{"law_id":"796175","section_number":"38.2-3307","catch_line":"Participation in surplus","history":"Code 1950, \u00a7 38-371 (5); 1950, p. 180; 1952, c. 317, \u00a7 38.1-396; 1986, c. 562.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/38.2-3307\/","refers_to":false,"url":"\/38.2-3307\/","token":"38.2\/33\/1\/38.2-3307","structure":{"1":{"id":"2162","name":"Life Insurance Policies; Annuities","identifier":"1","label":"article","url":"\/38.2\/33\/1\/"},"2":{"id":"192","name":"Life Insurance Policies","identifier":"33","label":"chapter","url":"\/38.2\/33\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"796175","structure_id":"2162","full_text":"A Each participating individual life insurance policy shall contain a provision that the policy shall participate in the surplus of the insurer. Any policy containing a provision for participation at the end of the first policy year, and annually thereafter, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The policyowner under any annual dividend policy shall have the right each year to have the dividend arising from the participation paid in cash. If the policy provides other dividend options, it shall also state which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium.\r\rB This section shall not apply to any form of paid-up insurance, temporary insurance, or pure endowment insurance, issued or granted in exchange for lapsed or surrendered policies.\r\r","text":{"0":{"id":"2569769","text":"Each participating individual life insurance policy shall contain a provision that the policy shall participate in the surplus of the insurer. Any policy containing a provision for participation at the end of the first policy year, and annually thereafter, may also provide that each dividend shall be paid subject to the payment of the premiums for the next ensuing year. The policyowner under any annual dividend policy shall have the right each year to have the dividend arising from the participation paid in cash. If the policy provides other dividend options, it shall also state which of the options shall be effective if the insured does not elect any option on or before the expiration of the grace period allowed for the payment of the premium.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2569770","text":"This section shall not apply to any form of paid-up insurance, temporary insurance, or pure endowment insurance, issued or granted in exchange for lapsed or surrendered policies.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1}},"ancestry":{"1":{"id":"2162","name":"Life Insurance Policies; Annuities","identifier":"1","label":"article","url":"\/38.2\/33\/1\/"},"2":{"id":"192","name":"Life Insurance Policies","identifier":"33","label":"chapter","url":"\/38.2\/33\/"},"3":{"id":"7","name":"Insurance","identifier":"38.2","label":"title","url":"\/38.2\/"}},"structure_contents":{"0":{"id":"784953","structure_id":"2162","section_number":"38.2-3300","catch_line":"Requirements; exceptions","url":"\/38.2-3300\/","token":"38.2\/33\/1\/38.2-3300"},"1":{"id":"786891","structure_id":"2162","section_number":"38.2-3301","catch_line":"Ten-day right to examine policy","url":"\/38.2-3301\/","token":"38.2\/33\/1\/38.2-3301"},"2":{"id":"779324","structure_id":"2162","section_number":"38.2-3301.1","catch_line":"Delivery of individual life insurance policies","url":"\/38.2-3301.1\/","token":"38.2\/33\/1\/38.2-3301.1"},"3":{"id":"774989","structure_id":"2162","section_number":"38.2-3302","catch_line":"How premiums payable","url":"\/38.2-3302\/","token":"38.2\/33\/1\/38.2-3302"},"4":{"id":"786438","structure_id":"2162","section_number":"38.2-3303","catch_line":"Grace period","url":"\/38.2-3303\/","token":"38.2\/33\/1\/38.2-3303"},"5":{"id":"791860","structure_id":"2162","section_number":"38.2-3304","catch_line":"Policy constitutes entire contract; statements deemed