{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3211.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3211.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3211.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3211.html"}],"law_id":60003,"edition_id":1,"section_id":60003,"structure_id":14541,"section_number":"38.2-3211","catch_line":"Same; other factors in calculations","history":"Code 1950, \u00a7 38-381; 1952, c. 317, \u00a7 38.1-466; 1959, Ex. Sess., c. 43; 1962, c. 562; 1982, c. 228; 1986, c. 562.","full_text":"A\n\nAny cash surrender value and any paid-up nonforfeiture benefit available under any life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§ 38.2-3203 through 38.2-3209 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall at least equal the amounts used to provide these additions.B\n\n1. Notwithstanding the provisions of \u00a7 38.2-3203, additional benefits payable in the following cases and premiums for them shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by \u00a7\u00a7 38.2-3202 through 38.2-3216:\n\t\t\ta. Death or dismemberment by accident or accidental means;\n\t\t\tb. Total and permanent disability;\n\t\t\tc. Reversionary annuity or deferred reversionary annuity benefits;\n\t\t\td. Term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this section would not apply;\n\t\t\te. Term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child’s age is twenty-six, is uniform in amount after the child’s age is one, and has not become paid-up by reason of the death of a parent of the child; and\n\t\t\tf. Other policy benefits additional to life insurance and endowment benefits.2\n\nNo additional benefits shall be required to be included in any paid-up nonforfeiture benefits.","order_by":null,"text":{"0":{"id":219669,"text":"Any cash surrender value and any paid-up nonforfeiture benefit available under any life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§ 38.2-3203 through 38.2-3209 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall at least equal the amounts used to provide these additions.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":219670,"text":"1. Notwithstanding the provisions of \u00a7 38.2-3203, additional benefits payable in the following cases and premiums for them shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by \u00a7\u00a7 38.2-3202 through 38.2-3216:\n\t\t\ta. Death or dismemberment by accident or accidental means;\n\t\t\tb. Total and permanent disability;\n\t\t\tc. Reversionary annuity or deferred reversionary annuity benefits;\n\t\t\td. Term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this section would not apply;\n\t\t\te. Term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child’s age is twenty-six, is uniform in amount after the child’s age is one, and has not become paid-up by reason of the death of a parent of the child; and\n\t\t\tf. Other policy benefits additional to life insurance and endowment benefits.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B2"},"2":{"id":219671,"text":"No additional benefits shall be required to be included in any paid-up nonforfeiture benefits.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3211\/","history_text":"

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":[{"id":70462,"section_number":"38.2-3212","catch_line":"Same; policies issued on or after January 1, 1986","order_by":null,"url":"\/38.2-3212\/"}],"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":77891,"section_number":"38.2-3203","catch_line":"Same; cash surrender value in case of default","order_by":null,"url":"\/38.2-3203\/"},{"id":77084,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","order_by":null,"url":"\/38.2-3209\/"},{"id":60385,"section_number":"38.2-3214","catch_line":"Same; operative date","order_by":null,"url":"\/38.2-3214\/"},{"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":214551,"object_type":"law","relational_id":60003,"identifier":"38.2-3211","token":"38.2\/32\/38.2-3211","url":"\/38.2-3211\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3211\/","token":"38.2\/32\/38.2-3211","dublin_core":{"Title":"Same; other factors in calculations","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3211","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any cash surrender value and any paid-up nonforfeiture benefit available under any life insurance<\/span> policy issued on or after the operative date stated in § 38.2-3214<\/a> in the event of default<\/span> in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§ 38.2-3203<\/a> through 38.2-3209<\/a> may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall at least equal the amounts used to provide these additions. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> 1. Notwithstanding the provisions of \u00a7 38.2-3203<\/a>, additional benefits payable in the following cases and premiums for them shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by \u00a7\u00a7 38.2-3202<\/a> through 38.2-3216<\/a>:\n\t\t\ta. Death or dismemberment by accident or accidental means;\n\t\t\tb. Total and permanent disability;\n\t\t\tc. Reversionary annuity or deferred reversionary annuity benefits;\n\t\t\td. Term insurance<\/span> benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this section would not apply;\n\t\t\te. Term insurance<\/span> on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance<\/span> expires before the child’s age is twenty-six, is uniform in amount after the child’s age is one, and has not become paid-up by reason of the death of a parent of the child; and\n\t\t\tf. Other policy benefits additional to life insurance<\/span> and endowment benefits. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> No additional benefits shall be required to be included in any paid-up nonforfeiture benefits. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nSAME; OTHER FACTORS IN CALCULATIONS (\u00a7 38.2-3211)\n\nA. Any cash surrender value and any paid-up nonforfeiture benefit available\nunder any life insurance policy issued on or after the operative date stated in\n§ 38.2-3214 in the event of default in a premium payment due at any time\nother than on the policy anniversary, shall be calculated with allowance for the\nlapse of time and the payment of fractional premiums beyond the last preceding\npolicy anniversary. All values referred to in §§ 38.2-3203 through\n38.2-3209 may be calculated upon the assumption that any death benefit is\npayable at the end of the policy year of death. The net value of any paid-up\nadditions, other than paid-up term additions, shall at least equal the amounts\nused to provide these additions.\n\nB. 1. Notwithstanding the provisions of \u00a7 38.2-3203, additional benefits\npayable in the following cases and premiums for them shall be disregarded in\nascertaining cash surrender values and nonforfeiture benefits required by \u00a7\u00a7\n38.2-3202 through 38.2-3216:\n\t\t\ta. Death or dismemberment by accident or accidental means;\n\t\t\tb. Total and permanent disability;\n\t\t\tc. Reversionary annuity or deferred reversionary annuity benefits;\n\t\t\td. Term insurance benefits provided by a rider or supplemental policy\nprovision to which, if issued as a separate policy, this section would not\napply;\n\t\t\te. Term insurance on the life of a child or on the lives of children provided\nin a policy on the life of a parent of the child, if the term insurance expires\nbefore the child’s age is twenty-six, is uniform in amount after the\nchild’s age is one, and has not become paid-up by reason of the death of a\nparent of the child; and\n\t\t\tf. Other policy benefits additional to life insurance and endowment benefits.\n\n 2. No additional benefits shall be required to be included in any paid-up\n nonforfeiture benefits.\n\nHISTORY: Code 1950, \u00a7 38-381; 1952, c. 317, \u00a7 38.1-466; 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}}