ALBERT C. RITCHIE, GOVERNOR. 389

and its deposits made, in ease, the company is chartered by
the Government of the United States, or by any foreign gov-
ernment, or by any State not having an insurance department,
a certificate giving the net value of all policies in force in the
company on the thirty-first day of December of the preceding
year, which calculation of the net value of the policies in
force shall, for all policies issued on or before the thirty-first
day of December, in the year 1902, be based upon the Ameri-
can Experience Table of Mortality, and four and one-half per
cent interest per annum; and for all policies issued subsequent
to said thirty-first day of December, in the year nineteen hun-
dred and two. and on or before the thirty-first day of Decem-
ber, in the year nineteen hundred and eighteen, upon the
Actuaries Table of Mortality, and four per cent interest per
annum; and for all policies, except industrial, issued subse-
quent to the thirty-first day of December, in the year nine-
teen hundred and eighteen, upon the American Experience
Table of Mortality and three and one-half per cent interest
per annum; provided, that the Insurance Commissioner shall,
upon the request of any company, cause all policies of such
company issued subsequent to the thirty-first day of December,
in the year nineteen hundred and eighteen, to be valued in
accordance with the terms of the policy contract, but in no
case to be less than that determined by the one year term
method of valuation, as hereinafter modified, on the basis of
the American Experience Table of Mortality and three and
one-half per cent interest per annum. If the premium charged
for term insurance under a limited payment life preliminary
term policy providing for the payment of all premiums
thereon in less than twenty years from the date of. the policy,
or under an endowment preliminary term policy, exceeds that
charged for like insurance under twenty payment life pre-
liminary term policies of the same company, the reserve
thereon at the end of any year, including first, shall not be less
than the reserve of a twenty payment life preliminary term
policy issued in the same year and at the same age, together
with an amount which shall be equivalent to the accumulation
of a net level premium sufficient to provide for a pure en-
dowment at the end of the premium payment period, equal
to the difference between the value at the end of such period of
such a twenty payment life preliminary term policy and the
full net level premium reserve at such time of such a limited