Ohio § 3915.06
Full text of Ohio Ohio Revised Code § 3915.06, with citation guidance and answers to common questions.
§ 3915.06.
The nonforfeiture benefit referred to in division (H) of section 3915.05 of the Revised Code shall be available to the owner of the policy in the event of default in premium
payments after premiums have been paid for three years, and such benefit shall be
a stipulated form of insurance, the net value of which shall be at least equal to
the reserve at the date of default on the policy and on any dividend additions thereto,
less a sum not more than two and one half per cent of the amount insured by the policy
and of any existing dividend additions thereto, and less any existing indebtedness
to the company on the policy. The policy shall specify the mortality table and rate of interest adopted for computing
such reserves, and shall stipulate that it may be surrendered to the company at its
home office within one month from date of default for a specified cash value at least
equal to the sum which would otherwise be available for the purchase of insurance. The policy may stipulate that the company may defer payment for not more than six
months after the application therefor is made. This section does not apply to term insurance of twenty years or less, nor to policies
issued pursuant to section 3915.07 or 3915.071 of the Revised Code on or after their respective operative dates for such policies.
Frequently Asked Questions About Ohio § 3915.06
What does Ohio Revised Code § 3915.06 cover?
Section 3915.06 is part of the Ohio Revised Code, the codified statutory law of Ohio. 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 Ohio § 3915.06?
A common citation format is "Ohio Revised Code § 3915.06" (Ohio). 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 Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 3915.06 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio 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 Ohio.