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.
Va. Code Ann. § 38.2-3111
Assignment of life insurance policies
Applied in 1 court decision — leading case Dennis v. Aetna Life Insurance & Annuity Co. (1995)
Most recently applied in Dennis v. Aetna Life Insurance & Annuity Co. (January 1995)
Code 1950, § 38-367; 1952, c. 317, § 38.1-442; 1962, c. 590; 1986, c. 562.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.