2013 Maryland Code
INSURANCE
§ 16-306 - Paid-up nonforfeiture benefit after premium in default
§16-306.
On default of a premium payment due on a policy anniversary, the present value of any paid-up nonforfeiture benefit available under the policy, calculated as of that policy anniversary:
(1) shall at least equal the cash surrender value provided under the policy, calculated as of that policy anniversary; or
(2) if no cash surrender value is provided, shall equal the cash surrender value that would have been required under this subtitle absent a condition that premiums shall have been paid for at least a specified period.
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