SCC News

RICHMOND — In today’s complex marketplace, knowledge is the key to helping you stretch your dollar and avoid unsuitable or fraudulent products and services. The State Corporation Commission (SCC) encourages Virginians to protect themselves financially and know where to turn for help – whether they are shopping for a mortgage or other loan, comparing insurance policies, investing, planning for retirement or reviewing their bank statement or utility bill.

In conjunction with National Consumer Protection Week – March 1-7, 2020 – the SCC reminds Virginians that it stands ready throughout the year to answer inquiries, handle complaints and provide information and assistance regarding industry sectors over which it has regulatory responsibility. Those sectors include insurance companies and agents, state-chartered financial institutions, investment firms and their representatives, retail franchises, and investor-owned utilities providing electric, natural gas, water, sewer and telecommunications services.

The SCC offers numerous consumer guides and other information on a variety of topics. Many of these are available on the SCC website at www.scc.virginia.gov. The SCC’s specially trained staff can assist Virginians in making informed choices and filing a complaint if they are not satisfied with the responses they receive from regulated businesses.

During 2019, in addition to fielding thousands of inquiries, the SCC’s regulatory divisions received more than 7,000 complaints involving regulated industries, resulting in more than $15 million in refunds, credits, and rescission or restitution payments to consumers.

Just a few of the many ways the SCC helps consumers include: facilitating payments by insurance companies for claims that were improperly denied; recovering monies improperly charged on loan transactions and securities offerings; ensuring that utilities provide reliable service and respond promptly to any customer billing issues, and reaching out to Virginians before and after disasters.

The SCC urges Virginians to thoroughly evaluate any offer; shop around and compare prices and terms; keep written records of all transactions; find products and services that suit your particular needs; and verify that an individual or company is licensed or registered with the SCC. If a problem arises, try to resolve it with the regulated individual or company first. If you are still not satisfied, you can contact the appropriate SCC division by phone, mail or email using the online complaint form.

The complaint process and forms are available by going to the SCC website at www.scc.virginia.gov and clicking on the appropriate division. To contact the SCC by phone, call toll-free (in Virginia) at 1-800-552-7945 or, in Richmond, call:

• Bureau of Insurance – (804) 371-9741
• Bureau of Financial Institutions – (804) 371-9657
• Division of Securities and Retail Franchising – (804) 371-9051
• Division of Public Utility Regulation – (804) 371-9611
• Division of Information Resources – (804) 371-9141

In the event the SCC does not have regulatory authority over a particular firm, individual, product or transaction, its staff will assist consumers by referring them to the appropriate local, state or federal authority for assistance. These may include the Attorney General’s office, local consumer protection office, Better Business Bureau or the Federal Trade Commission’s toll-free helpline at 1-877-FTC-HELP (1-877-382-4357).

To learn more about National Consumer Protection Week, visit www.consumer.ftc.gov/features/national-consumer-protection-week.

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Contact: Katha Treanor (804) 371-9141

RICHMOND — Bonds are part of many investors’ portfolios. They can be held as individual securities or through funds such as mutual funds.

Whether the bond is issued by a company, state or locality, one of the key considerations for bond investments is the rating given to a bond by a nationally recognized bond rating company. While these bond ratings can be useful when evaluating possible investments, the State Corporation Commission’s Division of Securities and Retail Franchising encourages Virginians to consider factors other than the rating when determining whether to invest in a particular bond or bond fund portfolio.

Companies, states, localities and the U.S. government issue bonds to raise money. When investing in a bond, you’re loaning a sum of money to the bond issuer for a specified period of time. In exchange, the issuer promises to make regular interest payments to you at a predetermined rate until the bond comes due, and then repay your principal upon maturity.

Although bonds are generally considered to carry less risk than stocks, they are not risk-free. Just as individuals have their own credit report and rating issued by credit bureaus, bond issuers are evaluated by their own set of ratings agencies to assess their financial health and creditworthiness. “Bond ratings can give you an indication of the riskiness of various kinds of debt and which bond issuers are most and least likely to fail to meet their obligations,” said Ron Thomas, director of the SCC’s Division of Securities and Retail Franchising. He cautions investors, however, that: “Bond ratings aren't perfect and can't predict the financial health of a bond issuer or whether your investment will go up or down in value.”

