RCW 48.23.460
Minimum cash surrender benefits—Death benefit.
For contracts which provide cash surrender benefits, such cash surrender benefits available before maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid prior to the time of cash surrender reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract, such present value being calculated on the basis of an interest rate not more than one percent higher than the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, decreased by the amount of any indebtedness to the company on the contract, including interest due and accrued, and increased by any existing additional amounts credited by the company to the contract. In no event may any cash surrender benefit be less than the minimum nonforfeiture amount at that time. The death benefit under such contracts shall be at least equal to the cash surrender benefit.
[ 1982 1st ex.s. c 9 § 26.]
Structure Revised Code of Washington
Chapter 48.23 - Life Insurance and Annuities.
48.23.020 - Standard provisions required—Life insurance.
48.23.040 - Entire contract—Representations.
48.23.060 - Misstatement of age.
48.23.070 - Participation in surplus.
48.23.075 - Participation in surplus—Requirements for forms.
48.23.085 - Policy loan interest rates.
48.23.090 - Table of values and options.
48.23.100 - Nonforfeiture options.
48.23.110 - Table of installments.
48.23.130 - Settlement on proof of death.
48.23.140 - Standard provisions—Annuities, pure endowment contracts.
48.23.150 - Grace period—Annuities, pure endowments.
48.23.160 - Incontestability—Annuities, pure endowments.
48.23.170 - Entire contract—Annuities, pure endowments.
48.23.180 - Misstatement of age or sex—Annuities, pure endowments.
48.23.190 - Dividends—Annuities, pure endowments.
48.23.200 - Nonforfeiture benefits—Annuities, pure endowments.
48.23.210 - Reinstatement—Annuities, pure endowments.
48.23.220 - Standard provisions—Reversionary annuities.
48.23.230 - Sections applicable.
48.23.240 - Reinstatement—Reversionary annuities.
48.23.250 - Supplemental benefits.
48.23.260 - Limitation of liability.
48.23.270 - Incontestability after reinstatement.
48.23.300 - Policy settlements—Interest.
48.23.310 - Deduction of indebtedness.
48.23.320 - Miscellaneous proceeds.
48.23.330 - Trafficking in dividend rights.
48.23.340 - Prohibited policy plans.
48.23.345 - Juvenile life insurance—Speculative or fraudulent purposes.
48.23.360 - Calculation of nonforfeiture benefits under annuities.
48.23.370 - Duties of insurer issuing both participating and nonparticipating policies—Rules.
48.23.380 - Return of policy and refund of premium—Grace period—Notice—Effect.
48.23.420 - Inapplicability of enumerated sections to certain policies.
48.23.430 - Paid-up annuity and cash surrender provisions required.
48.23.440 - Minimum nonforfeiture amounts.
48.23.450 - Minimum present value of paid-up annuity benefit.
48.23.460 - Minimum cash surrender benefits—Death benefit.
48.23.480 - Optional maturity dates.
48.23.490 - Statement required in contract without cash surrender or death benefits.
48.23.500 - Calculation of benefits available other than on contract anniversary.
48.23.510 - Additional benefits.
48.23.525 - Individual life insurance—Noninsurance benefits—Rules.
48.23.900 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.