1. A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate
loans and such other options as its laws may permit.
2. In the case of certificates for which reserves are computed on the Commissioners
1980 Standard Ordinary Mortality Table or such other table of mortality as may be
specified by the society and approved by the Commissioner, every paid-up nonforfeiture
benefit and the amount of any cash surrender value, loan or other option granted must
not be less than the corresponding amount ascertained in accordance with the provisions
of the laws of this state applicable to life insurance companies issuing policies
containing like insurance benefits based upon those tables.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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