Section 23-81-205 - Certain paid-up benefits

Any paid-up nonforfeiture benefit available under the 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 which would have been required by this subchapter in the absence of the condition that premiums shall have been paid for at least a specified period.Acts 1959, No. 148, § 336; 1981, No. 535, § 2; A.S.A. 1947, § 66-3327.