Va. Code § 38.2-3204

Current with changes from the 2024 legislative session through ch. 845

Section 38.2-3204 - Same; present value of paid-up nonforfeiture benefits on default

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.

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

Amended by Acts 1986, § c.562.

Amended by Acts 1952, § c. 317, § 38.1-463.