On default of a premium payment due on a policy anniversary, the present value of any paid-up nonforfeiture benefit available under the policy, calculated as of that policy anniversary:
(1) shall at least equal the cash surrender value provided under the policy, calculated as of that policy anniversary; or
(2) if no cash surrender value is provided, shall equal the cash surrender value that would have been required under this subtitle absent a condition that premiums shall have been paid for at least a specified period.
Structure Maryland Statutes
Title 16 - Life Insurance and Annuities
Subtitle 3 - Maryland Standard Nonforfeiture Law for Life Insurance
Section 16-301 - Scope of Subtitle; Applicability of Subtitle
Section 16-302 - Operative Date of Subtitle
Section 16-303 - Required Policy Provisions
Section 16-304 - Inapplicable Provisions; Deferral of Payment of Cash Surrender Value
Section 16-305 - Cash Surrender Value
Section 16-306 - Paid-Up Nonforfeiture Benefit After Premium in Default
Section 16-307 - Adjusted Premiums -- Policies Issued Before Operative Date of 16-309
Section 16-308 - Adjusted Premiums -- Applicable Tables
Section 16-309 - Adjusted Premiums -- Policies Issued After Operative Date of Section
Section 16-310 - Plans to Which 16-303 Through 16-309 Not Applicable
Section 16-311 - Miscellaneous Calculation Provisions
Section 16-312 - Cash Surrender Values -- Policies Issued on or After January 1, 1986