Alabama § 27-15-74 - Computation of Paid-Up Nonforfeiture Benefits.
Full text of Alabama Code of Alabama § 27-15-74 — Computation of Paid-Up Nonforfeiture Benefits., with citation guidance and answers to common questions.
§ 27-15-74. Computation of Paid-Up Nonforfeiture Benefits.
Any paid-up nonforfeiture benefit available under the policy in the event of default in the premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, that cash surrender value which would have been required by this article in the absence of the condition that premiums shall have been paid for at least a specified period.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 27-15-74
What does Code of Alabama § 27-15-74 cover?
Section 27-15-74 ("Computation of Paid-Up Nonforfeiture Benefits.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 27-15-74?
A common citation format is "Code of Alabama § 27-15-74" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 27-15-74 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.