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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>71365</law_id><section_number>38.2-3347</section_number><catch_line>Nonforfeiture benefits and cash surrender values</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><referred_to_by><reference>38.2-3201</reference><reference>38.2-3352</reference></referred_to_by><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="33">Life Insurance Policies</unit><unit label="article" level="3" order_by="1" identifier="3">Industrial Life Insurance Policies</unit></structure><text>
						<section><p>Each industrial life <span class="dictionary">insurance</span> policy shall contain a provision for nonforfeiture benefits in accordance with the requirements of &#xA7;&#xA7;&#xA0;<a class="law" title="Standard nonforfeiture law; required policy provisions" href="/38.2-3202/">38.2-3202</a> and <a class="law" title="Same; industrial policies" href="/38.2-3208/">38.2-3208</a>, and a provision for cash surrender values in accordance with the requirements of &#xA7;&#xA7;&#xA0;<a class="law" title="Same; cash surrender value in case of default" href="/38.2-3203/">38.2-3203</a> and <a class="law" title="Same; adjusted premiums for policies" href="/38.2-3209/">38.2-3209</a>.</p></section></text><history>Code 1950, &#xA7; 38-434(5), (6); 1952, c. 317, &#xA7; 38.1-415; 1986, c. 562.</history><metadata></metadata></law>
