§ 38.2-3204. Same; present value of paid-up nonforfeiture benefits on default
Any paid-up nonforfeiture benefit available under a life insurance policy issued on or after the operative date stated in § 38.2-3214 in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of that anniversary shall at least equal the cash surrender 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 a specified period.
(Code 1950, § 38-378; 1952, c. 317, § 38.1-463; 1986, c. 562.)
Sections: Previous 38.2-3200 38.2-3201 38.2-3202 38.2-3203 38.2-3204 38.2-3205 38.2-3206 38.2-3207 38.2-3208 38.2-3209 38.2-3210 38.2-3211 38.2-3212 38.2-3213 38.2-3214 NextLast modified: April 16, 2009