ORS 743.210
Determination of cash surrender values
- applicability to certain policies
(1)
Except as otherwise provided in subsections (2) and (3) of this section, any cash surrender value available under a life insurance policy in the event of default in a premium payment due on any policy anniversary, whether or not required by ORS 743.207 (Required provisions relating to nonforfeiture), shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of:(a)
The present value on such anniversary of the adjusted premiums, as defined in ORS 743.215 (Calculation of adjusted premiums) and 743.216 (Adjusted premiums), corresponding to premiums which would have fallen due on and after such anniversary; and(b)
The amount of any indebtedness to the insurer on the policy.(2)
This subsection applies to a life insurance policy issued on or after the operative date defined in ORS 743.215 (Calculation of adjusted premiums) which provides supplemental life insurance or annuity benefits by rider or supplemental policy provision at the option of the insured and for an identifiable additional premium. For such a policy, the cash surrender value shall be an amount not less than the cash surrender value required by subsection (1) of this section for a policy otherwise similar to the subject policy but without such rider or supplemental policy provision, plus the cash surrender value required by subsection (1) of this section for a policy which provides only the benefits provided by such rider or supplemental policy provision in the subject policy.(3)
This subsection applies to a family life insurance policy issued on or after the operative date defined in ORS 743.215 (Calculation of adjusted premiums) which policy defines a primary insured and provides term insurance on the life of the spouse of the primary insured with a term that expires before age 71 of the spouse. For such a policy, the cash surrender value shall be an amount not less than the cash surrender value required by subsection (1) of this section for a policy otherwise similar to the subject policy but without such term insurance on the life of the spouse, plus the cash surrender value required by subsection (1) of this section for a policy which provides only the benefits provided by such term insurance on the life of the spouse in the subject policy.(4)
Any cash surrender value available within 30 days after any policy anniversary under any policy which has been paid up by completion of all premium payments or any policy which has been continued under any paid-up nonforfeiture benefit, whether or not required by ORS 743.207 (Required provisions relating to nonforfeiture), shall be an amount not less than the present value, on such anniversary, of the future guaranteed benefits provided for by the policy, including any existing paid-up additions, decreased by the amount of any indebtedness to the insurer on the policy. [Formerly 739.350; 1981 c.609 §14]
Source:
Section 743.210 — Determination of cash surrender values; applicability to certain policies, https://www.oregonlegislature.gov/bills_laws/ors/ors743.html.
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