{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3206.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3206.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3206.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3206.html"}],"law_id":75902,"edition_id":1,"section_id":75902,"structure_id":14541,"section_number":"38.2-3206","catch_line":"Same; tables used for calculations","history":"Code 1950, \u00a7 38-380; 1952, c. 317, \u00a7 38.1-465; 1959, Ex. Sess., c. 43; 1962, c. 562; 1982, c. 228; 1986, c. 562.","full_text":"Except as otherwise provided in \u00a7\u00a7 38.2-3207 and 38.2-3208, all adjusted premiums and present values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205 shall for all policies of ordinary insurance be calculated on the basis of the Commissioners 1941 Standard Ordinary Mortality Table. However, for any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than three years younger than the actual age of the insured and the calculations for all policies of industrial insurance shall be made on the basis of the 1941 Standard Industrial Mortality Table. All calculations shall be made on the basis of the rate of interest, not exceeding 3 1\/2 percent per year, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. However, in calculating the present value of any paid-up term insurance with any accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than 130 percent of the rates of mortality according to the applicable table. For insurance issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on any other table of mortality specified by the insurer and approved by the Commission.","order_by":null,"text":{"0":{"id":272513,"text":"Except as otherwise provided in \u00a7\u00a7 38.2-3207 and 38.2-3208, all adjusted premiums and present values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205 shall for all policies of ordinary insurance be calculated on the basis of the Commissioners 1941 Standard Ordinary Mortality Table. However, for any category of ordinary insurance issued on female risks, adjusted premiums and present values may be calculated according to an age not more than three years younger than the actual age of the insured and the calculations for all policies of industrial insurance shall be made on the basis of the 1941 Standard Industrial Mortality Table. All calculations shall be made on the basis of the rate of interest, not exceeding 3 1\/2 percent per year, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. However, in calculating the present value of any paid-up term insurance with any accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than 130 percent of the rates of mortality according to the applicable table. For insurance issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on any other table of mortality specified by the insurer and approved by the Commission.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14541,"edition_id":1,"name":"Standard Nonforfeiture Provisions for Life Insurance","identifier":"32","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:48:35","date_modified":"2026-06-26 03:48:35","permalink":{"id":214505,"object_type":"structure","relational_id":14541,"identifier":"32","token":"38.2\/32","url":"\/38.2\/32\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":78309,"structure_id":14541,"section_number":"38.2-3200","catch_line":"Nonforfeiture benefits and cash surrender values in life policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3200\/","token":"38.2\/32\/38.2-3200","metadata":false},{"id":71133,"structure_id":14541,"section_number":"38.2-3201","catch_line":"Same; for industrial life policies","url":"\/38.2-3201\/","token":"38.2\/32\/38.2-3201","metadata":false},{"id":57831,"structure_id":14541,"section_number":"38.2-3202","catch_line":"Standard nonforfeiture law; required policy provisions","url":"\/38.2-3202\/","token":"38.2\/32\/38.2-3202","metadata":false},{"id":77891,"structure_id":14541,"section_number":"38.2-3203","catch_line":"Same; cash surrender value in case of default","url":"\/38.2-3203\/","token":"38.2\/32\/38.2-3203","metadata":false},{"id":79190,"structure_id":14541,"section_number":"38.2-3204","catch_line":"Same; present value of paid-up nonforfeiture benefits on default","url":"\/38.2-3204\/","token":"38.2\/32\/38.2-3204","metadata":false},{"id":61365,"structure_id":14541,"section_number":"38.2-3205","catch_line":"Same; calculation of adjusted premiums","url":"\/38.2-3205\/","token":"38.2\/32\/38.2-3205","metadata":false},{"id":75902,"structure_id":14541,"section_number":"38.2-3206","catch_line":"Same; tables used for calculations","url":"\/38.2-3206\/","token":"38.2\/32\/38.2-3206","metadata":false},{"id":59688,"structure_id":14541,"section_number":"38.2-3207","catch_line":"Same; use