South Carolina § 38-63-540 - Minimum paid-up nonforfeiture benefits.
Full text of South Carolina South Carolina Code of Laws § 38-63-540 — Minimum paid-up nonforfeiture benefits., with citation guidance and answers to common questions.
§ 38-63-540. Minimum paid-up nonforfeiture benefits.
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary must be such that its present value as of such anniversary is 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 must have been paid for at least a specified period.
HISTORY: Former 1976 Code SECTION 38-7-40 [1960 (51) 1554; 1962 Code SECTION 37-174] recodified as SECTION 38-63-540 by 1987 Act No. 155, SECTION 1.
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 38-63-540
What does South Carolina Code of Laws § 38-63-540 cover?
Section 38-63-540 ("Minimum paid-up nonforfeiture benefits.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. 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 South Carolina § 38-63-540?
A common citation format is "South Carolina Code of Laws § 38-63-540" (South Carolina). 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 South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 38-63-540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina 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 South Carolina.