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.
Structure 2021 Tennessee Code
Chapter 36 - Standard Nonforfeiture Law for Individual Deferred Annuities
§ 56-36-105. Computation of Present Value
§ 56-36-106. Calculation of Cash Surrender Values
§ 56-36-107. Calculation of Paid-Up Annuity Benefits
§ 56-36-109. Disclosure of Limited Benefits
§ 56-36-110. Inclusion of Lapse of Time Considerations