South Carolina § 38-63-540 Minimum paid-up nonforfeiture benefits.

South Carolina Statutes

§ 38-63-540 — Minimum paid-up nonforfeiture benefits.

South Carolina § 38-63-540

Title 38INSURANCE

Ch. 63INDIVIDUAL LIFE INSURANCE

This text of South Carolina § 38-63-540 (Minimum paid-up nonforfeiture benefits.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-63-540 (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 must 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 article in the absence of the condition that premiums must 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 must 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 article in the absence of the condition that premiums must have been paid for at least a specified period.