390 LAWS OF MARYLAND. [CH. 201

payment life or endowment policy. The premium payment
period is the period during which premiums are concurrently
payable. The value of all policies which contain any promise
or agreement for the purchase of the policy at any date prior
to its maturity or its termination by death for a sum in excess
of the value of the policy at such date determined according
to the standard of valuation herein prescribed for such policy,
shall be calculated in such manner and upon such assumption
as to rate of interest and mortality, that the value of the
policy so calculated shall at no time be less than the amount
stipulated therein, to be paid upon surrender of the policy at
the date then attained, and for the purpose of such valuation
the standard adopted by the company for the value of such
obligation may, if adequate, be employed; and in the determi-
nations of the values of the policies, the calculations may be
made either seriatim or of the policies in groups, using
approximate averages for fractions of the year; and in all
certificates of valuations issued by the Insurance Commis-
sioner or accepted by him under the provisions of sub-section
third, the basis upon which the valuation has been made Shall
be expressed.

All policies of life insurance issued in this State shall con-
tain a clause specifying the basis upon which the reserve is
calculated; and every policy of life insurance issued in this
State shall have legibly inscribed at the foot of the first page
a brief description of the true nature of the policy. The legal
minimum standard for the valuation of industrial policies
issued subsequent to the thirty-first day of December, in the
year nineteen hundred and eighteen, shall be the American
Experience Table of Mortality with interest at three and one-
half per centum per annum.

SEC. 2. And be it further enacted, That this Act shall take
effect from and after the first day of June, 1920.

Approved April 9, 1920.

CHAPTEE 201.

AN ACT to authorize and empower the Judges of the Fourth
Judicial Circuit of Maryland to appoint an Official Court
Stenographer for said Circuit and to define his duties and