Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this subchapter in the absence of the condition that premiums shall have been paid for at least a specified period.
Section: Previous 23-81-202 23-81-203 23-81-204 23-81-205 23-81-206 23-81-207 23-81-208 23-81-209 23-81-210 23-81-211 23-81-212 23-81-213 NextLast modified: November 15, 2016