§ 16-306
87 words·~1 min read·
/md/insurance/16-306A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§16–306.
On default of a premium payment due on a policy anniversary, the present value of any paid-up nonforfeiture benefit available under the policy, calculated as of that policy anniversary:
(1)shall at least equal the cash surrender value provided under the policy, calculated as of that policy anniversary; or
(2)if no cash surrender value is provided, shall equal the cash surrender value that would have been required under this subtitle absent a condition that premiums shall have been paid for at least a specified period.