CODE OF VIRGINIA

MODIFIED GUARANTEED LIFE INSURANCE (§ 38.2-105.1)

“Modified guaranteed life insurance” means any policy or contract of
life insurance in which the benefits are guaranteed if held for specified
periods and nonforfeiture values are based upon a market-value adjustment
formula if held for shorter periods.  The formula may or may not reflect the
investment experience of any separate account which may be maintained by the
insurer for the policy or contract as provided for in § 38.2-3113.1.

HISTORY: 1992, c. 210.