Sec. 38a-634. (Formerly Sec. 38-226). Nonforfeiture benefits, cash surrender values and certificate loans.
Sec. 38a-634. (Formerly Sec. 38-226). Nonforfeiture benefits, cash surrender
values and certificate loans. A society may grant paid-up nonforfeiture benefits, cash
surrender values, certificate loans and such other options as its laws may permit. As to
certificates issued on and after January 1, 1958, a society shall grant at least one paid-up nonforfeiture benefit, except in the case of pure endowment, annuity or reversionary
annuity contracts, reducing term insurance contracts or contracts of term insurance of
uniform amount of fifteen years or less expiring before age sixty-six.
(1957, P.A. 448, S. 16.)
History: Sec. 38-226 transferred to Sec. 38a-634 in 1991.