                                 CODE OF VIRGINIA

SAME; OTHER FACTORS IN CALCULATIONS (§ 38.2-3211)

A. 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
&#xA7; 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 &#xA7;&#xA7; 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. 1. Notwithstanding the provisions of § 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 §§
38.2-3202 through 38.2-3216:
			a. Death or dismemberment by accident or accidental means;
			b. Total and permanent disability;
			c. Reversionary annuity or deferred reversionary annuity benefits;
			d. Term insurance benefits provided by a rider or supplemental policy
provision to which, if issued as a separate policy, this section would not
apply;
			e. 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&#8217;s age is twenty-six, is uniform in amount after the
child&#8217;s age is one, and has not become paid-up by reason of the death of a
parent of the child; and
			f. Other policy benefits additional to life insurance and endowment benefits.

   2. No additional benefits shall be required to be included in any paid-up
   nonforfeiture benefits.

HISTORY: Code 1950, § 38-381; 1952, c. 317, § 38.1-466; 1959, Ex. Sess., c.
43; 1962, c. 562; 1982, c. 228; 1986, c. 562.