(b) a life policy other than a single premium life policy has been in force for three years or more,
the policy owner, by notice in writing to the licensed life insurer, may surrender the life policy and he shall be entitled to receive the surrender value of the life policy, determined in such manner as may be prescribed but subject to a deduction of moneys due under the life policy or under an agreement charging the moneys on the life policy.
(2) Notwithstanding paragraph (1)(b), a licensed life insurer may provide a surrender value for a life policy which has been in force for less than three years.
(3) A life policy shall remain in force until the licensed life insurer has effected payment of the surrender value of the life policy.