representations","url":"\/38.2-3304\/","token":"38.2\/33\/1\/38.2-3304"},"6":{"id":"787706","structure_id":"2162","section_number":"38.2-3305","catch_line":"Incontestability","url":"\/38.2-3305\/","token":"38.2\/33\/1\/38.2-3305"},"7":{"id":"790778","structure_id":"2162","section_number":"38.2-3306","catch_line":"Misstatement of age","url":"\/38.2-3306\/","token":"38.2\/33\/1\/38.2-3306"},"8":{"id":"796175","structure_id":"2162","section_number":"38.2-3307","catch_line":"Participation in surplus","url":"\/38.2-3307\/","token":"38.2\/33\/1\/38.2-3307"},"9":{"id":"780557","structure_id":"2162","section_number":"38.2-3308","catch_line":"Policy loans","url":"\/38.2-3308\/","token":"38.2\/33\/1\/38.2-3308"},"10":{"id":"768516","structure_id":"2162","section_number":"38.2-3309","catch_line":"Nonforfeiture benefits and cash surrender values","url":"\/38.2-3309\/","token":"38.2\/33\/1\/38.2-3309"},"11":{"id":"793244","structure_id":"2162","section_number":"38.2-3310","catch_line":"Table of values and options","url":"\/38.2-3310\/","token":"38.2\/33\/1\/38.2-3310"},"12":{"id":"770015","structure_id":"2162","section_number":"38.2-3311","catch_line":"Reinstatement","url":"\/38.2-3311\/","token":"38.2\/33\/1\/38.2-3311"},"13":{"id":"769063","structure_id":"2162","section_number":"38.2-3312","catch_line":"Settlement","url":"\/38.2-3312\/","token":"38.2\/33\/1\/38.2-3312"},"14":{"id":"770187","structure_id":"2162","section_number":"38.2-3313","catch_line":"Table of installments","url":"\/38.2-3313\/","token":"38.2\/33\/1\/38.2-3313"},"15":{"id":"768214","structure_id":"2162","section_number":"38.2-3314","catch_line":"Title","url":"\/38.2-3314\/","token":"38.2\/33\/1\/38.2-3314"},"16":{"id":"781787","structure_id":"2162","section_number":"38.2-3315","catch_line":"Variations for certain forms of policies; providing more favorable terms","url":"\/38.2-3315\/","token":"38.2\/33\/1\/38.2-3315"},"17":{"id":"790877","structure_id":"2162","section_number":"38.2-3316","catch_line":"Provisions prohibited","url":"\/38.2-3316\/","token":"38.2\/33\/1\/38.2-3316"},"18":{"id":"768009","structure_id":"2162","section_number":"38.2-3317","catch_line":"Provisions required by other jurisdictions","url":"\/38.2-3317\/","token":"38.2\/33\/1\/38.2-3317"}},"previous_section":{"id":"790778","structure_id":"2162","section_number":"38.2-3306","catch_line":"Misstatement of age","url":"\/38.2-3306\/","token":"38.2\/33\/1\/38.2-3306"},"next_section":{"id":"780557","structure_id":"2162","section_number":"38.2-3308","catch_line":"Policy loans","url":"\/38.2-3308\/","token":"38.2\/33\/1\/38.2-3308"},"references":false,"formats":{"txt":"\/38.2-3307.txt","json":"\/38.2-3307.json","xml":"\/38.2-3307.xml"},"dublin_core":{"Title":"Participation in surplus","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3307","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nPARTICIPATION IN SURPLUS (\u00a7 38.2-3307)\n\nA. Each participating individual life insurance policy shall contain a provision\nthat the policy shall participate in the surplus of the insurer. Any policy\ncontaining a provision for participation at the end of the first policy year,\nand annually thereafter, may also provide that each dividend shall be paid\nsubject to the payment of the premiums for the next ensuing year. The\npolicyowner under any annual dividend policy shall have the right each year to\nhave the dividend arising from the participation paid in cash. If the policy\nprovides other dividend options, it shall also state which of the options shall\nbe effective if the insured does not elect any option on or before the\nexpiration of the grace period allowed for the payment of the premium.\n\nB. This section shall not apply to any form of paid-up insurance, temporary\ninsurance, or pure endowment insurance, issued or granted in exchange for lapsed\nor surrendered policies.\n\nHISTORY: Code 1950, \u00a7 38-371 (5); 1950, p. 180; 1952, c. 317, \u00a7 38.1-396;\n1986, c. 562."}