2006 Code of Virginia § 38.2-3111 - Assignment of life insurance policies

38.2-3111. Assignment of life insurance policies.

No life insurance policy shall be taken out by the insured or by a personhaving an insurable interest in the insured's life for the mere purpose ofassignment. A policy may be assigned whether or not the assignee has aninsurable interest in the life insured unless the policy provides otherwise.

(Code 1950, 38-367; 1952, c. 317, 38.1-442; 1962, c. 590; 1986, c. 562.)