State RegulationsVA specificDifficulty 1/5
Under Va. Code § 38.2-3311, within what period after a life policy lapses for premium default may the policyowner apply to have it reinstated?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Va. Code § 38.2-3311 allows a policyowner to apply for reinstatement of a lapsed life policy within 3 years of the premium default. Reinstatement is not automatic — the application must satisfy the statute's conditions, including evidence of insurability and payment of the arrears with interest — but the door stays open for up to 3 years. Candidates should fix the 3-year reinstatement window apart from the 2-year contestability and suicide periods, which measure entirely different clocks.
Why the other options are wrong
- B) 1 year is shorter than the statutory window; reinstatement remains available under Va. Code § 38.2-3311 for 3 years after the default.
- C) 2 years is the incontestability period under Va. Code § 38.2-3305, not the reinstatement window.
- D) 5 years overstates the right; the reinstatement window under Va. Code § 38.2-3311 is 3 years.
Memory hook
Lapsed life policy: 3 years to beg your way back in.