Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, must be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the contract year in which cessation of payment of considerations under the contract occurs.
S.C. Code Ann. § 38-69-300
Calculating benefits available other than on anniversary date
Known as the Standard Nonforfeiture Law
The act spans §§ 38–38 (31 sections).
Former 1976 Code SECTION 38-8-100 [1978 Act No. 517 SECTION 10] recodified as SECTION 38-69-300 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.