Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must 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 article in the absence of the condition that premiums must have been paid for at least a specified period.
S.C. Code Ann. § 38-63-540
Minimum paid-up nonforfeiture benefits
Known as the Standard Nonforfeiture Law
The act spans §§ 38–38 (31 sections).
Former 1976 Code SECTION 38-7-40 [1960 (51) 1554; 1962 Code SECTION 37-174] recodified as SECTION 38-63-540 by 1987 Act No. 155, SECTION 1.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.