RCW 48.23.200: Nonforfeiture benefits—Annuities, pure endowments.

RCWs > Title 48 > Chapter 48.23 > Section 48.23.200

These documents are currently being revised to incorporate the changes made during the 2024 Legislative Session. Please consult the Sections Affected Table for changes made during the 2024 Legislative Session.

48.23.190 << 48.23.200 >> 48.23.210

PDFRCW 48.23.200

Nonforfeiture benefits—Annuities, pure endowments.

Such contracts issued after the operative date of RCW 48.23.360 and individual deferred annuities issued before the operative date of RCW 48.23.420 through * 48.23.520 shall contain:

(1) A provision that in the event of default in any stipulated payment, the insurer will grant a paid-up nonforfeiture benefit on a plan stipulated in the contract, effective as of such date, of such value as is hereinafter specified.

(2) A statement of the mortality table and interest rate used in calculating the paid-up nonforfeiture benefit available under the contract.

(3) An explanation of the manner in which the paid-up nonforfeiture benefits are altered by the existence of any paid-up additions credited to the contract or any indebtedness to the insurer on the contract.

[ 1982 1st ex.s. c 9 § 34; 1979 c 157 § 3; 1947 c 79 § .23.20; Rem. Supp. 1947 § 45.23.20.]

NOTES:

*Reviser's note: RCW 48.23.520 was decodified pursuant to 2017 3rd sp.s. c 25 § 13.