                                 CODE OF VIRGINIA

SAME; PRESENT VALUE OF PAID-UP NONFORFEITURE BENEFITS ON DEFAULT (§ 38.2-3204)

Any paid-up nonforfeiture benefit available under a 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 on any policy anniversary shall be such that its present
value as of that anniversary shall at least equal the cash surrender value then
provided for by the policy or, if none is provided for, shall equal the cash
surrender value that would have been required by § 38.2-3203 in the absence of
the condition that premiums have been paid for a specified period.

HISTORY: Code 1950, § 38-378; 1952, c. 317, § 38.1-463; 1986, c. 562.