HERBERT R. O'CONOR, GOVERNOR. 711

as defined in Sub-section (7), no policy of life insurance, except
as stated in Sub-section (6), shall be issued or delivered in this
State unless it shall contain in substance the following pro-
visions, or corresponding provisions which in the opinion of the
Commissioner are at least as favorable to the defaulting or
surrendering policyholder.

(i) That, in the event of default in any premium payment,
the company will grant, upon proper request not later
than sixty days after the due date of the premium in
default, a paid-up non-forfeiture benefit on a plan
stipulated in the policy, effective as of such due date,
of such value as may be hereinafter specified.

(ii) That, upon surrender of the policy within sixty days
after the due date of any premium payment in default
after premiums have been paid for at least three full
years in the case of Ordinary insurance or five full
years in the case of Industrial insurance, the company
will pay, in lieu of any paid-up non-forfeiture benefit,
a cash surrender value of such amount as may be here-
inafter specified.

(iii) That a specified paid-up non-forfeiture benefit shall
become effective as specified in the policy unless the
person entitled to make such election elects another
available option not later than sixty days after the
due date of the premium in default.

(iv) That, if the policy shall have become paid up by com-
pletion of all premium payments or if it is continued
under any paid-up non-forfeiture benefit which became
effective on or after the third policy anniversary in
the case of Ordinary insurance or the fifth policy an-
niversary in the case of Industrial insurance, the com-
pany will pay, upon surrender of the policy within
thirty days after any policy anniversary, a cash sur-
render value of such amount as may - be hereinafter
specified.

(v) A statement of the mortality table and interest rate
used in calculating the cash surrender values and the
paid-up non-forfeiture benefits available under the
policy, together with a table showing the cash sur-
render value, if any, and paid-up non-forfeiture bene-
fit, if any, available under the policy on each policy
anniversary either during the first twenty policy years
or during the term of the policy, whichever is shorter,
such values and benefits to be calculated upon the as-
sumption that there are no dividends or paid-up ad-
ditions credited to the policy and that there is no
indebtedness to the company on the policy.