§ 16-308. Adjusted premiums and present values calculated based on mortality table
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 16-308
§ 16-308. Adjusted premiums and present values calculated based on mortality table
(a) This section does not apply to a policy of life insurance issued on or after the operative date of § 16-309 of this subtitle.
(b)(1) This subsection does not apply to a policy governed by subsection (c) or (d) of this section.
(c)(1) This subsection applies to policies of ordinary life insurance issued:
(2) For policies of ordinary life insurance, the adjusted premiums and present values referred to in this subtitle shall be calculated based on the Commissioners 1958 Standard Ordinary Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits.
Industrial life insurance policies issued on or after January 1, 1968, but before operative date of § 16-309
(d)(1) This subsection applies to policies of industrial life insurance issued:
(2) For policies of industrial life insurance, the adjusted premiums and present values referred to in this subtitle shall be calculated based on the Commissioners 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy for calculating cash surrender values and paid-up nonforfeiture benefits.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 414.
MD Code, Insurance, § 16-308, MD INSURANCE § 16-308
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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