{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3208.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3208.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3208.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3208.html"}],"law_id":85809,"edition_id":1,"section_id":85809,"structure_id":14541,"section_number":"38.2-3208","catch_line":"Same; industrial policies","history":"1962, c. 562, \u00a7 38.1-465.2; 1975, c. 215; 1979, c. 437; 1982, c. 228; 1986, c. 562.","full_text":"The provisions of this section shall not apply to industrial policies issued on or after the operative date as defined in \u00a7 38.2-3209. For industrial policies issued on or after the operative date of \u00a7 38.2-3216, 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 1961 Standard Industrial 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. 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 1961 Industrial Extended Term Insurance Table. For insurance issued on a substandard basis, the calculations 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":307300,"text":"The provisions of this section shall not apply to industrial policies issued on or after the operative date as defined in \u00a7 38.2-3209. For industrial policies issued on or after the operative date of \u00a7 38.2-3216, 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 1961 Standard Industrial 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. 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 1961 Industrial Extended Term Insurance Table. For insurance issued on a substandard basis, the calculations 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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3208\/","history_text":"<p>This law was first created in 1962. The record of its establishment is cataloged in chapter 562 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1962 \u201cActs\u201d aren\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":68021,"section_number":"38.2-3216","catch_line":"Same; operative date for \u00a7 38.2-3208","order_by":null,"url":"\/38.2-3216\/"},{"id":71365,"section_number":"38.2-3347","catch_line":"Nonforfeiture benefits and cash surrender values","order_by":null,"url":"\/38.2-3347\/"}],"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":68021,"section_number":"38.2-3216","catch_line":"Same; operative date for \u00a7 38.2-3208","order_by":null,"url":"\/38.2-3216\/"}],"permalink":{"id":214539,"object_type":"law","relational_id":85809,"identifier":"38.2-3208","token":"38.2\/32\/38.2-3208","url":"\/38.2-3208\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3208\/","token":"38.2\/32\/38.2-3208","dublin_core":{"Title":"Same; industrial policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3208","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The provisions of this section shall not apply to industrial 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>. For industrial policies issued on or after the operative date of \u00a7&nbsp;<a class=\"law\" title=\"Same; operative date for \u00a7 38.2-3208\" href=\"\/38.2-3216\/\">38.2-3216<\/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> 1961 Standard Industrial 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. 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> 1961 Industrial Extended Term <span class=\"dictionary\">Insurance<\/span> Table. For <span class=\"dictionary\">insurance<\/span> issued on a substandard basis, the calculations 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; INDUSTRIAL POLICIES (\u00a7 38.2-3208)\n\nThe provisions of this section shall not apply to industrial policies issued on\nor after the operative date as defined in \u00a7 38.2-3209. For industrial policies\nissued on or after the operative date of \u00a7 38.2-3216, all adjusted premiums and\npresent values referred to in \u00a7\u00a7 38.2-3202 through 38.2-3205 shall be\ncalculated on the basis of the Commissioners 1961 Standard Industrial Mortality\nTable and the rate of interest specified in the policy for calculating cash\nsurrender 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. In calculating the present value of any\npaid-up term insurance with any accompanying pure endowment offered as a\nnonforfeiture benefit, the rates of mortality assumed may be not more than those\nshown in the Commissioners 1961 Industrial Extended Term Insurance Table. For\ninsurance issued on a substandard basis, the calculations of any adjusted\npremiums and present values may be based on any other table of mortality\nspecified by the insurer and approved by the Commission.\n\nHISTORY: 1962, c. 562, \u00a7 38.1-465.2; 1975, c. 215; 1979, c. 437; 1982, c. 228;\n1986, 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}}