South Carolina Code of Laws
Chapter 63 - Individual Life Insurance
Section 38-63-540. Minimum paid-up nonforfeiture benefits.

Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must 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 article in the absence of the condition that premiums must have been paid for at least a specified period.
HISTORY: Former 1976 Code Section 38-7-40 [1960 (51) 1554; 1962 Code Section 37-174] recodified as Section 38-63-540 by 1987 Act No. 155, Section 1.

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Structure South Carolina Code of Laws

South Carolina Code of Laws

Title 38 - Insurance

Chapter 63 - Individual Life Insurance

Section 38-63-10. Circulation of false or misleading information by life insurers.

Section 38-63-20. Misrepresentations to induce termination or conversion of life insurance policies.

Section 38-63-30. Lower life insurance rates for females lawful.

Section 38-63-40. Life insurance proceeds for insured's spouse, children, or dependents exempt from claims of insured's creditors; exceptions; certain other proceeds exempt from claims of beneficiary's or insured's creditors.

Section 38-63-50. Spendthrift provisions in settlement agreements are valid.

Section 38-63-60. Industrial life insurance.

Section 38-63-80. Interest on lump sum payment of life insurance proceeds.

Section 38-63-90. Attorneys' fees authorized.

Section 38-63-100. Charity or nonprofit corporation as life insurance beneficiary; construction of section.

Section 38-63-210. Whole contract, including application, must appear in policy; oral applications.

Section 38-63-220. Required policy provisions.

Section 38-63-225. Suicide and death exclusions.

Section 38-63-230. Methods of rescission by insurer.

Section 38-63-240. Interest rate on insurance policy loans.

Section 38-63-250. Alternative adjustable interest rate.

Section 38-63-260. Policies with face value less than five thousand dollars.

Section 38-63-270. Applicability to policies issued before effective date.

Section 38-63-280. Written disclosures.

Section 38-63-510. Short title; operative date of valuation manual defined.

Section 38-63-520. Paid-up nonforfeiture benefit and cash surrender value provisions are required in life insurance policies.

Section 38-63-530. Minimum cash surrender values.

Section 38-63-540. Minimum paid-up nonforfeiture benefits.

Section 38-63-550. Calculation of cash surrender values and paid-up nonforfeiture benefits when default occurs not on anniversary date of policy.

Section 38-63-560. Additional benefits and premiums must be disregarded.

Section 38-63-570. Calculation of adjusted premiums and present values.

Section 38-63-580. Basis for calculation of adjusted premiums and present values of industrial policies.

Section 38-63-590. Basis for calculation of adjusted premiums and present values of ordinary policies.

Section 38-63-600. Basis for calculating adjusted premiums and present values of policies issued on or after date of election of compliance by insurer or January 1, 1989, if later.

Section 38-63-610. Premiums, values, and benefits of life insurance plans providing for future premium determination.

Section 38-63-620. Calculation of cash surrender values, paid-up nonforfeiture benefits, adjusted premiums, and present values; net value of paid-up additions.

Section 38-63-630. Cash surrender value of policies issued on or after January 1, 1986.

Section 38-63-640. Excepted policies.

Section 38-63-650. Operative date of article.

Section 38-63-660. Promulgation of regulations.