CODE OF VIRGINIA

ASSIGNMENT OF LIFE INSURANCE POLICIES (§ 38.2-3111)

No life insurance policy shall be taken out by the insured or by a person having
an insurable interest in the insured’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.

HISTORY: Code 1950, § 38-367; 1952, c. 317, § 38.1-442; 1962, c. 590; 1986, c.
562.