                                 CODE OF VIRGINIA

SAME; IN POLICIES SUBSEQUENTLY ISSUED (§ 38.2-3218)

For policies issued on or after the operative date stated in § 38.2-3214, the
loan value referred to in former § 38.1-397 or § 38.2-3308, whichever applies,
shall be the cash surrender value at the end of the current policy year required
by § 38.2-3202. The insurer shall have the right to defer for up to six months
after application for the loan is made a loan on the policy, except when made to
pay premiums to the insurer.

HISTORY: Code 1950, § 38-385; 1952, c. 317, § 38.1-470; 1986, c. 562.