CODE OF VIRGINIA

MISREPRESENTATIONS AND FALSE ADVERTISING OF INSURANCE POLICIES (§ 38.2-502)

No person shall make, issue, circulate, cause or knowingly allow to be made,
issued or circulated, any estimate, illustration, circular, statement, sales
presentation, omission, or comparison that:

   1.  Misrepresents the benefits, advantages, conditions or terms of any
   insurance policy;

   2.  Misrepresents the dividends or share of the surplus to be received on any
   insurance policy;

   3.  Makes any false or misleading statements as to the dividends or share of
   surplus previously paid on any insurance policy;

   4.  Misrepresents or is misleading as to the financial condition of any person
   or the legal reserve system upon which any life insurer operates;

   5.  Uses any name or title of any insurance policy or class of insurance
   policies that misrepresents the true nature of the policy or policies;

   6.  Misrepresents any material fact for the purpose of inducing or tending to
   induce the lapse, forfeiture, exchange, conversion, replacement, or surrender
   of any insurance policy;

   7.  Misrepresents any material fact for the purpose of effecting a pledge,
   assignment, or loan on any insurance policy; or

   8.  Misrepresents any insurance policy as being a share of stock.

HISTORY: Code 1950, § 38.1-52; 1952, c. 317, § 38.1-52.1; 1977, c. 529; 1978,
c. 441; 1979, c. 324; 1980, c. 404; 1986, c. 562; 1990, c. 265.