§ 10162
85 words·~1 min read·
/ca/insurance-code/10162A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 shall be 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 shall have been paid for at least a specified period.