Investors are encouraged to understand the basics of bond ratings before investing. Bonds are rated at the time they are issued and can be upgraded or downgraded before they mature. The rating affects the interest rate that companies and government agencies pay on their bonds and drive bond pricing. Typically, the higher a bond’s rating, the safer an investment it is. However, highly rated bonds may also offer lower interest rates than bonds with lower ratings.

As with any investment, Thomas encourages Virginians to protect themselves financially by defining their objectives when investing, balancing risk versus reward, researching details about an investment, understanding all costs associated with buying and selling that investment, and regularly monitoring your investments. “Use caution when considering higher yields offered by bonds with lower credit ratings. Remember: higher yield equals higher risk,” he said.

When buying individual bonds, Thomas recommends finding a firm and broker specializing in bonds and checking their credentials and disciplinary history. In Virginia, you can do this by contacting the SCC Division of Securities and Retail Franchising at 804-371-9051 or toll-free (in Virginia) at 1-800-552-7945 or visiting its website. To learn more, visit the North American Securities Administrators Association’s website.

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Contact: Katha Treanor (804) 371-9141​

RICHMOND — People who residentially rent a home, apartment or condo may ask whether they need renters insurance. The State Corporation Commission’s (SCC) Bureau of Insurance encourages Virginia renters to consider whether they can afford not to have it.

Even if you do not own the place you call home, you still have personal property and possible liability exposures that need insurance protection. These items typically are not covered under the landlord or property management company’s insurance policy. “Ask yourself whether you can afford to replace your belongings if they are damaged or stolen, or pay expenses for someone who is injured at your residence because of negligence,” said Virginia Insurance Commissioner Scott A. White.

Most renters insurance policies provide two basic types of coverage: personal property and liability. Personal property coverage pays to repair or replace your personal belongings such as furniture, clothing, electronics and appliances in the event they are damaged, destroyed or stolen. Liability coverage protects you when an accident occurs for which you are legally liable – such as if someone slips and falls in your home or apartment and is injured, or if you accidentally start a fire that damages a neighbor’s property.

Keep in mind important options when buying renters insurance. Most renters insurance policies provide coverage for the actual cash value of your property. This means the policy only pays the depreciated value of the property at the time of loss. If, however, you buy replacement cost coverage, the company will pay what it will cost to replace the item without deducting for depreciation.

In some cases, renters insurance can protect your possessions outside of your home, including items that are stolen from your car or damaged while not on your property. Renters insurance also includes loss of use coverage which will pay additional living expenses if fire, water damage or other covered losses render your home or apartment uninhabitable. Additional coverage may be needed in other circumstances, such as if you conduct business on the premises, have expensive items such as jewelry or fine art, or want protection against water and sewer backup.

The Bureau of Insurance encourages Virginians to shop around for renters insurance and compare prices and terms. Know the extent of the insurance coverage and the circumstances under which applies. Understand deductibles – the amount you are responsible for paying in the event of a property loss – and exclusions. Your insurance agent or company can help you determine how much coverage you need. Ask about multi-policy and other discounts for such features as fire and burglar alarms, sprinkler systems and deadbolts on exterior doors.

Whether you own or rent your home, the Bureau of Insurance encourages Virginians to create an inventory of their personal property including photographs, videotapes and serial numbers. This inventory can speed the claims process in the event of property damage or loss. The National Association of Insurance Commissioners’ free myHOME Scr.APP.book downloadable app – available for Android devices – lets you quickly photograph and capture descriptions of your possessions room by room and store your inventory electronically for safekeeping. The Bureau of Insurance offers free consumer guides on a variety of insurance-related topics including renters insurance. Its specially trained staff can answer many of your insurance questions. To learn more about renters insurance, contact the Consumer Services Section of the Bureau of Insurance Property and Casualty Division toll-free at 1-877-310-6560 or in Richmond at 804-371-9185 or visit scc.virginia.gov/Documents/BOI-Bureau-of-Insurance/Guides-and-Publications/Homeowners/va_rent.

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Contact: Katha Treanor (804) 371-9141

RICHMOND — The State Corporation Commission (SCC) has approved revisions to the premium levels charged for workers' compensation insurance in Virginia. Workers' compensation insurance provides medical care and wage replacement benefits to injured workers. Almost all Virginia employers are required to provide the coverage to their employees.

The National Council on Compensation Insurance (NCCI) sought the revisions. The changes approved by the SCC will decrease the overall premium level for the industrial, federal, surface and underground coal mine classifications in the voluntary market and assigned risk plan.

