§ 48.23.200 — Nonforfeiture benefits—Annuities, pure endowments.

Washington § 48.23.200

• Jurisdiction: Washington
• Title 48: INSURANCE
• Ch. 48.23: LIFE INSURANCE AND ANNUITIES

Text

Such contracts issued after the operative date of RCW 48.23.360 and individual deferred annuities issued before the operative date of RCW 48.23.420 through * 48.23.520 shall contain:

(1) A provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such date, of such value as is hereinafter specified.

(2) A statement of the mortality table and interest rate used in calculating the paid-up nonforfeiture benefit available under the contract.

(3) An explanation of the manner in which the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the contract or any indebtedness to the insurer on the contract.

*Reviser's note: RCW 48.23.520 was decodified pursuant to 2017 3rd sp.s. c 25 s 13 .

Legislative History

[1982 1st ex.s. c 9 s 34;1979 c 157 s 3; 1947 c 79 s .23.20; Rem. Supp. 1947 s 45.23.20.]