RCW 48.76.040
Nonforfeiture benefit in case of premium default.
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary is 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 chapter in the absence of the condition that premiums shall have been paid for at least a specified period.
[ 1982 1st ex.s. c 9 § 13.]
Structure Revised Code of Washington
Chapter 48.76 - Standard Nonforfeiture Law for Life Insurance.
48.76.010 - Short title—"NAIC" and "operative date of the valuation manual" defined.
48.76.020 - Nonforfeiture and cash surrender provisions required.
48.76.030 - Amount of cash surrender value.
48.76.040 - Nonforfeiture benefit in case of premium default.
48.76.050 - Calculation of adjusted premiums—Operative date of section.
48.76.060 - Requirements when specified methods of minimum values determination unfeasible.
48.76.070 - Calculation of cash surrender value and paid-up nonforfeiture benefit.
48.76.080 - Cash surrender value required for policies issued on or after January 1, 1986.
48.76.090 - Chapter inapplicable to certain policies.
48.76.100 - Operative date of chapter.
48.76.900 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.