The parties to the case collaboratively considered many factors affecting the overall decreases in premium level needed for workers’ compensation insurance in Virginia, which resulted in more favorable changes for Virginia employers in this year’s application. All employers may not see a premium decrease because many factors go into the final premium such as the employer’s actual loss experience; however, the majority of employers will see some premium relief.

The changes will become effective April 1, 2020, for new and renewal workers' compensation policies, as follows:

NCCI, a Florida-based rate service organization, represents insurance companies licensed to write workers' compensation insurance in Virginia.

Virginia's workers' compensation rates remain among the lowest in the country.

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Case Number INS-2019-00080

Contact: Katha Treanor (804) 371-9141

RICHMOND — Although the holidays for many are filled with food, fun, friends and goodwill, they also bring an array of hazards that can impact your insurance coverage. Stolen presents, slip-and-falls on icy walkways and blazes caused by flickering candles, overloaded outlets and holiday cooking mishaps are just a few.

The State Corporation Commission's (SCC) Bureau of Insurance reminds Virginians to make sure their holiday to-do list includes checking with their insurance agent or company to ensure they have the insurance coverage they need in the event of an illness, theft or mishap.

“Whether you are at home or on the road, don't let a lack of insurance coverage dampen your holidays financially,” said Virginia Insurance Commissioner Scott A. White. “Plan now for holiday hazards and minimize their financial damage by ensuring your insurance coverage is up-to-date.”

Use extra caution to keep your home, vehicle, other belongings and personal information safe during the holidays. Know how much your auto and homeowners insurance will cover if someone steals gifts, decorations or other items from your vehicle, home or yard. Know, too, what type of insurance you need in the event your special holiday meal or decorative candles go up in flames; your undercooked turkey sends guests to the hospital, or frozen pipes burst causing water damage while you’re away. Understand any deductibles or coverage limits that may apply.

Make an early New Year’s resolution to update your home inventory. This will help you ensure your homeowners or renter's policy provides enough coverage for your belongings. Separate coverage may be needed for high-cost items such as jewelry, art or electronics. The National Association of Insurance Commissioners' free smartphone app — myHome Scr.APP.book — makes creating a home inventory quick and easy. This app is available through iTunes and Google Play.

If you are planning a holiday trip, find out what your health insurance will cover if you get sick and end up in an urgent care facility or hospital while you are out of state or out of the country. Remember to take with you on your trip health insurance information such as identification cards and contact details for all family members.

Whether you are dashing around town in search of the perfect gift or driving hundreds of miles to visit friends and family, keep in mind that holiday driving can be a challenge with distracted drivers and severe winter weather. Before you head out the door, make sure your auto insurance policy meets your specific needs. Check your liability limits to ensure you have adequate protection against injury or damage if you are involved in an accident during the hectic holiday rush. Keep your insurance company's contact information and a copy of your insurance card with you when you drive and know what to do if an accident occurs.

If you plan to ski, snowboard, use a snowmobile or plow snow during the winter season, ask your insurance company or agent if you are adequately covered.

For information about a variety of insurance-related topics, contact the Virginia Bureau of Insurance in Richmond at (804) 371-9741 or toll-free at 1-877-310-6560 or visit its website at www.scc.virginia.gov/pages/Insurance. Additional information also may be found on the InsureU portion of the National Association of Insurance Commissioners website at www.insureuonline.org

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Contact: Katha Treanor (804) 371-9141

RICHMOND — Investigate before you invest, even if you are dealing with someone you know. That’s the advice the State Corporation Commission’s (SCC) Division of Securities and Retail Franchising offers Virginia investors.

The SCC encourages Virginians to avoid becoming victims of affinity fraud by thoroughly researching any investment opportunity as well as the person offering it, no matter how well you know them or how trustworthy they seem.

Affinity fraud refers to investment scams that take advantage of a person’s membership or participation in an identifiable group, such as religious or ethnic groups, professional organizations, online forums or anywhere people gather around a shared belief, interest or goal. Affinity fraud can occur at places of worship, within immigrant or ethnic communities, at social clubs and elsewhere.

“Don’t let blind trust in someone leave you empty-handed when it comes to your investments,” said SCC Securities Division Director Ron Thomas. “Do your homework, even if an investment opportunity is offered by a long-time member or leader at your church, community group or social circle.”

