§ 38.2-3203. Same; cash surrender value in case of default.
A. Any cash surrender value available under any life insurance policy issuedon or after the operative date stated in § 38.2-3214 in the event of defaultin a premium payment due on any policy anniversary, whether or not requiredby § 38.2-3202, shall at least equal any excess of the present value, on thatanniversary, of the future guaranteed benefits that would have been providedfor by the policy, including any existing paid-up additions had there been nodefault, over the sum of (i) the then present value of the adjusted premiumsas defined in §§ 38.2-3205 through 38.2-3209, corresponding to premiums thatwould have fallen due on and after that anniversary, and (ii) the amount ofany indebtedness to the insurer on the policy.
B. For any policy issued on or after the operative date of § 38.2-3209 andproviding at the option of the insured supplemental life insurance or annuitybenefits for an identifiable additional premium by rider or supplementalpolicy provision, the cash surrender value referred to in subsection A ofthis section shall at least equal the sum of (i) the cash surrender valuedefined in subsection A for an otherwise similar policy issued at the sameage without the rider or supplemental policy provision and (ii) the cashsurrender value defined in subsection A for a policy providing only thebenefits provided by the rider or supplemental policy provision.
C. For any family policy issued on or after the operative date of §38.2-3209, defining a primary insured and providing term insurance on thelife of the spouse of the primary insured expiring before the spouse achievesthe age of seventy-one, the cash surrender value referred to in subsection Aof this section shall at least equal the sum of (i) the cash surrender valuedefined in subsection A for an otherwise similar policy issued at the sameage without the term insurance on the life of the spouse and (ii) the cashsurrender value defined in subsection A for a policy providing only thebenefits provided by the term insurance on the life of the spouse.
D. Any cash surrender value available within thirty days after any policyanniversary under any policy paid-up by completion of all premium payments orany policy continued under any paid-up nonforfeiture benefit, whether or notrequired by § 38.2-3202, shall at least equal the present value, on thatanniversary, of the future guaranteed benefits provided for by the policy,including any existing paid-up additions, decreased by any indebtedness tothe insurer on the policy.
(Code 1950, § 38-377; 1952, c. 317, § 38.1-462; 1982, c. 228; 1986, c. 562.)
§ 38.2-3203. Same; cash surrender value in case of default.
A. Any cash surrender value available under any life insurance policy issuedon or after the operative date stated in § 38.2-3214 in the event of defaultin a premium payment due on any policy anniversary, whether or not requiredby § 38.2-3202, shall at least equal any excess of the present value, on thatanniversary, of the future guaranteed benefits that would have been providedfor by the policy, including any existing paid-up additions had there been nodefault, over the sum of (i) the then present value of the adjusted premiumsas defined in §§ 38.2-3205 through 38.2-3209, corresponding to premiums thatwould have fallen due on and after that anniversary, and (ii) the amount ofany indebtedness to the insurer on the policy.
B. For any policy issued on or after the operative date of § 38.2-3209 andproviding at the option of the insured supplemental life insurance or annuitybenefits for an identifiable additional premium by rider or supplementalpolicy provision, the cash surrender value referred to in subsection A ofthis section shall at least equal the sum of (i) the cash surrender valuedefined in subsection A for an otherwise similar policy issued at the sameage without the rider or supplemental policy provision and (ii) the cashsurrender value defined in subsection A for a policy providing only thebenefits provided by the rider or supplemental policy provision.
C. For any family policy issued on or after the operative date of §38.2-3209, defining a primary insured and providing term insurance on thelife of the spouse of the primary insured expiring before the spouse achievesthe age of seventy-one, the cash surrender value referred to in subsection Aof this section shall at least equal the sum of (i) the cash surrender valuedefined in subsection A for an otherwise similar policy issued at the sameage without the term insurance on the life of the spouse and (ii) the cashsurrender value defined in subsection A for a policy providing only thebenefits provided by the term insurance on the life of the spouse.
D. Any cash surrender value available within thirty days after any policyanniversary under any policy paid-up by completion of all premium payments orany policy continued under any paid-up nonforfeiture benefit, whether or notrequired by § 38.2-3202, shall at least equal the present value, on thatanniversary, of the future guaranteed benefits provided for by the policy,including any existing paid-up additions, decreased by any indebtedness tothe insurer on the policy.
(Code 1950, § 38-377; 1952, c. 317, § 38.1-462; 1982, c. 228; 1986, c. 562.)
§ 38.2-3203. Same; cash surrender value in case of default.
A. Any cash surrender value available under any life insurance policy issuedon or after the operative date stated in § 38.2-3214 in the event of defaultin a premium payment due on any policy anniversary, whether or not requiredby § 38.2-3202, shall at least equal any excess of the present value, on thatanniversary, of the future guaranteed benefits that would have been providedfor by the policy, including any existing paid-up additions had there been nodefault, over the sum of (i) the then present value of the adjusted premiumsas defined in §§ 38.2-3205 through 38.2-3209, corresponding to premiums thatwould have fallen due on and after that anniversary, and (ii) the amount ofany indebtedness to the insurer on the policy.
B. For any policy issued on or after the operative date of § 38.2-3209 andproviding at the option of the insured supplemental life insurance or annuitybenefits for an identifiable additional premium by rider or supplementalpolicy provision, the cash surrender value referred to in subsection A ofthis section shall at least equal the sum of (i) the cash surrender valuedefined in subsection A for an otherwise similar policy issued at the sameage without the rider or supplemental policy provision and (ii) the cashsurrender value defined in subsection A for a policy providing only thebenefits provided by the rider or supplemental policy provision.
C. For any family policy issued on or after the operative date of §38.2-3209, defining a primary insured and providing term insurance on thelife of the spouse of the primary insured expiring before the spouse achievesthe age of seventy-one, the cash surrender value referred to in subsection Aof this section shall at least equal the sum of (i) the cash surrender valuedefined in subsection A for an otherwise similar policy issued at the sameage without the term insurance on the life of the spouse and (ii) the cashsurrender value defined in subsection A for a policy providing only thebenefits provided by the term insurance on the life of the spouse.
D. Any cash surrender value available within thirty days after any policyanniversary under any policy paid-up by completion of all premium payments orany policy continued under any paid-up nonforfeiture benefit, whether or notrequired by § 38.2-3202, shall at least equal the present value, on thatanniversary, of the future guaranteed benefits provided for by the policy,including any existing paid-up additions, decreased by any indebtedness tothe insurer on the policy.
(Code 1950, § 38-377; 1952, c. 317, § 38.1-462; 1982, c. 228; 1986, c. 562.)
