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 the 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 NRS 688A.290 to 688A.360, inclusive, in the absence of the condition that premiums must have been paid for at least a specified period.
(Added to NRS by 1971, 1737; A 1983, 953)