{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-3719.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-3719.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-3719.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-3719.html"}],"law_id":362415,"edition_id":2,"section_id":362415,"structure_id":51759,"section_number":"38.2-3719","catch_line":"Forms of credit life insurance and credit accident and sickness insurance","history":"Code 1950, \u00a7 38-428(6); 1950, p. 1001; 1952, c. 317, \u00a7 38.1-480; 1960, c. 272, \u00a7 38.2-3702; 1962, c. 154; 1975, c. 69; 1982, c. 223, \u00a7 38.1-482.3:1; 1983, c. 182; 1986, c. 562; 1987, c. 520; 1992, c. 586.","full_text":"A\n\nCredit life insurance and credit accident and sickness insurance shall be issued only in the following forms:\n\n1\n\nIndividual policies of life insurance issued to debtors on the term plan;\n\n2\n\nIndividual policies of accident and sickness insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;\n\n3\n\nGroup policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;\n\n4\n\nGroup policies of accident and sickness insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.\n\nB\n\nA policy of group credit life insurance or group credit accident and sickness insurance may be issued to a creditor or its parent holding company or to a trustee, trustees or agent designated by two or more creditors, which creditor, holding company, affiliate, trustee, trustees or agent shall be deemed the policyholder, to insure debtors of the creditor or creditors, subject to the following requirements:\n\n1\n\nThe debtors eligible for insurance under the policy shall be all of the debtors of the creditor or creditors, or all of any class or classes of the group. The policy may provide that the term “debtors” shall include (i) borrowers of money or purchasers of goods, services or property for which payment is arranged through a credit transaction; (ii) the debtors of one or more subsidiary corporations; and (iii) the debtors of one or more affiliated corporations, proprietors or partnerships if the business of the policyholder and of such affiliated corporations, proprietors or partnerships is under common control.\n\n2\n\nThe premium for the policy shall be paid by the policyholder, either from the creditor’s funds, or from charges collected from the insured debtors, or from both. Except as provided in subdivision 3 of this subsection, a policy on which no part of the premium is to be derived from the collection of such identifiable charges must insure all eligible debtors.\n\n3\n\nCredit life insurance and credit accident and sickness insurance must be offered to all eligible debtors of a creditor except those for whom evidence of individual insurability is not satisfactory to the insurer.\n\n","order_by":null,"text":{"0":{"id":1349904,"text":"Credit life insurance and credit accident and sickness insurance shall be issued only in the following forms:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1349905,"text":"Individual policies of life insurance issued to debtors on the term plan;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1349906,"text":"Individual policies of accident and sickness insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":1349907,"text":"Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":1349908,"text":"Group policies of accident and sickness insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":1349909,"text":"A policy of group credit life insurance or group credit accident and sickness insurance may be issued to a creditor or its parent holding company or to a trustee, trustees or agent designated by two or more creditors, which creditor, holding company, affiliate, trustee, trustees or agent shall be deemed the policyholder, to insure debtors of the creditor or creditors, subject to the following requirements:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"B1"},"6":{"id":1349910,"text":"The debtors eligible for insurance under the policy shall be all of the debtors of the creditor or creditors, or all of any class or classes of the group. The policy may provide that the term “debtors” shall include (i) borrowers of money or purchasers of goods, services or property for which payment is arranged through a credit transaction; (ii) the debtors of one or more subsidiary corporations; and (iii) the debtors of one or more affiliated corporations, proprietors or partnerships if the business of the policyholder and of such affiliated corporations, proprietors or partnerships is under common control.","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"7":{"id":1349911,"text":"The premium for the policy shall be paid by the policyholder, either from the creditor’s funds, or from charges collected from the insured debtors, or from both. Except as provided in subdivision 3 of this subsection, a policy on which no part of the premium is to be derived from the collection of such identifiable charges must insure all eligible debtors.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"8":{"id":1349912,"text":"Credit life insurance and credit accident and sickness insurance must be offered to all eligible debtors of a creditor except those for whom evidence of individual insurability is not satisfactory to the insurer.