Sec. 1105.008. COMPUTATION OF CASH SURRENDER VALUE ON SURRENDER FOLLOWING POLICY ANNIVERSARY. Any cash surrender value available not later than the 30th day after the date of a policy anniversary under a policy paid up by completion of all premium payments or a policy continued under any paid-up nonforfeiture benefit, regardless of whether required by Section 1105.004, must be an amount not less than the present value, on the policy anniversary, of the future guaranteed benefits available under the policy, including any existing paid-up additions, less any indebtedness to the company on the policy.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Structure Texas Statutes
Title 7 - Life Insurance and Annuities
Subtitle A - Life Insurance in General
Chapter 1105 - Standard Nonforfeiture Law for Life Insurance
Subchapter A. General Provisions
Section 1105.002. Applicability of Chapter
Section 1105.004. Required Nonforfeiture Provisions
Section 1105.006. Determination of Rated Age
Section 1105.007. Computation of Cash Surrender Value Following Default
Section 1105.008. Computation of Cash Surrender Value on Surrender Following Policy Anniversary
Section 1105.009. Computation of Paid-Up Nonforfeiture Benefits
Section 1105.010. Proration of Values; Net Value of Paid-Up Additions