{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3307.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3307.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3307.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3307.html"}],"law_id":80762,"edition_id":1,"section_id":80762,"structure_id":13165,"section_number":"38.2-3307","catch_line":"Participation in surplus","history":"Code 1950, \u00a7 38-371 (5); 1950, p. 180; 1952, c. 317, \u00a7 38.1-396; 1986, c. 562.","full_text":"A\n\nEach participating individual life insurance policy shall contain a provision that the policy shall participate in the surplus of the insurer. Any policy containing a provision for participation at the end of the first policy year, and annually thereafter, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The policyowner under any annual dividend policy shall have the right each year to have the dividend arising from the participation paid in cash. If the policy provides other dividend options, it shall also state which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium.B\n\nThis section shall not apply to any form of paid-up insurance, temporary insurance, or pure endowment insurance, issued or granted in exchange for lapsed or surrendered policies.","order_by":null,"text":{"0":{"id":289471,"text":"Each participating individual life insurance policy shall contain a provision that the policy shall participate in the surplus of the insurer. Any policy containing a provision for participation at the end of the first policy year, and annually thereafter, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The policyowner under any annual dividend policy shall have the right each year to have the dividend arising from the participation paid in cash. If the policy provides other dividend options, it shall also state which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":289472,"text":"This section shall not apply to any form of paid-up insurance, temporary insurance, or pure endowment insurance, issued or granted in exchange for lapsed or surrendered policies.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":13165,"edition_id":1,"name":"Life Insurance Policies; Annuities","identifier":"1","label":"article","depth":3,"order_by":1,"parent_id":13164,"metadata":{},"date_created":"2026-06-26 03:44:22","date_modified":"2026-06-26 03:44:22","permalink":{"id":214629,"object_type":"structure","relational_id":13165,"identifier":"1","token":"38.2\/33\/1","url":"\/38.2\/33\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13164,"edition_id":1,"name":"Life Insurance Policies","identifier":"33","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:22","date_modified":"2026-06-26 03:44:22","permalink":{"id":214627,"object_type":"structure","relational_id":13164,"identifier":"33","token":"38.2\/33","url":"\/38.2\/33\/","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":59653,"structure_id":13165,"section_number":"38.2-3300","catch_line":"Requirements; exceptions","url":"\/38.2-3300\/","token":"38.2\/33\/1\/38.2-3300","metadata":false},{"id":64455,"structure_id":13165,"section_number":"38.2-3301","catch_line":"Ten-day right to examine policy","url":"\/38.2-3301\/","token":"38.2\/33\/1\/38.2-3301","metadata":false},{"id":81258,"structure_id":13165,"section_number":"38.2-3301.1","catch_line":"Delivery of individual life insurance policies","url":"\/38.2-3301.1\/","token":"38.2\/33\/1\/38.2-3301.1","metadata":false},{"id":54757,"structure_id":13165,"section_number":"38.2-3302","catch_line":"How premiums payable","url":"\/38.2-3302\/","token":"38.2\/33\/1\/38.2-3302","metadata":false},{"id":86620,"structure_id":13165,"section_number":"38.2-3303","catch_line":"Grace period","url":"\/38.2-3303\/","token":"38.2\/33\/1\/38.2-3303","metadata":false},{"id":61710,"structure_id":13165,"section_number":"38.2-3304","catch_line":"Policy constitutes entire contract; statements deemed representations","url":"\/38.2-3304\/","token":"38.2\/33\/1\/38.2-3304","metadata":false},{"id":87271,"structure_id":13165,"section_number":"38.2-3305","catch_line":"Incontestability","url":"\/38.2-3305\/","token":"38.2\/33\/1\/38.2-3305","metadata":false},{"id":84405,"structure_id":13165,"section_number":"38.2-3306","catch_line":"Misstatement of age","url":"\/38.2-3306\/","token":"38.2\/33\/1\/38.2-3306","metadata":false},{"id":80762,"structure_id":13165,"section_number":"38.2-3307","catch_line":"Participation in surplus","url":"\/38.2-3307\/","token":"38.2\/33\/1\/38.2-3307","metadata":false},{"id":59870,"structure_id":13165,"section_number":"38.2-3308","catch_line":"Policy loans","url":"\/38.2-3308\/","token":"38.2\/33\/1\/38.2-3308","metadata":false},{"id":80287,"structure_id":13165,"section_number":"38.2-3309","catch_line":"Nonforfeiture benefits and cash surrender