Alabama § 27-15-74 Computation of Paid-Up Nonforfeiture Benefits

Alabama Statutes

§ 27-15-74 — Computation of Paid-Up Nonforfeiture Benefits

Alabama·Title 27 Insurance·Ch. 15 Life Insurance and Annuity Contracts·Art. 3 Standard Nonforfeiture Law for Life Insurance

Any paid-up nonforfeiture benefit available under the policy in the event of default in the 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 this article in the absence of the condition that premiums shall have been paid for at least a specified period.

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Any paid-up nonforfeiture benefit available under the policy in the event of default in the 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 this article in the absence of the condition that premiums shall have been paid for at least a specified period.

Alabama § 27-15-74 (Computation of Paid-Up Nonforfeiture Benefits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.