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27-17-13
Section 27-17-13 Policy provisions - Nonforfeiture benefits and cash surrender values.
There shall be provisions for nonforfeiture benefits and cash surrender values as required
by Section 27-15-28; except, that, with respect to benefits provided in the form of
funeral or monument merchandise and services, the required minimum cash surrender values shall
be two thirds of the cash surrender values which would be required for a cash life insurance
policy having a face amount equal to the cash benefit provided in accordance with Section
27-17-9. (Acts 1971, No. 407, p. 707, §404.)...
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27-15-81
Section 27-15-81 Consistency of progression of cash surrender values with increasing
policy duration. (a) This section, in addition to all other applicable sections of
this article, shall apply to all policies issued on or after January 1, 1985. Any cash surrender
value available under the policy in the event of default in a premium payment due on any policy
anniversary shall be in an amount which does not differ by more than two-tenths of one percent
of either the amount of insurance, if the insurance be uniform in amount, or the average amount
of insurance at the beginning of each of the first 10 policy years, from the sum of: (1) The
greater of zero and the basic cash value hereinafter specified. (2) The present value of any
existing paid-up additions, less the amount of any indebtedness to the insurer on account
of or secured by the policy. (b) The basic cash value shall be equal to the present value,
on such anniversary, of the future guaranteed benefits which would have been...
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27-15-78
Section 27-15-78 Calculations of adjusted premiums by the nonforfeiture net level premium
method. (a) This section shall apply to all policies issued on or after the operative
date of this section as defined herein. Except as provided in subsection (g), the adjusted
premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage
of the respective premiums specified in the policy for each policy year, excluding extra premiums
on a substandard policy and also excluding any uniform annual contract charge or policy fee
specified in the policy in a statement of the method to be used in calculating the cash surrender
values and paid-up nonforfeiture benefits, that the present value, at the date of issue of
the policy, of all adjusted premiums shall be equal to the sum of: (1) The then present value
of the future guaranteed benefits provided for by the policy. (2) One percent of either the
amount of insurance, if the insurance be uniform in amount, or the...
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27-15-80
Section 27-15-80 Proration of values; net value of paid-up additions. Any cash surrender
value and any paid-up nonforfeiture benefit available under the policy in the event of default
in a premium payment due at any time other than on the policy anniversary shall be calculated
with allowance for the lapse of time and the payment of fractional premiums beyond the last
preceding policy anniversary. All values referred to in Sections 27-15-73, 27-15-74, 27-15-75,
27-15-76, 27-15-77, and 27-15-78 may be calculated on the assumption that any death benefit
is payable at the end of the policy year of death. The net value of any paid-up additions,
other than paid-up term additions, shall not be less than the amounts used to provide such
additions. Notwithstanding the provisions of Section 27-15-73, additional benefits
payable as follows shall be disregarded in ascertaining cash surrender values and nonforfeiture
benefits required by this article, and no such additional benefits shall be...
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27-15-28.1
Section 27-15-28.1 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued by election under this section until June 30, 2006. (a) This section
shall be known as the standard nonforfeiture law for individual deferred annuities. (b) This
section shall not apply to any reinsurance group annuity purchased under a retirement
plan or plan of deferred compensation established or maintained by an employer (including
a partnership or sole proprietorship) or by an employee organization, or by both, other than
a plan providing individual retirement accounts or individual retirement annuities under Section
408 of the Internal Revenue Code, as now or hereafter amended, premium deposit fund, variable
annuity, investment annuity, immediate annuity, any deferred annuity contract after annuity
payments have commenced or reversionary annuity, nor to any contract which shall be delivered
outside this state through an agent or other representative of the company issuing...
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27-15-28.2
Section 27-15-28.2 Standard nonforfeiture law for individual deferred annuities - Annuity
contracts issued after June 30, 2006, or by election under this section until June
30, 2006. (a) This section shall be known as the standard nonforfeiture law for individual
deferred annuities. (b) This section shall not apply to any reinsurance group annuity
purchased under a retirement plan or plan of deferred compensation established or maintained
by an employer (including a partnership or sole proprietorship) or by an employee organization,
or by both, other than a plan providing individual retirement accounts or individual retirement
annuities under Section 408 of the Internal Revenue Code, as now or hereafter amended,
premium deposit fund, variable annuity, investment annuity, immediate annuity, any deferred
annuity contract after annuity payments have commenced or reversionary annuity, nor to any
contract which shall be delivered outside this state through an agent or other representative...
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27-16-13
Section 27-16-13 Policy provisions - Nonforfeiture benefits and cash surrender values.
There shall be provisions for nonforfeiture benefits and cash surrender values as required
by Section 27-15-28. (Acts 1971, No. 407, p. 707, §387.)...
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27-15-77
Section 27-15-77 Calculation of adjusted premiums - Industrial policies. (a) This section
shall not apply to industrial policies to be issued on or after the operative date of Section
27-15-78, as defined therein. (b) The adjusted premiums and present values referred to in
this article for all policies of industrial insurance shall be calculated on the basis of
the Commissioners 1961 Standard Industrial Mortality Table. All calculations shall be made
on the basis of the rate of interest specified in the policy for calculating cash surrender
values and paid-up nonforfeiture benefits; provided, that such rate of interest shall not
exceed three and one-half percent per annum; provided further, that a rate of interest not
exceeding four percent per annum may be used for policies issued on or after August 23, 1976,
and prior to July 30, 1979, and a rate of interest not exceeding five and one-half percent
per annum may be used for policies issued on or after July 30, 1979; provided, however,...
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27-15-73
Section 27-15-73 Computation of cash surrender value. (a) Any cash surrender value available
under the policy in the event of default in the premium payment due on any policy anniversary,
whether or not required by Section 27-15-72, shall be an amount not less than the excess,
if any, of the present value on such anniversary of the future guaranteed benefits which would
have been provided for by the policy, including any existing paid-up additions if there had
been no default, over the sum of: (1) The then present value of the adjusted premium as defined
in Sections 27-15-75, 27-15-76, 27-15-77, and 27-15-78, corresponding to premiums which would
have fallen due on and after such anniversary. (2) The amount of any indebtedness to the insurer
on account of or secured by the policy. (b) Provided, however, that for any policy issued
on or after the operative date of Section 27-15-78, as defined therein, which provides
supplemental life insurance or annuity benefits at the option of the...
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27-15-72
Section 27-15-72 Nonforfeiture benefits. (a) In the case of policies issued on or after
January 1, 1972, no policy of life insurance, except as set forth in Section 27-15-82,
shall be delivered or issued for delivery in this state unless it shall contain in substance
the following provisions, or corresponding provisions which, in the opinion of the commissioner,
are at least as favorable to the defaulting or surrendering policyholder as are the minimum
requirements specified in this section and are essentially in compliance with Section
27-15-81: (1) That, in the event of default in any premium payment, the insurer will grant,
upon proper request not later than 60 days after the due date of the premium in default, a
paid-up nonforfeiture benefit on a plan stipulated in the policy, effective as of such due
date, of such amount as may be specified in this article. In lieu of such stipulated paid-up
nonforfeiture benefit, the insurer may substitute, upon proper request not later than 60...
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