South Carolina Statutes
§ 38-63-550 — Calculation of cash surrender values and paid-up nonforfeiture benefits when default occurs not on anniversary date of policy.
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 must be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary.
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South Carolina § 38-63-550 (Calculation of cash surrender values and paid-up nonforfeiture benefits when default occurs not on anniversary date of policy.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-7-50 [1960 (51) 1554; 1962 Code SECTION 37-175] recodified as SECTION 38-63-550 by 1987 Act No. 155, SECTION 1.
Nearby Sections
15
§ 38-63-110
Individual life insurance.§ 38-63-220
Required policy provisions.§ 38-63-225
Suicide and death exclusions.§ 38-63-230
Methods of rescission by insurer.§ 38-63-240
Interest rate on insurance policy loans.§ 38-63-250
Alternative adjustable interest rate.§ 38-63-280
Written disclosures.