2009 Washington Code
Title 48 - Insurance
Chapter 48.76 - Standard nonforfeiture law for life insurance.
48.76.040 - Nonforfeiture benefit in case of premium default.
Nonforfeiture benefit in case of premium default.
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 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 chapter in the absence of the condition that premiums shall have been paid for at least a specified period.
[1982 1st ex.s. c 9 ยง 13.]
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