Any paid-up nonforfeiture benefit available under the policy in the event of default in the premium payment due on any policy anniversary shall be such that its present value as of such 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 article in the absence of the condition that premiums shall have been paid for at least a specified period.
Structure Code of Alabama
Chapter 15 - Life Insurance and Annuity Contracts.
Article 3 - Standard Nonforfeiture Law for Life Insurance.
Section 27-15-70 - Short Title.
Section 27-15-71 - Definitions.
Section 27-15-72 - Nonforfeiture Benefits.
Section 27-15-73 - Computation of Cash Surrender Value.
Section 27-15-74 - Computation of Paid-Up Nonforfeiture Benefits.
Section 27-15-75 - Calculation of Adjusted Premiums.
Section 27-15-76 - Calculation of Adjusted Premiums - Ordinary Policies.
Section 27-15-77 - Calculation of Adjusted Premiums - Industrial Policies.
Section 27-15-78 - Calculations of Adjusted Premiums by the Nonforfeiture Net Level Premium Method.
Section 27-15-79 - Nonforfeiture Benefits for Indeterminate Premium Plans.
Section 27-15-80 - Proration of Values; Net Value of Paid-Up Additions.