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2"}},"ancestry":[{"id":51759,"edition_id":2,"name":"Credit Life Insurance and Credit Accident and Sickness Insurance","identifier":"37.1","label":"chapter","depth":2,"order_by":39,"parent_id":51644,"metadata":{"child_laws":22,"child_structures":0},"date_created":"2026-08-02 02:48:15","date_modified":"2026-08-02 12:33:16","permalink":{"id":1443061,"object_type":"structure","relational_id":51759,"identifier":"37.1","token":"38.2\/37.1","url":"\/38.2\/37.1\/","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":362413,"structure_id":51759,"section_number":"38.2-3717","catch_line":"Scope","url":"\/38.2-3717\/","token":"38.2\/37.1\/38.2-3717","metadata":false},{"id":362414,"structure_id":51759,"section_number":"38.2-3718","catch_line":"Definitions","url":"\/38.2-3718\/","token":"38.2\/37.1\/38.2-3718","metadata":false},{"id":362415,"structure_id":51759,"section_number":"38.2-3719","catch_line":"Forms of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3719\/","token":"38.2\/37.1\/38.2-3719","metadata":false},{"id":362416,"structure_id":51759,"section_number":"38.2-3720","catch_line":"Amount of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3720\/","token":"38.2\/37.1\/38.2-3720","metadata":false},{"id":362417,"structure_id":51759,"section_number":"38.2-3721","catch_line":"Term of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3721\/","token":"38.2\/37.1\/38.2-3721","metadata":false},{"id":362418,"structure_id":51759,"section_number":"38.2-3722","catch_line":"Variable interest rate indebtedness; amount; disclosure; refunds","url":"\/38.2-3722\/","token":"38.2\/37.1\/38.2-3722","metadata":false},{"id":362419,"structure_id":51759,"section_number":"38.2-3723","catch_line":"Reserves","url":"\/38.2-3723\/","token":"38.2\/37.1\/38.2-3723","metadata":false},{"id":362420,"structure_id":51759,"section_number":"38.2-3724","catch_line":"Policy provisions; disclosure to debtors; delivery of policy or certificate","url":"\/38.2-3724\/","token":"38.2\/37.1\/38.2-3724","metadata":false},{"id":362421,"structure_id":51759,"section_number":"38.2-3725","catch_line":"Policy forms to be filed with Commission; approval or disapproval by Commission","url":"\/38.2-3725\/","token":"38.2\/37.1\/38.2-3725","metadata":false},{"id":362422,"structure_id":51759,"section_number":"38.2-3726","catch_line":"Credit life insurance rates","url":"\/38.2-3726\/","token":"38.2\/37.1\/38.2-3726","metadata":false},{"id":362423,"structure_id":51759,"section_number":"38.2-3727","catch_line":"Credit accident and sickness insurance rates","url":"\/38.2-3727\/","token":"38.2\/37.1\/38.2-3727","metadata":false},{"id":362424,"structure_id":51759,"section_number":"38.2-3728","catch_line":"Use of rates","url":"\/38.2-3728\/","token":"38.2\/37.1\/38.2-3728","metadata":false},{"id":362425,"structure_id":51759,"section_number":"38.2-3729","catch_line":"Refunds","url":"\/38.2-3729\/","token":"38.2\/37.1\/38.2-3729","metadata":false},{"id":362426,"structure_id":51759,"section_number":"38.2-3730","catch_line":"Experience reports and adjustment of prima facie rates","url":"\/38.2-3730\/","token":"38.2\/37.1\/38.2-3730","metadata":false},{"id":362427,"structure_id":51759,"section_number":"38.2-3731","catch_line":"Claims","url":"\/38.2-3731\/","token":"38.2\/37.1\/38.2-3731","metadata":false},{"id":362428,"structure_id":51759,"section_number":"38.2-3732","catch_line":"Insurer delegation of duties","url":"\/38.2-3732\/","token":"38.2\/37.1\/38.2-3732","metadata":false},{"id":362429,"structure_id":51759,"section_number":"38.2-3733","catch_line":"Portion of premium may be allowed to creditor; insurance may be provided and serviced at creditor's place of business","url":"\/38.2-3733\/","token":"38.2\/37.1\/38.2-3733","metadata":false},{"id":362430,"structure_id":51759,"section_number":"38.2-3734","catch_line":"License requirements","url":"\/38.2-3734\/","token":"38.2\/37.1\/38.2-3734","metadata":false},{"id":362431,"structure_id":51759,"section_number":"38.2-3735","catch_line":"Disclosure and readability","url":"\/38.2-3735\/","token":"38.2\/37.1\/38.2-3735","metadata":false},{"id":362432,"structure_id":51759,"section_number":"38.2-3736","catch_line":"Noncontributory coverage","url":"\/38.2-3736\/","token":"38.2\/37.1\/38.2-3736","metadata":false},{"id":362433,"structure_id":51759,"section_number":"38.2-3737","catch_line":"Application","url":"\/38.2-3737\/","token":"38.2\/37.1\/38.2-3737","metadata":false},{"id":362434,"structure_id":51759,"section_number":"38.2-3738","catch_line":"What laws applicable","url":"\/38.2-3738\/","token":"38.2\/37.1\/38.2-3738","metadata":false}],"previous_section":{"id":362414,"structure_id":51759,"section_number":"38.2-3718","catch_line":"Definitions","url":"\/38.2-3718\/","token":"38.2\/37.1\/38.2-3718","metadata":false},"next_section":{"id":362416,"structure_id":51759,"section_number":"38.2-3720","catch_line":"Amount of credit life insurance and credit accident and sickness insurance","url":"\/38.2-3720\/","token":"38.2\/37.1\/38.2-3720","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3719\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 9 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 1960, chapter 272; in 1962, chapter 154; in 1975, chapter 69; in 1982, chapter 223; in 1983, chapter 182; in 1986, chapter 562; in 1987, chapter 520; in 1992, chapter 586.