Ohio Code § 3915.06
Ohio Code § 3915.06. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 3915.06.
The nonforfeiture benefit referred to in division (H) of section 3915.05 of the Revised Code shall be available to the owner of the policy in the event of default in premium
payments after premiums have been paid for three years, and such benefit shall be
a stipulated form of insurance, the net value of which shall be at least equal to
the reserve at the date of default on the policy and on any dividend additions thereto,
less a sum not more than two and one half per cent of the amount insured by the policy
and of any existing dividend additions thereto, and less any existing indebtedness
to the company on the policy. The policy shall specify the mortality table and rate of interest adopted for computing
such reserves, and shall stipulate that it may be surrendered to the company at its
home office within one month from date of default for a specified cash value at least
equal to the sum which would otherwise be available for the purchase of insurance. The policy may stipulate that the company may defer payment for not more than six
months after the application therefor is made. This section does not apply to term insurance of twenty years or less, nor to policies
issued pursuant to section 3915.07 or 3915.071 of the Revised Code on or after their respective operative dates for such policies.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 3915.06
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 3915.06?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 3915.06 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 3915.06 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.