People who promote affinity scams frequently are – or pretend to be – members of a particular group. They exploit the relationships and trust among group members, using it to convince members to invest in potentially fraudulent investment schemes or business projects for their personal benefit. In many cases, they enlist respected leaders from within the group to spread the word about an investment opportunity by convincing them that the investment is legitimate.

Thomas offers the following tips to help investors avoid affinity fraud and other investment schemes:

• Use caution when approached about an investment offered to you through your affiliation with a group or organization.
   
• Understand that almost all investments carry some degree of risk. Weigh risks versus rewards when considering an investment and don’t fall for promises of risk-free opportunities or guaranteed returns.
   
• Don’t feel pressured to act quickly. Beware of “can’t miss” or limited-time opportunities and make sure you understand where your money is going before you invest.
   
• Be aware that fraudsters are increasingly targeting groups through e-mail spams. Be wary of unsolicited e-mails from someone you don't know offering too-good-to-be-true investment opportunities.
   
• Rely on research rather than personal feelings. Trust but verify an investment opportunity by asking questions, getting information in writing and making sure the investment and the person offering it are properly registered. In Virginia, you can do this by contacting the SCC Division of Securities and Retail Franchising at 804-371-9051 or toll-free (in Virginia) at 1-800-552-7945 or visiting its website.

To learn more, contact the SCC Division of Securities and Retail Franchising or visit the North American Securities Administrators Association’s website.

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Contact: Katha Treanor (804) 371-9141

RICHMOND — Although the Atlantic Hurricane season ends November 30, the State Corporation Commission’s (SCC) Bureau of Insurance reminds Virginians that it doesn’t take a hurricane to cause flooding. Heavy rains, saturated soil, melting snow and ice, broken dams and a lack of vegetation due to wildfires or other causes are just a few factors that can contribute to flooding.

A recent survey commissioned by the National Association of Insurance Commissioners (NAIC) found that about half of Americans don’t know that homeowners insurance does not cover damage or loss caused by a flood event. The survey, conducted online by The Harris Poll among more than 2,000 U.S. adults age 18 and older, found that 31 percent of Americans incorrectly think damage or loss caused by a flood event is covered by homeowners insurance and 21 percent are not sure if the damage or loss is covered.

The Bureau of Insurance cautions Virginians that floods can happen anywhere and anytime. “It only takes a few inches of water to cause major damage to your home and its contents,” said Virginia Insurance Commissioner Scott A. White. He encourages Virginians to assess their flood risk and protect themselves financially before the waters start to rise. “Flood insurance is one of the best ways you can help yourself recover financially from a flood, but you have to plan ahead,” he said.

If you live in a floodplain near a river, or if you live near the coast, it is important to consider purchasing separate flood insurance for your home. Keep in mind that even low-risk communities can experience flooding.

Although homeowners insurance policies issued in Virginia typically do not provide coverage for damage to your home and belongings due to floods, the federal government does sell insurance for direct flood and flood-related damage through the National Flood Insurance Program (NFIP). This federally-backed flood insurance is available to homeowners, renters and business owners and offers separate coverage for structures and contents. There is generally a 30-day waiting period before a new flood insurance policy takes effect.

For more information about flood insurance, contact your insurance agent or the NFIP at 1-800-427-4661 or visit www.floodsmart.gov. Since some private insurers also offer their own flood policies, you can check with your insurance agent about the availability of a private flood insurance policy. In either case, ask whether your flood policy provides coverage for your personal property."

Unlike homeowners insurance, auto insurance generally covers damage caused by flooding. However, the policyholder must have other-than-collision (also known as comprehensive) coverage on their vehicle. This coverage pays for damage to a vehicle from such things as fire, water, hail, vandalism, glass breakage, wind and falling objects.

Among the many publications offered by the SCC’s Bureau of Insurance are consumer guides regarding homeowners and auto insurance and disaster-related property insurance claims. For copies of the guides or answers to your insurance questions, contact the Bureau of Insurance Property and Casualty Consumer Services Section by calling 804-371-9185 in Richmond or toll-free at 1-877-310-6560. Copies of the consumer insurance guides are also available on the Bureau’s website.

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Contact: Katha Treanor (804) 371-9141

RICHMOND — Many Virginians will soon shop for coverage during the open enrollment period for the 2020 health insurance marketplace under the federal Affordable Care Act (ACA). The open enrollment period runs from November 1 – December 15, 2019. After this date, consumers may only buy ACA plans if special enrollment conditions apply to them. So don’t miss your chance to purchase the coverage you need.

