38.2-3204 - Same; present value of paid-up nonforfeiture benefits on default. - Virginia Statutes

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

Any paid-up nonforfeiture benefit available under a life insurance policyissued on or after the operative date stated in § 38.2-3214 in the event ofdefault in a premium payment due on any policy anniversary shall be such thatits present value as of that anniversary shall at least equal the cashsurrender 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 aspecified period.

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