Section 38.2-502 - Misrepresentations and false advertising of insurance policiesNo person shall make, issue, circulate, cause or knowingly allow to be made, issued or circulated, any estimate, illustration, circular, statement, sales presentation, omission, or comparison that:
1. Misrepresents the benefits, advantages, conditions or terms of any insurance policy;2. Misrepresents the dividends or share of the surplus to be received on any insurance policy;3. Makes any false or misleading statements as to the dividends or share of surplus previously paid on any insurance policy;4. Misrepresents or is misleading as to the financial condition of any person or the legal reserve system upon which any life insurer operates;5. Uses any name or title of any insurance policy or class of insurance policies that misrepresents the true nature of the policy or policies;6. Misrepresents any material fact for the purpose of inducing or tending to induce the lapse, forfeiture, exchange, conversion, replacement, or surrender of any insurance policy;7. Misrepresents any material fact for the purpose of effecting a pledge, assignment, or loan on any insurance policy; or8. Misrepresents any insurance policy as being a share of stock.Code 1950, § 38.1-52; 1952, c. 317, § 38.1-52.1; 1977, c. 529; 1978, c. 441; 1979, c. 324; 1980, c. 404; 1986, c. 562; 1990, c. 265.Amended by Acts 1990, § c. 265.Amended by Acts 1986, § c. 562.Amended by Acts 1980, § c. 404.Amended by Acts 1979, § c. 324.Amended by Acts 1978, § c. 441.Amended by Acts 1977, § c. 529.Amended by Acts 1952, § c. 317, § 38.1-52.1.