38.2-3211 - Same; other factors in calculations. - Virginia Statutes

§ 38.2-3211. Same; other factors in calculations.

A. Any cash surrender value and any paid-up nonforfeiture benefit availableunder any life insurance policy issued on or after the operative date statedin § 38.2-3214 in the event of default in a premium payment due at any timeother than on the policy anniversary, shall be calculated with allowance forthe lapse of time and the payment of fractional premiums beyond the lastpreceding policy anniversary. All values referred to in §§ 38.2-3203 through38.2-3209 may be calculated upon the assumption that any death benefit ispayable at the end of the policy year of death. The net value of any paid-upadditions, other than paid-up term additions, shall at least equal theamounts used to provide these additions.

B. 1. Notwithstanding the provisions of § 38.2-3203, additional benefitspayable in the following cases and premiums for them shall be disregarded inascertaining cash surrender values and nonforfeiture benefits required by §§38.2-3202 through 38.2-3216:

a. Death or dismemberment by accident or accidental means;

b. Total and permanent disability;

c. Reversionary annuity or deferred reversionary annuity benefits;

d. Term insurance benefits provided by a rider or supplemental policyprovision to which, if issued as a separate policy, this section would notapply;

e. Term insurance on the life of a child or on the lives of children providedin a policy on the life of a parent of the child, if the term insuranceexpires before the child's age is twenty-six, is uniform in amount after thechild's age is one, and has not become paid-up by reason of the death of aparent of the child; and

f. Other policy benefits additional to life insurance and endowment benefits.

2. No additional benefits shall be required to be included in any paid-upnonforfeiture benefits.

(Code 1950, § 38-381; 1952, c. 317, § 38.1-466; 1959, Ex. Sess., c. 43; 1962,c. 562; 1982, c. 228; 1986, c. 562.)