KRS 304.15-330: 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 shall be such that its present value as of

such anniversary shall be at least equal to the cash surrender value then pro vided for by

the policy or, if none is provided for, that cash surrender value which would have been

required by KRS 304.15 -310 to 304.15 -360, inclusive, in the absence of the condition

that premiums shall have been paid for at least a specified period.