Rhode Island § 27-4.3-7 § 27-4.3-7. Proration of values — Net value of paid-up additions.

Rhode Island Statutes

§ 27-4.3-7 — § 27-4.3-7. Proration of values — Net value of paid-up additions.

Rhode Island § 27-4.3-7

Title 27Insurance

Ch. 27-4.3Standard Nonforfeiture Law for Life Insurance

This text of Rhode Island § 27-4.3-7 (§ 27-4.3-7. Proration of values — Net value of paid-up additions.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 27-4.3-7 (2026).

Text

§ 27-4.3-7. Proration of values — Net value of paid-up additions.
Any cash surrender value and any paid-up nonforfeiture benefit, available under the
            policy in the event of default in a premium payment due at any time other than on
            the policy anniversary, shall be calculated with allowance for the lapse of time and
            the payment of fractional premiums beyond the last preceding policy anniversary. All
            values referred to in §§ 27-4.3-3 — 27-4.3-5 may be calculated upon the assumption that any death benefit is payable at the end
            of the policy year of death. The net value of any paid-up additions, other than paid-up
            term additions, shall not be less than 

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§ 27-4.3-7. Proration of values — Net value of paid-up additions.

Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary. All values referred to in §§ 27-4.3-3 — 27-4.3-5 may be calculated upon the assumption that any death benefit is payable at the end of the policy year of death. The net value of any paid-up additions, other than paid-up term additions, shall not be less than the amounts used to provide the additions. Notwithstanding the provisions of § 27-4.3-3, additional benefits payable: (1) In the event of death or dismemberment by accident or accidental means; (2) In the event of total and permanent disability; (3) As reversionary annuity or deferred reversionary annuity benefits; (4) As term insurance benefits provided by a rider or supplemental policy provision to which, if issued as a separate policy, this chapter would not apply; (5) As term insurance on the life of a child or on the lives of children provided in a policy on the life of a parent of the child, if the term insurance expires before the child's age is twenty-six (26), is uniform in amount after the child's age is one, and has not become paid-up by reason of the death of a parent of the child; and (6) As other policy benefits additional to life insurance and endowment benefits, and premiums for all additional benefits, shall be disregarded in ascertaining cash surrender values and nonforfeiture benefits required by this chapter, and no additional benefits shall be required to be included in any paid-up nonforfeiture benefits.