<\/p>","references":false,"refers_to":false,"permalink":{"id":1443071,"object_type":"law","relational_id":362415,"identifier":"38.2-3719","token":"38.2\/37.1\/38.2-3719","url":"\/38.2-3719\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-3719\/","token":"38.2\/37.1\/38.2-3719","dublin_core":{"Title":"Forms of credit life insurance and credit accident and sickness insurance","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3719","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Credit life insurance<\/span> and credit accident and sickness insurance<\/span> shall be issued only in the following forms<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Individual policies of life insurance<\/span> issued to debtors<\/span> on the term plan; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Individual policies of accident and sickness insurance<\/span> issued to debtors<\/span> on a term plan or disability benefit provisions in individual policies of credit life insurance<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Group policies of life insurance<\/span> issued to creditors<\/span> providing insurance<\/span> upon the lives of debtors<\/span> on the term plan; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Group policies of accident and sickness insurance issued to creditors<\/span> on a term plan insuring debtors<\/span> or disability benefit provisions in group credit life insurance policies<\/span> to provide such coverage. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A policy of group credit life insurance or group credit accident and sickness insurance may be issued to a creditor<\/span> or its parent holding company<\/span> or to a trustee, trustees or agent designated by two or more creditors<\/span>, which creditor<\/span>, holding company<\/span>, affiliate, trustee, trustees or agent shall be deemed the policyholder, to insure debtors<\/span> of the creditor<\/span> or creditors<\/span>, subject to the following requirements: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The debtors<\/span> eligible for insurance under the policy shall be all of the debtors<\/span> of the creditor<\/span> or creditors<\/span>, or all of any class or classes of the group. The policy may provide that the term “debtors<\/span>” shall include (i) borrowers of money or purchasers of goods, services or property for which payment is arranged through a credit transaction<\/span>; (ii) the debtors<\/span> of one or more subsidiary corporations; and (iii) the debtors<\/span> of one or more affiliated corporations, proprietors or partnerships if the business of the policyholder and of such affiliated corporations, proprietors or partnerships is under common control. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The premium for the policy shall be paid by the policyholder, either from the creditor<\/span>’s funds, or from charges collected from the insured debtors<\/span>, or from both. Except as provided in subdivision 3 of this subsection, a policy on which no part of the premium is to be derived from the collection of such identifiable charges must insure all eligible debtors<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Credit life insurance and credit accident and sickness insurance must be offered to all eligible debtors<\/span> of a creditor<\/span> except those for whom evidence<\/span> of individual insurability is not satisfactory to the insurer<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFORMS OF CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND SICKNESS INSURANCE (\u00a7\n38.2-3719)\n\nA. Credit life insurance and credit accident and sickness insurance shall be\nissued only in the following forms:\n\n 1. Individual policies of life insurance issued to debtors on the term plan;\n\n 2. Individual policies of accident and sickness insurance issued to debtors on\n a term plan or disability benefit provisions in individual policies of credit\n life insurance;\n\n 3. Group policies of life insurance issued to creditors providing insurance\n upon the lives of debtors on the term plan;\n\n 4. Group policies of accident and sickness insurance issued to creditors on a\n term plan insuring debtors or disability benefit provisions in group credit\n life insurance policies to provide such coverage.\n\nB. A policy of group credit life insurance or group credit accident and sickness\ninsurance may be issued to a creditor or its parent holding company or to a\ntrustee, trustees or agent designated by two or more creditors, which creditor,\nholding company, affiliate, trustee, trustees or agent shall be deemed the\npolicyholder, to insure debtors of the creditor or creditors, subject to the\nfollowing requirements:\n\n 1. The debtors eligible for insurance under the policy shall be all of the\n debtors of the creditor or creditors, or all of any class or classes of the\n group. The policy may provide that the term “debtors” shall\n include (i) borrowers of money or purchasers of goods, services or property\n for which payment is arranged through a credit transaction; (ii) the debtors\n of one or more subsidiary corporations; and (iii) the debtors of one or more\n affiliated corporations, proprietors or partnerships if the business of the\n policyholder and of such affiliated corporations, proprietors or partnerships\n is under common control.\n\n 2. The premium for the policy shall be paid by the policyholder, either from\n the creditor’s funds, or from charges collected from the insured\n debtors, or from both. Except as provided in subdivision 3 of this subsection,\n a policy on which no part of the premium is to be derived from the collection\n of such identifiable charges must insure all eligible debtors.\n\n 3. Credit life insurance and credit accident and sickness insurance must be\n offered to all eligible debtors of a creditor except those for whom evidence\n of individual insurability is not satisfactory to the insurer.\n\nHISTORY: Code 1950, \u00a7 38-428(6); 1950, p. 1001; 1952, c. 317, \u00a7 38.1-480;\n1960, c. 272, \u00a7 38.2-3702; 1962, c. 154; 1975, c. 69; 1982, c. 223, \u00a7\n38.1-482.3:1; 1983, c. 182; 1986, c. 562; 1987, c. 520; 1992, c. 586.","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"}}