§ 16–306
Statutes in effect as of October 1, 2026.
Md. Code Ann., Ins. § 16-306 (2026)
Title 16. Life Insurance and Annuities
Subtitle 3. Maryland Standard Nonforfeiture Law for Life Insurance
§ 16–306LinkCopy Citation
On default of a premium payment due on a policy anniversary, the present value of any paid-up nonforfeiture benefit available under the policy, calculated as of that policy anniversary:
(1)
shall at least equal the cash surrender value provided under the policy, calculated as of that policy anniversary; or
(2)
if no cash surrender value is provided, shall equal the cash surrender value that would have been required under this subtitle absent a condition that premiums shall have been paid for at least a specified period.