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 must be calculated with allowance for the lapse of time and the payment of fractional premiums beyond the last preceding policy anniversary.
HISTORY: Former 1976 Code Section 38-7-50 [1960 (51) 1554; 1962 Code Section 37-175] recodified as Section 38-63-550 by 1987 Act No. 155, Section 1.
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