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2025 Virgin Islands Code
Title 22 - Insurance
Chapter 39 - Life Insurance and Annuities
§ 970. Nonforfeiture benefits; annuities, pure endowments
Universal Citation:
V.I. Code tit. 22, § 970 (2025)
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- Such contracts issued after the operative date of section 984 of this title 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; and
(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.
History
—Added Mar. 29, 1968, No. 2126, § 1, Sess. L. 1968, Pt. I, p. 52.
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