2006 Code of Virginia § 55-411 - Proceeds of insurance and bona fide payment by insurance company or obligor

55-411. Proceeds of insurance and bona fide payment by insurance company orobligor.

A. Insurance proceeds payable to the slayer as the beneficiary or assignee ofany policy or certificate of insurance or bond or other contractual agreementon the life of the decedent or as the survivor of a joint life policy shallbe paid to the estate of the decedent, unless the policy or certificatedesignates some person not claiming through the slayer as alternativebeneficiary to him.

B. If the decedent is beneficiary or assignee of any policy or certificate ofinsurance on the life of the slayer, the proceeds shall be paid to the estateof the decedent upon the death of the slayer, unless the policy names someperson other than the slayer or his estate as alternative beneficiary, orunless the slayer, by naming a new beneficiary or by assigning the policy,performs an act which would have deprived the decedent of his interest in thepolicy if he had been living.

C. No insurance company shall be subject to liability on any policy on thelife of the decedent procured and maintained by the slayer or on which allthe premiums were paid by him.

D. Any insurer making payment according to the terms of its policy orcontract or any bank or other person performing an obligation for the slayeras one of several joint obligees shall not be subjected to additionalliability by the terms of this section if such payment or performance is madewithout notice of circumstances bringing it within the provisions of thissection.

(1981, c. 469.)