Washington Code 48.36A.200 – Paid-up nonforfeiture benefits and cash surrender values
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(1) For certificates issued prior to one year after January 1, 1988, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall comply with the provisions of law applicable immediately prior to January 1, 1988.
Terms Used In Washington Code 48.36A.200
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Washington Code 48.36A.040
(2) For certificates issued on or after one year from January 1, 1988, for which reserves are computed on the commissioner’s 1941 standard ordinary mortality table, the commissioner’s 1941 standard industrial table or the commissioner’s 1958 standard ordinary mortality table, or the commissioner’s 1980 standard mortality table, or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits based upon such tables.
(3) For annuity certificates issued on or after one year from January 1, 1988, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan, or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing annuities.
[ 1987 c 366 § 20.]