of new mortality table; ordinary policies","url":"\/38.2-3207\/","token":"38.2\/32\/38.2-3207","metadata":false},{"id":85809,"structure_id":14541,"section_number":"38.2-3208","catch_line":"Same; industrial policies","url":"\/38.2-3208\/","token":"38.2\/32\/38.2-3208","metadata":false},{"id":77084,"structure_id":14541,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","url":"\/38.2-3209\/","token":"38.2\/32\/38.2-3209","metadata":false},{"id":80831,"structure_id":14541,"section_number":"38.2-3210","catch_line":"Same; life insurance providing future premium determination","url":"\/38.2-3210\/","token":"38.2\/32\/38.2-3210","metadata":false},{"id":60003,"structure_id":14541,"section_number":"38.2-3211","catch_line":"Same; other factors in calculations","url":"\/38.2-3211\/","token":"38.2\/32\/38.2-3211","metadata":false},{"id":70462,"structure_id":14541,"section_number":"38.2-3212","catch_line":"Same; policies issued on or after January 1, 1986","url":"\/38.2-3212\/","token":"38.2\/32\/38.2-3212","metadata":false},{"id":85497,"structure_id":14541,"section_number":"38.2-3213","catch_line":"Same; exemptions from application of certain sections","url":"\/38.2-3213\/","token":"38.2\/32\/38.2-3213","metadata":false},{"id":60385,"structure_id":14541,"section_number":"38.2-3214","catch_line":"Same; operative date","url":"\/38.2-3214\/","token":"38.2\/32\/38.2-3214","metadata":false},{"id":59064,"structure_id":14541,"section_number":"38.2-3215","catch_line":"Same; operative date for \u00a7 38.2-3207","url":"\/38.2-3215\/","token":"38.2\/32\/38.2-3215","metadata":false},{"id":68021,"structure_id":14541,"section_number":"38.2-3216","catch_line":"Same; operative date for \u00a7 38.2-3208","url":"\/38.2-3216\/","token":"38.2\/32\/38.2-3216","metadata":false},{"id":84594,"structure_id":14541,"section_number":"38.2-3217","catch_line":"Loan provisions in policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3217\/","token":"38.2\/32\/38.2-3217","metadata":false},{"id":55994,"structure_id":14541,"section_number":"38.2-3218","catch_line":"Same; in policies subsequently issued","url":"\/38.2-3218\/","token":"38.2\/32\/38.2-3218","metadata":false},{"id":85068,"structure_id":14541,"section_number":"38.2-3219","catch_line":"Applicability","url":"\/38.2-3219\/","token":"38.2\/32\/38.2-3219","metadata":false},{"id":73664,"structure_id":14541,"section_number":"38.2-3220","catch_line":"Nonforfeiture requirements","url":"\/38.2-3220\/","token":"38.2\/32\/38.2-3220","metadata":false},{"id":64780,"structure_id":14541,"section_number":"38.2-3221","catch_line":"Minimum values","url":"\/38.2-3221\/","token":"38.2\/32\/38.2-3221","metadata":false},{"id":74981,"structure_id":14541,"section_number":"38.2-3222","catch_line":"Computation of present value","url":"\/38.2-3222\/","token":"38.2\/32\/38.2-3222","metadata":false},{"id":85744,"structure_id":14541,"section_number":"38.2-3223","catch_line":"Calculation of cash surrender values","url":"\/38.2-3223\/","token":"38.2\/32\/38.2-3223","metadata":false},{"id":84416,"structure_id":14541,"section_number":"38.2-3224","catch_line":"Calculation of paid-up annuity benefits","url":"\/38.2-3224\/","token":"38.2\/32\/38.2-3224","metadata":false},{"id":75346,"structure_id":14541,"section_number":"38.2-3225","catch_line":"Maturity date","url":"\/38.2-3225\/","token":"38.2\/32\/38.2-3225","metadata":false},{"id":78619,"structure_id":14541,"section_number":"38.2-3226","catch_line":"Disclosure of limited death benefits","url":"\/38.2-3226\/","token":"38.2\/32\/38.2-3226","metadata":false},{"id":80588,"structure_id":14541,"section_number":"38.2-3227","catch_line":"Inclusion of lapse of time considerations","url":"\/38.2-3227\/","token":"38.2\/32\/38.2-3227","metadata":false},{"id":64270,"structure_id":14541,"section_number":"38.2-3228","catch_line":"Proration of values; additional benefits","url":"\/38.2-3228\/","token":"38.2\/32\/38.2-3228","metadata":false},{"id":66707,"structure_id":14541,"section_number":"38.2-3229","catch_line":"Effective date","url":"\/38.2-3229\/","token":"38.2\/32\/38.2-3229","metadata":false}],"previous_section":{"id":61365,"structure_id":14541,"section_number":"38.2-3205","catch_line":"Same; calculation of adjusted premiums","url":"\/38.2-3205\/","token":"38.2\/32\/38.2-3205","metadata":false},"next_section":{"id":59688,"structure_id":14541,"section_number":"38.2-3207","catch_line":"Same; use of new mortality table; ordinary policies","url":"\/38.2-3207\/","token":"38.2\/32\/38.2-3207","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3206\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1962, chapter 562; in 1982, chapter 228; in 1986, chapter 562.