44-407.03.

Policies issued on or after operative date of law; default in premium payment on policy anniversary; paid-up nonforfeiture benefit.

Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of such anniversary shall be 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 sections 44-407 to 44-407.09 and 44-407.24 to 44-407.26 in the absence of the condition that premiums shall have been paid for at least a specified period.