Any paid-up annuity benefit available under a contract must be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. The present value must be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
S.C. Code Ann. § 38-69-250
Paid-up annuity benefits; present value
Known as the Standard Nonforfeiture Law
The act spans §§ 38–38 (31 sections).
Former 1976 Code SECTION 38-8-50 [1978 Act No. 517 SECTION 5] recodified as SECTION 38-69-250 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.