HERBERT R. O'CONOR, GOVERNOR. 469

interest per annum; and for all policies issued subsequent
to said thirty-first day of December, in the year nineteen
hundred and two, and on or before the thirty-first day of De-
cember 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 nineteen
hundred and eighteen, upon the American Experience Table
of Mortality or the American Men Ultimate Table of Mor-
tality 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 accord-
ance 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 Ameri-
can 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 preliminary term
policies of the same company, the reserve thereon at the end
of any year, including the 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 endowment
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 pay-
ment life or endowment policy. The premium payment period
is the period during which premiums are concurrently pay-
able. 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 stipu-
lated 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 obli-
gation, may, if adequate, be employed.