Any paid-up annuity benefit available under a contract shall 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 shall 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.
Tenn. Code Ann. § 56-36-105
Computation of present value
Known as the Standard Nonforfeiture Law
The act spans §§ 56-36-101 to 56-36-113 (13 sections).
Acts 1978, ch. 590, § 5; T.C.A., § 56-4605.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.