Any paid-up nonforfeiture benefit available under a life insurance policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such 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 ORS 743.207 in the absence of the condition that premiums have been paid for at least a specified period. [Formerly 739.355; 1981 c.609 §15]
Section: Previous 743.192 743.195 743.198 743.201 743.204 743.207 743.210 743.213 743.215 743.216 743.218 743.219 743.221 743.222 743.225 NextLast modified: August 7, 2008