Section 60. Assignee/beneficiary

Latest version.

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.

Historical Notes

Derived from Regulation 44, Case No. INS920076, § 7, eff. June 1, 1992.

Statutory Authority

§ 38.2-223 of the Code of Virginia.

                    
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