38.2-3228 - Proration of values; additional benefits. - Virginia Statutes

§ 38.2-3228. Proration of values; additional benefits.

For any contract that provides, within the same contract by rider orsupplemental contract provision, both annuity benefits and life insurancebenefits that are in excess of the greater of cash surrender benefits or areturn of the gross considerations with interest, the minimum nonforfeiturebenefits shall equal the sum of the minimum nonforfeiture benefits for theannuity portion and any minimum nonforfeiture benefits for the life insuranceportion computed as if each portion were a separate contract. Notwithstandingthe provisions of §§ 38.2-3222 through 38.2-3225 and 38.2-3227, additionalbenefits payable (i) in the event of total and permanent disability, (ii) asreversionary annuity or deferred reversionary annuity benefits, or (iii) asother policy benefits additional to life insurance, endowment and annuitybenefits, and considerations for all the additional benefits, shall bedisregarded in ascertaining the minimum nonforfeiture amounts, paid-upannuity, cash surrender and death benefits that may be required by thisarticle. The inclusion of these additional benefits shall not be required inany paid-up benefits, unless the additional benefits separately would requireminimum nonforfeiture amounts, paid-up annuity, cash surrender and deathbenefits.

(1979, c. 437, § 38.1-470.1; 1986, c. 562.)