CODE OF VIRGINIA

SCOPE (§ 38.2-3717)

All life insurance and all accident and sickness insurance issued or sold in
connection with loans or other credit transactions shall be subject to the
provisions of this chapter except:

   1.  Such insurance issued in connection with a loan or other credit
   transaction of more than ten years duration;

   2.  Such insurance written in connection with a credit transaction that is:
               
            

      a.  Secured by a first mortgage or deed of trust; and

      b.  Made to finance the purchase of real property or the construction of a
      dwelling thereon, or to refinance a prior credit transaction made for such a
      purpose;

   3.  Where the issuance of such insurance is an isolated transaction on the
   part of the insurer not related to an agreement or a plan for insuring debtors
   of the creditor.

HISTORY: 1960, c. 67, § 38.1-482.1; 1972, c. 527, § 38.2-3700; 1982, c. 223;
1986, c. 562; 1990, c. 236; 1992, c. 586.