Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 70 - RULES GOVERNING ACCELERATED BENEFITS PROVISIONS
Section 14VAC5-70-60 - Assignee/beneficiary
Universal Citation: 4 VA Admin Code 5-70-60
Current through Register Vol. 41, No. 3, September 23, 2024
Prior to the payment of the accelerated benefit, the insurer is required to obtain from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout. If the insurer making the accelerated benefit is itself the assignee under the policy, no such acknowledgement is required.
Statutory Authority
§ 38.2-223 of the Code of Virginia.
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