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 the anniversary shall be 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 the premium shall have been paid for at least a specified period.
R.I. Gen. Laws § 27-4.3-4
Computation of paid-up nonforfeiture benefits
Known as the Standard Nonforfeiture Law for Life Insurance Act
The act spans §§ 27–27 (12 sections).
P.L. 1993, ch. 180, § 1.
Official source: Rhode Island General Assembly. Reproduced from public-domain Rhode Island statutes; confirm against the official source for the current text. Not legal advice.