§ 4221. Standard nonforfeiture law. (a) In the case of policies issued\non or after the operative date of this section as defined in subsection\n(p) hereof, no policy of life insurance, except as stated in subsection\n(o) hereof, shall be delivered or issued for delivery in this state\nunless it shall contain in substance the following provisions, or\ncorresponding provisions which in the opinion of the superintendent are\nat least as favorable to the defaulting or surrendering policyholder as\nare minimum requirements hereinafter specified and are essentially in\ncompliance with subsection (n) hereof:\n (1) That, in the event of default in any premium payment, the company\nwill grant, upon proper request not later than sixty days after the due\ndate of the premium in default, a paid-up nonforfeiture benefit on a\nplan stipulated in the policy, effective as of such due date, of such\nvalue as may be hereinafter specified. In lieu of such stipulated\npaid-up nonforfeiture benefit, the company may substitute, upon proper\nrequest not later than sixty days after the due date of the premium in\ndefault, a more favorable alternative paid-up nonforfeiture benefit\nwhich provides a greater amount or longer period of death benefits or,\nif applicable, a greater amount or earlier payment of endowment\nbenefits.\n (2) That, upon surrender of the policy within sixty days after the due\ndate of any premium payment in default after premiums have been paid for\nat least three full years, the company will pay, in lieu of any paid-up\nnonforfeiture benefit, a cash surrender value of such amount as may be\nhereinafter specified.\n (3) That a specified paid-up nonforfeiture benefit shall become\neffective as specified in the policy unless the person entitled to make\nsuch election elects another available option not later than sixty days\nafter the due date of the premium in default.\n (4) That, if the policy shall have become paid up by completion of all\npremium payments or if it is continued under any paid-up nonforfeiture\nbenefit which became effective on or after the third policy anniversary,\nthe company will pay, upon surrender of the policy within thirty days\nafter any policy anniversary, a cash surrender value of such amount as\nmay be hereinafter specified.\n (5) In the case of policies which provide for the crediting of\nadditional amounts pursuant to subsection (b) of section four thousand\ntwo hundred thirty-two of this article, under which cash surrender\nvalues are adjusted in accordance with a market-value adjustment\nformula, which cause on a basis guaranteed in the policy unscheduled\nchanges in benefits or premiums, or which provide an option for changes\nin benefits or premiums other than a change to a new policy, a statement\nof the mortality table, interest rate, and method used in calculating\ncash surrender values and any paid-up nonforfeiture benefits available\nunder the policy. In the case of all other policies, a statement of the\nmortality table and interest rate used in calculating the cash surrender\nvalues and any paid-up nonforfeiture benefits available under the\npolicy, together with a table showing the cash surrender value, if any,\nand paid-up nonforfeiture benefit, if any, available under the policy on\neach policy anniversary either during the first twenty policy years or\nduring the term of the policy, whichever is shorter, such values and\nbenefits to be calculated upon the assumption that there are no\ndividends or paid-up additions credited to the policy and that there is\nno indebtedness to the company on the policy.\n (5-a) In the case of policies which provide for the crediting of\nadditional amounts pursuant to subsection (b) of section four thousand\ntwo hundred thirty-two of this article and which provide for surrender\ncharges in accordance with subsection (n-1) of this section, a statement\nas to any charges that will be imposed upon surrender of the policy.\n (5-b) In the case of poli
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