Industrial sick benefit insurance means life insurance combined with accident and sickness insurance under which:\n1. Premiums, dues or assessments are payable weekly;\n2. A ten dollar maximum weekly indemnity is paid to members or policyowners in the event of sickness or accident;\n3. A $250 maximum death benefit is provided, and the named beneficiary is confined to the spouse of the insured, a relative of the insured by blood, marriage or adoption, a person bound in a pledge of marriage to the insured, or any person dependent on the insured; and\n4. The issuing insurer is not required by its charter, bylaws, or by statute to maintain the legal reserve for death benefits.\nCode 1950, §§ 38-350, 38-351, 38-352; 1952, c. 317, § 38.1-483; 1986, c. 562.
Virginia Legal Code