance policies","history":"Code 1950, \u00a7 38-367; 1952, c. 317, \u00a7 38.1-442; 1962, c. 590; 1986, c. 562.","full_text":"No life insurance policy shall be taken out by the insured or by a person having an insurable interest in the insured&#8217;s life for the mere purpose of assignment. A policy may be assigned whether or not the assignee has an insurable interest in the life insured unless the policy provides otherwise.\n\n","order_by":null,"text":{"0":{"id":1347679,"text":"No life insurance policy shall be taken out by the insured or by a person having an insurable interest in the insured&#8217;s life for the mere purpose of assignment. A policy may be assigned whether or not the assignee has an insurable interest in the life insured unless the policy provides otherwise.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":51730,"edition_id":2,"name":"General Provisions","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":51729,"metadata":{"child_laws":27,"child_structures":0},"date_created":"2026-08-02 02:47:26","date_modified":"2026-08-02 12:33:09","permalink":{"id":1441335,"object_type":"structure","relational_id":51730,"identifier":"1","token":"38.2\/31\/1","url":"\/38.2\/31\/1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51729,"edition_id":2,"name":"Life Insurance","identifier":"31","label":"chapter","depth":2,"order_by":31,"parent_id":51644,"metadata":{"child_laws":41,"child_structures":4},"date_created":"2026-08-02 02:47:26","date_modified":"2026-08-02 12:33:09","permalink":{"id":1441333,"object_type":"structure","relational_id":51729,"identifier":"31","token":"38.2\/31","url":"\/38.2\/31\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":361981,"structure_id":51730,"section_number":"38.2-3100","catch_line":"Scope of chapter","url":"\/38.2-3100\/","token":"38.2\/31\/1\/38.2-3100","metadata":false},{"id":361978,"structure_id":51730,"section_number":"38.2-3100.1","catch_line":"Forms of insurance authorized","url":"\/38.2-3100.1\/","token":"38.2\/31\/1\/38.2-3100.1","metadata":false},{"id":361979,"structure_id":51730,"section_number":"38.2-3100.2","catch_line":"Funding agreements","url":"\/38.2-3100.2\/","token":"38.2\/31\/1\/38.2-3100.2","metadata":false},{"id":361980,"structure_id":51730,"section_number":"38.2-3100.3","catch_line":"Requirements of life insurance or annuity contracts used to fund preneed funeral contracts","url":"\/38.2-3100.3\/","token":"38.2\/31\/1\/38.2-3100.3","metadata":false},{"id":361982,"structure_id":51730,"section_number":"38.2-3101","catch_line":"Legal reserve insurers","url":"\/38.2-3101\/","token":"38.2\/31\/1\/38.2-3101","metadata":false},{"id":361983,"structure_id":51730,"section_number":"38.2-3102","catch_line":"Domestic insurers prohibited from insuring lives and persons of residents of \"reciprocal states.\"","url":"\/38.2-3102\/","token":"38.2\/31\/1\/38.2-3102","metadata":false},{"id":361984,"structure_id":51730,"section_number":"38.2-3103","catch_line":"Fraudulent procurement of policy; penalty","url":"\/38.2-3103\/","token":"38.2\/31\/1\/38.2-3103","metadata":false},{"id":361985,"structure_id":51730,"section_number":"38.2-3104","catch_line":"No policy to be issued purporting to take effect more than six months before application made; conversion permitted","url":"\/38.2-3104\/","token":"38.2\/31\/1\/38.2-3104","metadata":false},{"id":361986,"structure_id":51730,"section_number":"38.2-3105","catch_line":"What contracts with respect to life insurance may be made by minors","url":"\/38.2-3105\/","token":"38.2\/31\/1\/38.2-3105","metadata":false},{"id":361987,"structure_id":51730,"section_number":"38.2-3106","catch_line":"Suicide and execution not grounds of defense; exception","url":"\/38.2-3106\/","token":"38.2\/31\/1\/38.2-3106","metadata":false},{"id":361988,"structure_id":51730,"section_number":"38.2-3107","catch_line":"Incontestability of certain policies","url":"\/38.2-3107\/","token":"38.2\/31\/1\/38.2-3107","metadata":false},{"id":361989,"structure_id":51730,"section_number":"38.2-3108","catch_line":"Misstatement of age","url":"\/38.2-3108\/","token":"38.2\/31\/1\/38.2-3108","metadata":false},{"id":361990,"structure_id":51730,"section_number":"38.2-3109","catch_line":"Contestability of reinstated policy","url":"\/38.2-3109\/","token":"38.2\/31\/1\/38.2-3109","metadata":false},{"id":361992,"structure_id":51730,"section_number":"38.2-3110","catch_line":"Incontestability not applicable to excluded or restricted coverage","url":"\/38.2-3110\/","token":"38.2\/31\/1\/38.2-3110","metadata":false},{"id":361994,"structure_id":51730,"section_number":"38.2-3111","catch_line":"Assignment of life insurance policies","url":"\/38.2-3111\/","token":"38.2\/31\/1\/38.2-3111","metadata":false},{"id":361993,"structure_id":51730,"section_number":"38.2-3111.1","catch_line":"Annuity contract purchased to fund retirement benefits; transfer subject to Commission