§ 48.76.040. Nonforfeiture benefit in case of premium default
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 such anniversary is 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 chapter in the absence of the condition that premiums shall have been paid for at least a specified period.
[1982 1st ex.s. c 9 § 13.]
Sections: Previous 48.76.010 48.76.020 48.76.030 48.76.040 48.76.050 48.76.060 48.76.070 48.76.080 48.76.090 48.76.100 NextLast modified: April 7, 2009