{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/38.2-3218.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/38.2-3218.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/38.2-3218.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/38.2-3218.html"}],"law_id":362050,"edition_id":2,"section_id":362050,"structure_id":51734,"section_number":"38.2-3218","catch_line":"Same; in policies subsequently issued","history":"Code 1950, \u00a7 38-385; 1952, c. 317, \u00a7 38.1-470; 1986, c. 562.","full_text":"For policies issued on or after the operative date stated in \u00a7 38.2-3214, the loan value referred to in former \u00a7 38.1-397 or \u00a7 38.2-3308, whichever applies, shall be the cash surrender value at the end of the current policy year required by \u00a7 38.2-3202. The insurer shall have the right to defer for up to six months after application for the loan is made a loan on the policy, except when made to pay premiums to the insurer.\n\n","order_by":null,"text":{"0":{"id":1347921,"text":"For policies issued on or after the operative date stated in \u00a7 38.2-3214, the loan value referred to in former \u00a7 38.1-397 or \u00a7 38.2-3308, whichever applies, shall be the cash surrender value at the end of the current policy year required by \u00a7 38.2-3202. The insurer shall have the right to defer for up to six months after application for the loan is made a loan on the policy, except when made to pay premiums to the insurer.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":51734,"edition_id":2,"name":"Standard Nonforfeiture Provisions for Life Insurance","identifier":"32","label":"chapter","depth":2,"order_by":32,"parent_id":51644,"metadata":{"child_laws":30,"child_structures":0},"date_created":"2026-08-02 02:47:31","date_modified":"2026-08-02 12:33:10","permalink":{"id":1441507,"object_type":"structure","relational_id":51734,"identifier":"32","token":"38.2\/32","url":"\/38.2\/32\/","edition_id":2,"permalink":0,"preferred":1}},{"id":51644,"edition_id":2,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":88,"parent_id":null,"metadata":{"child_laws":1890,"child_structures":173},"date_created":"2026-08-02 02:45:30","date_modified":"2026-08-02 12:32:55","permalink":{"id":1437663,"object_type":"structure","relational_id":51644,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":362031,"structure_id":51734,"section_number":"38.2-3200","catch_line":"Nonforfeiture benefits and cash surrender values in life policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3200\/","token":"38.2\/32\/38.2-3200","metadata":false},{"id":362032,"structure_id":51734,"section_number":"38.2-3201","catch_line":"Same; for industrial life policies","url":"\/38.2-3201\/","token":"38.2\/32\/38.2-3201","metadata":false},{"id":362033,"structure_id":51734,"section_number":"38.2-3202","catch_line":"Standard nonforfeiture law; required policy provisions","url":"\/38.2-3202\/","token":"38.2\/32\/38.2-3202","metadata":false},{"id":362034,"structure_id":51734,"section_number":"38.2-3203","catch_line":"Same; cash surrender value in case of default","url":"\/38.2-3203\/","token":"38.2\/32\/38.2-3203","metadata":false},{"id":362035,"structure_id":51734,"section_number":"38.2-3204","catch_line":"Same; present value of paid-up nonforfeiture benefits on default","url":"\/38.2-3204\/","token":"38.2\/32\/38.2-3204","metadata":false},{"id":362036,"structure_id":51734,"section_number":"38.2-3205","catch_line":"Same; calculation of adjusted premiums","url":"\/38.2-3205\/","token":"38.2\/32\/38.2-3205","metadata":false},{"id":362037,"structure_id":51734,"section_number":"38.2-3206","catch_line":"Same; tables used for calculations","url":"\/38.2-3206\/","token":"38.2\/32\/38.2-3206","metadata":false},{"id":362038,"structure_id":51734,"section_number":"38.2-3207","catch_line":"Same; use of new mortality table; ordinary policies","url":"\/38.2-3207\/","token":"38.2\/32\/38.2-3207","metadata":false},{"id":362039,"structure_id":51734,"section_number":"38.2-3208","catch_line":"Same; industrial policies","url":"\/38.2-3208\/","token":"38.2\/32\/38.2-3208","metadata":false},{"id":362040,"structure_id":51734,"section_number":"38.2-3209","catch_line":"Same; adjusted premiums for policies","url":"\/38.2-3209\/","token":"38.2\/32\/38.2-3209","metadata":false},{"id":362042,"structure_id":51734,"section_number":"38.2-3210","catch_line":"Same; life insurance providing future premium determination","url":"\/38.2-3210\/","token":"38.2\/32\/38.2-3210","metadata":false},{"id":362043,"structure_id":51734,"section_number":"38.2-3211","catch_line":"Same; other factors in calculations","url":"\/38.2-3211\/","token":"38.2\/32\/38.2-3211","metadata":false},{"id":362044,"structure_id":51734,"section_number":"38.2-3212","catch_line":"Same; policies issued on or after January 1, 1986","url":"\/38.2-3212\/","token":"38.2\/32\/38.2-3212","metadata":false},{"id":362045,"structure_id":51734,"section_number":"38.2-3213","catch_line":"Same; exemptions from application of certain sections","url":"\/38.2-3213\/","token":"38.2\/32\/38.2-3213","metadata":false},{"id":362046,"structure_id":51734,"section_number":"38.2-3214","catch_line":"Same; operative date","url":"\/38.2-3214\/","token":"38.2\/32\/38.2-3214","metadata":false},{"id":362047,"structure_id":51734,"section_number":"38.2-3215","catch_line":"Same; operative date for \u00a7 38.2-3207","url":"\/38.2-3215\/","token":"38.2\/32\/38.2-3215","metadata":false},{"id":362048,"structure_id":51734,"section_number":"38.2-3216","catch_line":"Same; operative