Maine § 24-A §2531 Paid-up nonforfeiture benefits

Maine Statutes

§ 24-A §2531 — Paid-up nonforfeiture benefits

Maine § 24-A §2531

Title 24-AMAINE INSURANCE CODE

Ch. 29LIFE INSURANCE AND ANNUITY CONTRACTS

This text of Maine § 24-A §2531 (Paid-up nonforfeiture benefits) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 24-A, § 24-A §2531 (2026).

Text

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 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 sections 2529 to 2534 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 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 sections 2529 to 2534 in the absence of the condition that premiums shall have been paid for at least a specified period.