A paid-up nonforfeiture benefit available under a 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 that would have been required under this subchapter in the absence of the condition that premiums shall have been paid for at least a specified period.
Vt. Stat. Ann. tit. 8, § 3764
Computation of paid-up nonforfeiture benefits
Known as the Standard Nonforfeiture Law
The act spans §§ 8-3750 to 8-3773 (15 sections).
Added 2015, No. 63, § 2, eff
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.