§ 38.2-3218. Same; in policies subsequently issued.

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

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