Tex. Insurance Code § 1105.009
COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 1105.009, COMPUTATION OF PAID-UP NONFORFEITURE BENEFITS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680862
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Full text
Any paid-up nonforfeiture benefit available under the policy on default in the payment of a premium due on a policy anniversary must be such that its present value as of the policy anniversary is at least equal to:
(1) the cash surrender value then available under the policy; or
(2) if a cash surrender value is not available under the policy, the cash surrender value that would have been required by this chapter in the absence of the condition that premiums must have been paid for at least a specified period.