<\/p>","references":false,"refers_to":[{"id":57831,"section_number":"38.2-3202","catch_line":"Standard nonforfeiture law; required policy provisions","order_by":null,"url":"\/38.2-3202\/"},{"id":61365,"section_number":"38.2-3205","catch_line":"Same; calculation of adjusted premiums","order_by":null,"url":"\/38.2-3205\/"},{"id":59688,"section_number":"38.2-3207","catch_line":"Same; use of new mortality table; ordinary policies","order_by":null,"url":"\/38.2-3207\/"},{"id":85809,"section_number":"38.2-3208","catch_line":"Same; industrial policies","order_by":null,"url":"\/38.2-3208\/"}],"permalink":{"id":214531,"object_type":"law","relational_id":75902,"identifier":"38.2-3206","token":"38.2\/32\/38.2-3206","url":"\/38.2-3206\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3206\/","token":"38.2\/32\/38.2-3206","dublin_core":{"Title":"Same; tables used for calculations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3206","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>Except as otherwise provided in \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Same; use of new mortality table; ordinary policies\" href=\"\/38.2-3207\/\">38.2-3207<\/a> and <a class=\"law\" title=\"Same; industrial policies\" href=\"\/38.2-3208\/\">38.2-3208<\/a>, all adjusted premiums and present values referred to in \u00a7\u00a7&nbsp;<a class=\"law\" title=\"Standard nonforfeiture law; required policy provisions\" href=\"\/38.2-3202\/\">38.2-3202<\/a> through <a class=\"law\" title=\"Same; calculation of adjusted premiums\" href=\"\/38.2-3205\/\">38.2-3205<\/a> shall for all policies of ordinary <span class=\"dictionary\">insurance<\/span> be calculated on the basis of the <span class=\"dictionary\">Commissioners<\/span> 1941 Standard Ordinary Mortality Table. However, for any category of ordinary <span class=\"dictionary\">insurance<\/span> issued on female risks, adjusted premiums and present values may be calculated according to an age not more than three years younger than the actual age of the insured and the calculations for all policies of industrial <span class=\"dictionary\">insurance<\/span> shall be made on the basis of the 1941 Standard Industrial Mortality Table. All calculations shall be made on the basis of the <span class=\"dictionary\">rate<\/span> of interest, not exceeding 3 1\/2 percent per year, specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. However, in calculating the present value of any paid-up term <span class=\"dictionary\">insurance<\/span> with any accompanying pure endowment, if any, offered as a nonforfeiture benefit, the <span class=\"dictionary\"><span class=\"dictionary\">rates<\/span><\/span> of mortality assumed may be not more than 130 percent of the <span class=\"dictionary\"><span class=\"dictionary\">rates<\/span><\/span> of mortality according to the applicable table. For <span class=\"dictionary\">insurance<\/span> issued on a substandard basis, the calculation of any adjusted premiums and present values may be based on any other table of mortality specified by the <span class=\"dictionary\">insurer<\/span> and approved by the <span class=\"dictionary\">Commission<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSAME; TABLES USED FOR CALCULATIONS (\u00a7 38.2-3206)\n\nExcept as otherwise provided in \u00a7\u00a7 38.2-3207 and 38.2-3208, all adjusted\npremiums and present values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205\nshall for all policies of ordinary insurance be calculated on the basis of the\nCommissioners 1941 Standard Ordinary Mortality Table. However, for any category\nof ordinary insurance issued on female risks, adjusted premiums and present\nvalues may be calculated according to an age not more than three years younger\nthan the actual age of the insured and the calculations for all policies of\nindustrial insurance shall be made on the basis of the 1941 Standard Industrial\nMortality Table. All calculations shall be made on the basis of the rate of\ninterest, not exceeding 3 1\/2 percent per year, specified in the policy for\ncalculating cash surrender values and paid-up nonforfeiture benefits. However,\nin calculating the present value of any paid-up term insurance with any\naccompanying pure endowment, if any, offered as a nonforfeiture benefit, the\nrates of mortality assumed may be not more than 130 percent of the rates of\nmortality according to the applicable table. For insurance issued on a\nsubstandard basis, the calculation of any adjusted premiums and present values\nmay be based on any other table of mortality specified by the insurer and\napproved by the Commission.\n\nHISTORY: Code 1950, \u00a7 38-380; 1952, c. 317, \u00a7 38.1-465; 1959, Ex. Sess., c.\n43; 1962, c. 562; 1982, c. 228; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}