Virginia § 38.2-3204 - Same; present value of paid-up nonforfeiture benefits on default
Full text of Virginia Code of Virginia § 38.2-3204 — Same; present value of paid-up nonforfeiture benefits on default, with citation guidance and answers to common questions.
§ 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.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 38.2-3204
What does Code of Virginia § 38.2-3204 cover?
Section 38.2-3204 ("Same; present value of paid-up nonforfeiture benefits on default") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 38.2-3204?
A common citation format is "Code of Virginia § 38.2-3204" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 38.2-3204 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.