values","url":"\/38.2-3309\/","token":"38.2\/33\/1\/38.2-3309","metadata":false},{"id":54184,"structure_id":13165,"section_number":"38.2-3310","catch_line":"Table of values and options","url":"\/38.2-3310\/","token":"38.2\/33\/1\/38.2-3310","metadata":false},{"id":77049,"structure_id":13165,"section_number":"38.2-3311","catch_line":"Reinstatement","url":"\/38.2-3311\/","token":"38.2\/33\/1\/38.2-3311","metadata":false},{"id":78506,"structure_id":13165,"section_number":"38.2-3312","catch_line":"Settlement","url":"\/38.2-3312\/","token":"38.2\/33\/1\/38.2-3312","metadata":false},{"id":68892,"structure_id":13165,"section_number":"38.2-3313","catch_line":"Table of installments","url":"\/38.2-3313\/","token":"38.2\/33\/1\/38.2-3313","metadata":false},{"id":85372,"structure_id":13165,"section_number":"38.2-3314","catch_line":"Title","url":"\/38.2-3314\/","token":"38.2\/33\/1\/38.2-3314","metadata":false},{"id":59133,"structure_id":13165,"section_number":"38.2-3315","catch_line":"Variations for certain forms of policies; providing more favorable terms","url":"\/38.2-3315\/","token":"38.2\/33\/1\/38.2-3315","metadata":false},{"id":86454,"structure_id":13165,"section_number":"38.2-3316","catch_line":"Provisions prohibited","url":"\/38.2-3316\/","token":"38.2\/33\/1\/38.2-3316","metadata":false},{"id":66309,"structure_id":13165,"section_number":"38.2-3317","catch_line":"Provisions required by other jurisdictions","url":"\/38.2-3317\/","token":"38.2\/33\/1\/38.2-3317","metadata":false}],"previous_section":{"id":84405,"structure_id":13165,"section_number":"38.2-3306","catch_line":"Misstatement of age","url":"\/38.2-3306\/","token":"38.2\/33\/1\/38.2-3306","metadata":false},"next_section":{"id":59870,"structure_id":13165,"section_number":"38.2-3308","catch_line":"Policy loans","url":"\/38.2-3308\/","token":"38.2\/33\/1\/38.2-3308","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3307\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 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 1986, chapter 562.<\/p>","references":false,"refers_to":false,"permalink":{"id":214663,"object_type":"law","relational_id":80762,"identifier":"38.2-3307","token":"38.2\/33\/1\/38.2-3307","url":"\/38.2-3307\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3307\/","token":"38.2\/33\/1\/38.2-3307","dublin_core":{"Title":"Participation in surplus","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3307","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Each participating individual life <span class=\"dictionary\">insurance<\/span> policy shall contain a provision that the policy shall participate in the surplus of the <span class=\"dictionary\">insurer<\/span>. Any policy containing a provision for participation at the end of the first policy year, and annually thereafter, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The policyowner under any annual dividend policy shall have the right each year to have the dividend arising from the participation paid in cash. If the policy provides other dividend options, it shall also <span class=\"dictionary\">state<\/span> which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium. <a id=\"paragraph-289471\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3307\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> This section shall not apply to any form of paid-up <span class=\"dictionary\">insurance<\/span>, temporary <span class=\"dictionary\">insurance<\/span>, or pure endowment <span class=\"dictionary\">insurance<\/span>, issued or granted in exchange for lapsed or surrendered policies. <a id=\"paragraph-289472\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3307\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nPARTICIPATION IN SURPLUS (\u00a7 38.2-3307)\n\nA. Each participating individual life insurance policy shall contain a provision\nthat the policy shall participate in the surplus of the insurer. Any policy\ncontaining a provision for participation at the end of the first policy year,\nand annually thereafter, may also provide that each dividend shall be paid\nsubject to the payment of the premiums for the next ensuing year. The\npolicyowner under any annual dividend policy shall have the right each year to\nhave the dividend arising from the participation paid in cash. If the policy\nprovides other dividend options, it shall also state which of the options shall\nbe effective if the insured does not elect any option on or before the\nexpiration of the grace period allowed for the payment of the premium.\n\nB. This section shall not apply to any form of paid-up insurance, temporary\ninsurance, or pure endowment insurance, issued or granted in exchange for lapsed\nor surrendered policies.\n\nHISTORY: Code 1950, \u00a7 38-371 (5); 1950, p. 180; 1952, c. 317, \u00a7 38.1-396;\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}}