THEODORE R. MCKELDIN, GOVERNOR 191

Table of Mortality and three and one-half per cent in-
terest per annum; provided, that the Insurance Commis-
sioner 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 de-
termined by the one-year term method of valuation, as
hereinafter modified, on the basis of the American Experi-
ence Table of Mortality or the American Men Ultimate
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 pro-
viding 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 pro-
vide 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 pre-
mium reserve at such time of such a limited 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 the 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.

All policies of life insurance issued in this State shall con-
tain a clause specifying the basis upon which the reserve is
calculated. The legal minimum standard for valuation of
industrial policies issued subsequent to the thirty-first day