date for \u00a7 38.2-3208","url":"\/38.2-3216\/","token":"38.2\/32\/38.2-3216","metadata":false},{"id":362049,"structure_id":51734,"section_number":"38.2-3217","catch_line":"Loan provisions in policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3217\/","token":"38.2\/32\/38.2-3217","metadata":false},{"id":362050,"structure_id":51734,"section_number":"38.2-3218","catch_line":"Same; in policies subsequently issued","url":"\/38.2-3218\/","token":"38.2\/32\/38.2-3218","metadata":false},{"id":362051,"structure_id":51734,"section_number":"38.2-3219","catch_line":"Applicability","url":"\/38.2-3219\/","token":"38.2\/32\/38.2-3219","metadata":false},{"id":362053,"structure_id":51734,"section_number":"38.2-3220","catch_line":"Nonforfeiture requirements","url":"\/38.2-3220\/","token":"38.2\/32\/38.2-3220","metadata":false},{"id":362054,"structure_id":51734,"section_number":"38.2-3221","catch_line":"Minimum values","url":"\/38.2-3221\/","token":"38.2\/32\/38.2-3221","metadata":false},{"id":362055,"structure_id":51734,"section_number":"38.2-3222","catch_line":"Computation of present value","url":"\/38.2-3222\/","token":"38.2\/32\/38.2-3222","metadata":false},{"id":362056,"structure_id":51734,"section_number":"38.2-3223","catch_line":"Calculation of cash surrender values","url":"\/38.2-3223\/","token":"38.2\/32\/38.2-3223","metadata":false},{"id":362057,"structure_id":51734,"section_number":"38.2-3224","catch_line":"Calculation of paid-up annuity benefits","url":"\/38.2-3224\/","token":"38.2\/32\/38.2-3224","metadata":false},{"id":362058,"structure_id":51734,"section_number":"38.2-3225","catch_line":"Maturity date","url":"\/38.2-3225\/","token":"38.2\/32\/38.2-3225","metadata":false},{"id":362059,"structure_id":51734,"section_number":"38.2-3226","catch_line":"Disclosure of limited death benefits","url":"\/38.2-3226\/","token":"38.2\/32\/38.2-3226","metadata":false},{"id":362060,"structure_id":51734,"section_number":"38.2-3227","catch_line":"Inclusion of lapse of time considerations","url":"\/38.2-3227\/","token":"38.2\/32\/38.2-3227","metadata":false},{"id":362061,"structure_id":51734,"section_number":"38.2-3228","catch_line":"Proration of values; additional benefits","url":"\/38.2-3228\/","token":"38.2\/32\/38.2-3228","metadata":false},{"id":362062,"structure_id":51734,"section_number":"38.2-3229","catch_line":"Effective date","url":"\/38.2-3229\/","token":"38.2\/32\/38.2-3229","metadata":false}],"previous_section":{"id":362049,"structure_id":51734,"section_number":"38.2-3217","catch_line":"Loan provisions in policies issued prior to operative date stated in \u00a7 38.2-3214","url":"\/38.2-3217\/","token":"38.2\/32\/38.2-3217","metadata":false},"next_section":{"id":362051,"structure_id":51734,"section_number":"38.2-3219","catch_line":"Applicability","url":"\/38.2-3219\/","token":"38.2\/32\/38.2-3219","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3218\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.<\/p>","references":[{"id":362076,"section_number":"38.2-3308","catch_line":"Policy loans","order_by":null,"url":"\/38.2-3308\/"}],"refers_to":[{"id":362033,"section_number":"38.2-3202","catch_line":"Standard nonforfeiture law; required policy provisions","order_by":null,"url":"\/38.2-3202\/"},{"id":362046,"section_number":"38.2-3214","catch_line":"Same; operative date","order_by":null,"url":"\/38.2-3214\/"},{"id":362076,"section_number":"38.2-3308","catch_line":"Policy loans","order_by":null,"url":"\/38.2-3308\/"}],"permalink":{"id":1441581,"object_type":"law","relational_id":362050,"identifier":"38.2-3218","token":"38.2\/32\/38.2-3218","url":"\/38.2-3218\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/38.2-3218\/","token":"38.2\/32\/38.2-3218","dublin_core":{"Title":"Same; in policies subsequently issued","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3218","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>For policies issued on or after the operative date stated in \u00a7&nbsp;<a class=\"law\" title=\"Same; operative date\" href=\"\/38.2-3214\/\">38.2-3214<\/a>, the loan value referred to in former \u00a7&nbsp;38.1-397 or \u00a7&nbsp;<a class=\"law\" title=\"Policy loans\" href=\"\/38.2-3308\/\">38.2-3308<\/a>, whichever applies, shall be the cash surrender value at the end of the current policy year required by \u00a7&nbsp;<a class=\"law\" title=\"Standard nonforfeiture law; required policy provisions\" href=\"\/38.2-3202\/\">38.2-3202<\/a>. The <span class=\"dictionary\">insurer<\/span> shall have the right to defer for up to six months after application for the loan is made a loan on the policy, except when made to pay premiums to the <span class=\"dictionary\">insurer<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSAME; IN POLICIES SUBSEQUENTLY ISSUED (\u00a7 38.2-3218)\n\nFor policies issued on or after the operative date stated in \u00a7 38.2-3214, the\nloan value referred to in former \u00a7 38.1-397 or \u00a7 38.2-3308, whichever applies,\nshall be the cash surrender value at the end of the current policy year required\nby \u00a7 38.2-3202. The insurer shall have the right to defer for up to six months\nafter application for the loan is made a loan on the policy, except when made to\npay premiums to the insurer.\n\nHISTORY: Code 1950, \u00a7 38-385; 1952, c. 317, \u00a7 38.1-470; 1986, c. 562.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}