RCW 48.23.470
Contracts without cash surrender, death benefits—Minimum present value of paid-up annuity benefits.
For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from considerations paid before the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event may the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
[ 1982 1st ex.s. c 9 § 27.]
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.