SECTION 38.2-3218. Same; in policies subsequently issued  

For policies issued on or after the operative date stated in § 38.2-3214 , the loan value referred to in former § 38.1-397 or § 38.2-3214 , whichever applies, shall be the cash surrender value at the end of the current policy year required by § 38.2-3214 . 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.

Code 1950, § 38-385; 1952, c. 317, § 38.1-470; 1986, c. 562.