33-20-504. Exception.
126 words·~1 min read·
/mt/title-33/chapter-20/part-5/33-20-504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
33-20-504 . Exception. Notwithstanding the requirements of 33-20-503 , any deferred annuity contract may provide that if no consideration has been received under a contract for a period of 2 full years and the portion of the paid-up annuity benefit at maturity on the plan stipulated in the contract arising from consideration paid prior to such period would be less than $20 monthly, the company may at its option terminate such contract by payment in cash of the then present value of such portion of the paid-up annuity benefit, calculated on the basis of the mortality table, if any, and interest rate specified in the contract for determining the paid-up annuity benefit, and by such payment shall be relieved of any further obligation under such contract.