CODE OF VIRGINIA

ACCELERATED PAYMENT OF BENEFITS (§ 38.2-3115.1)

A. Except as set forth in subsection C of this section, each insurer issuing a
life insurance policy in the Commonwealth may include a policy provision for
accelerated payment of benefits to the insured during the lifetime of the
insured:

   1.  If a qualified health care provider or court of competent jurisdiction has
   determined that the insured is no longer able to perform two of the following
   activities of daily living: (i) bathing, (ii) dressing, (iii) continence, (iv)
   eating, (v) toileting, or (vi) transferring; or

   2.  If a qualified health care provider or court of competent jurisdiction has
   determined that the insured requires substantial supervision by another person
   to protect the health and safety of the insured or any other person.

B. The Commission shall adopt appropriate rules and regulations to carry out the
intent of this section, and such rules and regulations may also provide for
additional options for the accelerated payment of benefits under any other
conditions deemed appropriate by the Commission.

C. This section shall not apply to (i) credit life insurance issued pursuant to
Chapter 37.1 (§ 38.2-3717 et seq.) of this title, or (ii) policies or contracts
issued prior to July 1, 2002, but shall apply to any renewals or reissues of
group life insurance policies or contracts occurring after that date.

HISTORY: 2002, c. 343.