State RegulationsVA specificDifficulty 1/5
Virginia regulates how a life insurance policy may be dated and what provisions it may contain. Which statement reflects Virginia's rule against improper dating of a policy?
Select an option to reveal the answer and the full 3-part explanation — free, no signup.
Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Virginia's prohibited-provisions rules — Va. Code §§ 38.2-3104 and 38.2-3316 — bar policy dating and drafting practices that mislead about the true effective date of coverage or create advantages the applicant is not entitled to. The policy date must reflect reality; backdating is improper when it misrepresents when coverage begins. This protects the integrity of the contract and the statutory framework that surrounds it.
Why the other options are wrong
- B) The policy date is not a clerical free-for-all; Va. Code §§ 38.2-3104 and 38.2-3316 prohibit dating that misrepresents the effective date of coverage.
- C) Dating restrictions are not limited to term policies; the prohibited-provisions framework under Va. Code §§ 38.2-3104 and 38.2-3316 reaches life policies generally.
- D) The producer cannot unilaterally set a false policy date; the insurer and producer both answer to the Virginia Bureau of Insurance for improper dating.
Memory hook
The policy date must tell the truth — backdating to mislead is barred.