approval","url":"\/38.2-3111.1\/","token":"38.2\/31\/1\/38.2-3111.1","metadata":false},{"id":361995,"structure_id":51730,"section_number":"38.2-3112","catch_line":"Designation of testamentary trustee as beneficiary","url":"\/38.2-3112\/","token":"38.2\/31\/1\/38.2-3112","metadata":false},{"id":361999,"structure_id":51730,"section_number":"38.2-3113","catch_line":"Variable life insurance and variable annuities; separate accounts to be established; authority to issue; reports; special voting rights and procedures for owners","url":"\/38.2-3113\/","token":"38.2\/31\/1\/38.2-3113","metadata":false},{"id":361996,"structure_id":51730,"section_number":"38.2-3113.1","catch_line":"Modified guaranteed life insurance and modified guaranteed annuities; separate accounts; authority to issue; statements required; regulations to be issued; approval expenses","url":"\/38.2-3113.1\/","token":"38.2\/31\/1\/38.2-3113.1","metadata":false},{"id":361997,"structure_id":51730,"section_number":"38.2-3113.2","catch_line":"Qualified charitable gift annuities; issuance not business of insurance; disclosures to donors; unfair trade practices provisions not applicable","url":"\/38.2-3113.2\/","token":"38.2\/31\/1\/38.2-3113.2","metadata":false},{"id":361998,"structure_id":51730,"section_number":"38.2-3113.3","catch_line":"Educational loan provisions in life insurance policies","url":"\/38.2-3113.3\/","token":"38.2\/31\/1\/38.2-3113.3","metadata":false},{"id":362000,"structure_id":51730,"section_number":"38.2-3114","catch_line":"Statements required in variable life insurance and variable annuity contracts and certificates issued pursuant to group variable life insurance and group variable annuity contracts","url":"\/38.2-3114\/","token":"38.2\/31\/1\/38.2-3114","metadata":false},{"id":362002,"structure_id":51730,"section_number":"38.2-3115","catch_line":"Interest on life insurance and annuity contract proceeds","url":"\/38.2-3115\/","token":"38.2\/31\/1\/38.2-3115","metadata":false},{"id":362001,"structure_id":51730,"section_number":"38.2-3115.1","catch_line":"Accelerated payment of benefits","url":"\/38.2-3115.1\/","token":"38.2\/31\/1\/38.2-3115.1","metadata":false},{"id":362003,"structure_id":51730,"section_number":"38.2-3116","catch_line":"Commission to establish standards for simplified and readable life insurance and annuity policies","url":"\/38.2-3116\/","token":"38.2\/31\/1\/38.2-3116","metadata":false},{"id":362009,"structure_id":51730,"section_number":"38.2-3117","catch_line":"Standards for certain policies; prohibited policies","url":"\/38.2-3117\/","token":"38.2\/31\/1\/38.2-3117","metadata":false},{"id":362004,"structure_id":51730,"section_number":"38.2-3117.01","catch_line":"Provision of life insurance information upon notification of insured's death","url":"\/38.2-3117.01\/","token":"38.2\/31\/1\/38.2-3117.01","metadata":false}],"previous_section":{"id":361992,"structure_id":51730,"section_number":"38.2-3110","catch_line":"Incontestability not applicable to excluded or restricted coverage","url":"\/38.2-3110\/","token":"38.2\/31\/1\/38.2-3110","metadata":false},"next_section":{"id":361993,"structure_id":51730,"section_number":"38.2-3111.1","catch_line":"Annuity contract purchased to fund retirement benefits; transfer subject to Commission approval","url":"\/38.2-3111.1\/","token":"38.2\/31\/1\/38.2-3111.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3111\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 3 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1962, chapter 590; in 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":1441393,"object_type":"law","relational_id":361994,"identifier":"38.2-3111","token":"38.2\/31\/1\/38.2-3111","url":"\/38.2-3111\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-3111\/","token":"38.2\/31\/1\/38.2-3111","dublin_core":{"Title":"Assignment of life insurance policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3111","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>No life <span class=\"dictionary\">insurance<\/span> policy shall be taken out by the insured or by a <span class=\"dictionary\">person<\/span> having an insurable interest in the insured&#8217;s life for the mere purpose of assignment. A policy may be assigned whether or not the assignee has an insurable interest in the life insured unless the policy provides otherwise.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nASSIGNMENT OF LIFE INSURANCE POLICIES (\u00a7 38.2-3111)\n\nNo life insurance policy shall be taken out by the insured or by a person having\nan insurable interest in the insured&#8217;s life for the mere purpose of\nassignment. A policy may be assigned whether or not the assignee has an\ninsurable interest in the life insured unless the policy provides otherwise.\n\nHISTORY: Code 1950, \u00a7 38-367; 1952, c. 317, \u00a7 38.1-442; 1962, c. 590; 1986, c.\n562.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}