{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3309.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3309.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3309.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3309.html"}],"law_id":80287,"edition_id":1,"section_id":80287,"structure_id":13165,"section_number":"38.2-3309","catch_line":"Nonforfeiture benefits and cash surrender values","history":"Code 1950, \u00a7 38-371(7), (8); 1950, p. 180; 1952, c. 317, \u00a7 38.1-398; 1986, c. 562.","full_text":"A\n\nEach individual life insurance policy shall contain a provision for nonforfeiture benefits. The provision shall specify the options to which the policyowner is entitled, in accordance with the requirements of &#xA7; 38.2-3202.B\n\nEach individual life insurance policy shall have a provision for cash surrender values in accordance with the requirements of &#xA7; 38.2-3203.","order_by":null,"text":{"0":{"id":287432,"text":"Each individual life insurance policy shall contain a provision for nonforfeiture benefits. The provision shall specify the options to which the policyowner is entitled, in accordance with the requirements of &#xA7; 38.2-3202.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":287433,"text":"Each individual life insurance policy shall have a provision for cash surrender values in accordance with the requirements of &#xA7; 38.2-3203.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3309\/","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":[{"id":78309,"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","order_by":null,"url":"\/38.2-3200\/"}],"refers_to":[{"id":77891,"section_number":"38.2-3203","catch_line":"Same; cash surrender value in case of default","order_by":null,"url":"\/38.2-3203\/"}],"permalink":{"id":214671,"object_type":"law","relational_id":80287,"identifier":"38.2-3309","token":"38.2\/33\/1\/38.2-3309","url":"\/38.2-3309\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3309\/","token":"38.2\/33\/1\/38.2-3309","dublin_core":{"Title":"Nonforfeiture benefits and cash surrender values","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3309","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Each individual life <span class=\"dictionary\">insurance<\/span> policy shall contain a provision for nonforfeiture benefits. The provision shall specify the options to which the policyowner is entitled, in accordance with the requirements of &#xA7; <a class=\"law\" title=\"Standard nonforfeiture law; required policy provisions\" href=\"\/38.2-3202\/\">38.2-3202<\/a>. <a id=\"paragraph-287432\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3309\/#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> Each individual life <span class=\"dictionary\">insurance<\/span> policy shall have a provision for cash surrender values in accordance with the requirements of &#xA7; <a class=\"law\" title=\"Same; cash surrender value in case of default\" href=\"\/38.2-3203\/\">38.2-3203<\/a>. <a id=\"paragraph-287433\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/38.2-3309\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nNONFORFEITURE BENEFITS AND CASH SURRENDER VALUES (\u00a7 38.2-3309)\n\nA. Each individual life insurance policy shall contain a provision for\nnonforfeiture benefits. The provision shall specify the options to which the\npolicyowner is entitled, in accordance with the requirements of &#xA7;\n38.2-3202.\n\nB. Each individual life insurance policy shall have a provision for cash\nsurrender values in accordance with the requirements of &#xA7; 38.2-3203.\n\nHISTORY: Code 1950, \u00a7 38-371(7), (8); 1950, p. 180; 1952, c. 317, \u00a7 38.1-398;\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}}