{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3207.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3207.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3207.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3207.html"}],"law_id":59688,"edition_id":1,"section_id":59688,"structure_id":14541,"section_number":"38.2-3207","catch_line":"Same; use of new mortality table; ordinary policies","history":"1959, Ex. Sess., c. 43, \u00a7 38.1-465.1; 1975, c. 215; 1979, c. 437; 1982, c. 228; 1986, c. 562.","full_text":"The provisions of this section shall not apply to ordinary policies issued on or after the operative date as defined in \u00a7 38.2-3209. In the case of ordinary policies issued on or after the operative date of \u00a7 38.2-3215, all adjusted premiums and present values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205 shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. However, the rate of interest shall not exceed (i) 3 1\/2 percent per year for policies issued before July 1, 1975, (ii) four percent per year for policies issued on or after July 1, 1975, and prior to July 1, 1979, and (iii) 5 1\/2 percent per year for policies issued on or after July 1, 1979. Notwithstanding the foregoing provisions of this section, the rate of interest for any single premium whole life or endowment insurance policy issued on or after July 1, 1979, may be a rate not exceeding 6 1\/2 percent per year. 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 six years younger than the actual age of the insured. In calculating the present value of any paid-up term insurance with any accompanying pure endowment offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1958 Extended Term Insurance 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":218587,"text":"The provisions of this section shall not apply to ordinary policies issued on or after the operative date as defined in \u00a7 38.2-3209. In the case of ordinary policies issued on or after the operative date of \u00a7 38.2-3215, all adjusted premiums and present values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205 shall be calculated on the basis of the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. However, the rate of interest shall not exceed (i) 3 1\/2 percent per year for policies issued before July 1, 1975, (ii) four percent per year for policies issued on or after July 1, 1975, and prior to July 1, 1979, and (iii) 5 1\/2 percent per year for policies issued on or after July 1, 1979. Notwithstanding the foregoing provisions of this section, the rate of interest for any single premium whole life or endowment insurance policy issued on or after July 1, 1979, may be a rate not exceeding 6 1\/2 percent per year. 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 six years younger than the actual age of the insured. In calculating the present value of any paid-up term insurance with any accompanying pure endowment offered as a nonforfeiture benefit, the rates of mortality assumed may be not more than those shown in the Commissioners 1958 Extended Term Insurance 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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3207\/","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 1975, chapter 215; in 1979, chapter 437; in 1982, chapter 228; in 1986, chapter 562.<\/p>","references":[{"id":75902,"section_number":"38.2-3206","catch_line":"Same; tables used for calculations","order_by":null,"url":"\/38.2-3206\/"},{"id":59064,"section_number":"38.2-3215","catch_line":"Same; operative date for \u00a7 38.2-3207","order_by":null,"url":"\/38.2-3215\/"}],"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":77084,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","order_by":null,"url":"\/38.2-3209\/"},{"id":59064,"section_number":"38.2-3215","catch_line":"Same; operative date for \u00a7 38.2-3207","order_by":null,"url":"\/38.2-3215\/"}],"permalink":{"id":214535,"object_type":"law","relational_id":59688,"identifier":"38.2-3207","token":"38.2\/32\/38.2-3207","url":"\/38.2-3207\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3207\/","token":"38.2\/32\/38.2-3207","dublin_core":{"Title":"Same; use of new mortality table; ordinary policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3207","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The provisions of this section shall not apply to ordinary policies issued on or after the operative date as defined in \u00a7&nbsp;<a class=\"law\" title=\"Same; adjusted premiums for policies\" href=\"\/38.2-3209\/\">38.2-3209<\/a>. In the case of ordinary policies issued on or after the operative date of \u00a7&nbsp;<a class=\"law\" title=\"Same; operative date for \u00a7 38.2-3207\" href=\"\/38.2-3215\/\">38.2-3215<\/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 be calculated on the basis of the <span class=\"dictionary\">Commissioners<\/span> 1958 Standard Ordinary Mortality Table and the <span class=\"dictionary\">rate<\/span> of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits. However, the <span class=\"dictionary\">rate<\/span> of interest shall not exceed (i) 3 1\/2 percent per year for policies issued before July 1, 1975, (ii) four percent per year for policies issued on or after July 1, 1975, and prior to July 1, 1979, and (iii) 5 1\/2 percent per year for policies issued on or after July 1, 1979. Notwithstanding the foregoing provisions of this section, the <span class=\"dictionary\">rate<\/span> of interest for any single premium whole life or endowment <span class=\"dictionary\">insurance<\/span> policy issued on or after July 1, 1979, may be a <span class=\"dictionary\">rate<\/span> not exceeding 6 1\/2 percent per year. 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 six years younger than the actual age of the insured. In calculating the present value of any paid-up term <span class=\"dictionary\">insurance<\/span> with any accompanying pure endowment offered as a nonforfeiture benefit, the <span class=\"dictionary\"><span class=\"dictionary\">rates<\/span><\/span> of mortality assumed may be not more than those shown in the <span class=\"dictionary\">Commissioners<\/span> 1958 Extended Term <span class=\"dictionary\">Insurance<\/span> 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; USE OF NEW MORTALITY TABLE; ORDINARY POLICIES (\u00a7 38.2-3207)\n\nThe provisions of this section shall not apply to ordinary policies issued on or\nafter the operative date as defined in \u00a7 38.2-3209. In the case of ordinary\npolicies issued on or after the operative date of \u00a7 38.2-3215, all adjusted\npremiums and present values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205\nshall be calculated on the basis of the Commissioners 1958 Standard Ordinary\nMortality Table and the rate of interest specified in the policy for calculating\ncash surrender values and paid-up nonforfeiture benefits. However, the rate of\ninterest shall not exceed (i) 3 1\/2 percent per year for policies issued before\nJuly 1, 1975, (ii) four percent per year for policies issued on or after July 1,\n1975, and prior to July 1, 1979, and (iii) 5 1\/2 percent per year for policies\nissued on or after July 1, 1979. Notwithstanding the foregoing provisions of\nthis section, the rate of interest for any single premium whole life or\nendowment insurance policy issued on or after July 1, 1979, may be a rate not\nexceeding 6 1\/2 percent per year. For any category of ordinary insurance issued\non female risks, adjusted premiums and present values may be calculated\naccording to an age not more than six years younger than the actual age of the\ninsured. In calculating the present value of any paid-up term insurance with any\naccompanying pure endowment offered as a nonforfeiture benefit, the rates of\nmortality assumed may be not more than those shown in the Commissioners 1958\nExtended Term Insurance Table. For insurance issued on a substandard basis the\ncalculation of any adjusted premiums and present values may be based on any\nother table of mortality specified by the insurer and approved by the\nCommission.\n\nHISTORY: 1959, Ex. Sess., c. 43, \u00a7 38.1-465.1; 1975, c. 215; 1979, c. 437;\n1982, 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}}