Whether you are thinking about changing health insurance plans or purchasing new coverage, the State Corporation Commission’s (SCC) Bureau of Insurance encourages Virginians to review their health insurance needs and thoroughly explore all their options.

"Not all health plans are the same, and some are not insurance," said Virginia Insurance Commissioner Scott A. White. He encourages Virginians to protect themselves when shopping for health insurance by fully understanding the coverage, costs and protections before they sign up for any health plan. "Understand enrollment periods, what ACA-compliant plans must cover and where to turn for legitimate information. If you have questions, the Bureau of Insurance can help."

Consumer protection laws govern some types of health coverage, such as plans purchased through an employer or through the federal health insurance marketplace. Other types of plans, such as a health care sharing ministry (HCSM) and discount plans, might be less expensive than health insurance plans subject to the ACA, but they are not insurance and do not offer the same protections as ACA-compliant plans.

Short-term, limited-duration (STLD) health insurance plans are not available through the health insurance marketplace, but they are regulated health insurance plans. While they may, in some cases, be less expensive than plans offered through the health insurance marketplace, they often cover less than ACA-compliant marketplace plans, may deny eligibility for coverage or exclude services because of pre-existing conditions, and may apply dollar limits on the amount they will pay.

Before signing up for any health insurance plan, the Bureau of Insurance encourages Virginians to carefully consider what health care services you and your family will need. Consumers should:

• Find out whether anticipated services are covered, and any limits on coverage under each health care coverage option they are considering.
• Check to see if their doctors and any medications consumers and their families need is covered by the plan being considered.
• Pay careful attention to monthly premiums, as well as costs that coincide with using health services, such as co-pays, co-insurance and deductibles.
  
  Especially during open enrollment, please keep the following in mind:
   
• Do not provide personal information or agree to send money in response to unsolicited calls or emails.
• Ask for details of any health plan in writing – including cost and coverage – and make sure you understand what you are purchasing.
• In Virginia, www.healthcare.gov is the official website to buy ACA plans.
• For a list of companies recognized in Virginia as selling short-term, limited-duration plans, go to www.scc.virginia.gov/Documents/BOI-Bureau-of-Insurance/Guides-and-Publications/Health/stldplans.pdf.
• To verify that an insurance agent, agency or company is licensed in Virginia, visit the Bureau’s website at www.scc.virginia.gov/ConsumerInquiry.
• The open enrollment period for the 2020 health insurance marketplace under the ACA ends December 15, 2019. Anyone contacting you to sell individual health insurance plans through an "enrollment period" outside of that is not selling an ACA-compliant policy.
• Be wary of telemarketers from the "national enrollment center," "national healthcare center," or other official-sounding name. The federal government will not call to sell you health insurance.
• Look for a disclosure indicating whether the health plan complies with the ACA.

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Contact: Katha Treanor (804) 371-9141

RICHMOND — Many Virginians are familiar with unsolicited invitations to attend seminars that promise a free meal at an upscale restaurant along with investment and money management strategies. The seminars, which frequently target seniors, often claim to teach attendees how to secure their retirement, earn excellent returns on investments, eliminate market risk and reduce or avoid taxes.

A recent survey sponsored by the National Association of Insurance Commissioners and the research firm Caravan found that one in five Americans has attended such an event. Of those, 41 percent reported purchasing a product or service. Among 18- to 34-year-olds, the number jumps to 58 percent.

“Insurance and other financial products are important when planning for your financial future,” said Virginia Insurance Commissioner Scott A. White. However, he encourages consumers to evaluate any financial product thoroughly and beware of one-size-fits-all marketing programs. “Make sure you understand the products being offered and you are comfortable that they suit your particular needs and goals.”

The State Corporation Commission (SCC) encourages Virginians to do their homework before and after attending an investment seminar. Ronald W. Thomas, the SCC’s Director of Securities & Retail Franchising, offers the following tips:

• Prepare for a high-pressure sales pitch. Most people who attend a free meal seminar feel pressured to purchase something or to provide personal information. A free meal does not commit you to anything. Don’t be pressured into making on-the-spot decisions about any investment opportunity or opening an account. Don’t commit to purchasing a product if you don’t understand the product, cannot get details in writing, the presenter comes on too strong, or you want to shop around.
• Make sure the products offered are right for you. Know yourself and how much risk you are comfortable taking. Ask questions and take the time to thoroughly assess any opportunities presented to make sure they fit your needs. What’s right for one person may not be suitable for someone else.
• Personal information is valuable. The information you provide to register for a seminar may be sold to other people intent on selling you other products or investments. Make sure you understand how the sponsor of the event may use your information and whether you may receive follow-up contacts from the seminar sponsor, presenters or others.
• Ask if the presenter and products offered during a seminar are licensed or registered. Investors can find out more about presenters and products by asking the sponsor, conducting research using online resources, or contacting the SCC’s Securities Division or the SCC’s Bureau of Insurance.
• If it sounds too good to be true, it probably is. All investments carry some degree of risk and many investments cannot guarantee a particular return. Investigate and verify any financial product and the potential risks and rewards.

In Virginia, insurance companies and agents are required to follow particular guidelines and make specific disclosures when presenting certain products, such as annuities, to consumers. The same holds true for securities broker-dealers and investment advisors and their agents and representatives when matching customers with investment products.

For questions or complaints regarding insurance companies, agents or products, Virginians can contact the SCC’s Bureau of Insurance in Richmond at 804-371-9741 or toll-free (nationwide) at 1-877-310-6560 or visit www.scc.virginia.gov/pages/Insurance. For questions about securities-related products and the people offering them, contact the SCC’s Division of Securities and Retail Franchising in Richmond at 804-371-9051 or toll-free (in Virginia) at 1-800-552-7945 or visit www.scc.virginia.gov/pages/Consumer-Investments.

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The Caravan survey was conducted online by Engine among a demographically representative U.S. sample of 1,003 adults comprising 501 men and 502 women 18 years of age and older. This survey was live on July 25-28, 2019. Raw data are weighted by age, sex, geographic region, race and education to ensure reliable and accurate representation of the total U.S. population 18 and older.
 

Contact: Katha Treanor (804) 371-9141

RICHMOND — During Life Insurance Awareness Month, the State Corporation Commission’s (SCC) Bureau of Insurance reminds Virginians that there are many things to consider when protecting your loved ones financially with life insurance.

“Life insurance is an important decision when considering your family’s financial future,” said Virginia Insurance Commissioner Scott A. White. “Examine your existing financial resources, debts and other liabilities, and your family’s needs and goals. Shop around and compare prices and coverage.”

If you already have life insurance, review it regularly and update your policy and beneficiaries so that your coverage keeps pace with your changing situation. Life events such as a birth, divorce, remarriage, a new mortgage or new job may trigger a need to update your life insurance policy.

When determining whether to purchase life insurance, consider your existing resources. Does your spouse work? Do you have any sources of income other than salary? Do you have life insurance through your job? Consider the financial obligations that may fall to family members if you die, such as a mortgage, business expenses, car loan or student loan. Also consider short- and long-term goals such as providing care for a loved one, your spouse’s retirement or your children’s education.

Understand the types of life insurance available – term life or permanent – and how benefits are paid if something happens to you. Term life insurance offers death benefit protection for a specific period of time. Benefits are paid only if the policyholder dies within the policy term. Term policies generally have lower premiums, but premiums may increase as you age or at the end of a specific “term.” Term policies do not build cash value, but some permanent life insurance policies such as whole life, adjustable/universal life or variable life insurance do. Permanent policies cover the insured for their entire life as long as premiums are paid when due.

Life insurance can do more than protect your spouse and dependents after your death. Some policies contain benefits that you can use during your lifetime. For example, a policyholder might be able to use the cash value accumulated in a permanent life insurance policy to pay for education, retirement or emergencies.

What you pay for coverage (premiums) depends largely on the type of policy you choose, your health status, age, gender, occupation, family health history and lifestyle. Factors that may affect whether you can obtain coverage and the premium you are required to pay, include: pre-existing and/or chronic health problems such as diabetes, heart disease or cancer; poor health habits such as smoking and excessive drinking; your driving record, and whether you engage in dangerous or risky activities such as rock climbing, motorcycle riding, sky diving, horseback riding or skiing.

The Bureau encourages Virginians to compare premiums, coverage and claims service when considering life insurance options. Contact the Bureau of Insurance in Richmond at 804-371-9741 or toll-free at 1-877-310-6560 to make sure the company or individual offering the coverage is licensed and in good standing. You may also visit the Bureau’s website at https://www.scc.virginia.gov/pages/Tips,-Guides-Publications for a free copy of the Virginia Life Insurance Consumer Guide.

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Contact: Katha Treanor (804) 371-9141