152                               LAWS OF MARYLAND                        [CH. 119

bodily infirmity accurring before age 65. The maximum age limitation
shall not apjply to hospital benefits furnished to its members by any
association under a plan not containing such limitations, provided
that no person shall hereafter be eligible to membership in such plan
after attaining the age 55.

(5) Annuity benefits, meaning periodical payments either im-
mediate or deferred and continuing during the life or lives of a mem-
ber or members or during the life or lives of a member or members
and for a term of years certain.

(6) Total and permanent disability benefits, meaning the bene-
fits payable by the association in the case of total and permanent disa-
bility as the result of either disease or accident and which are con-
tained in or supplemental to any life insurance or annuity obligation
of the association.

(7) Accident and Sickness benefits, payable to a member under
any certificate or contract issued to a member who is the head of a
family, whereunder the benefits thereof shall be limited to the pay-
ment by the association of amounts for expenses incurred by a mem-
ber on account of hospitalization, medical or surgical aid for such
member, his or her spouse, or his or her child or children not over 18
years of age due to sickness, bodily infirmity or accidental injury;
provided, however, such sickness, bodily infirmity, or accidental in-
jury shall occur before age 65.

(8) Monuments or tombstones to the memory of the deceased
members not exceeding in any case the sum of $300.

Any benefits authorized in this Section, or combination thereof,
may be provided in the same or separate certificates.

(B) Any such association may grant under a certificate issued,
paid-up non-forfeiture benefits, cash surrender values, certificate
loans or such other options as its laws may permit, provided that
with respect to such certificates issued after December 31, 1955, the
association shall charge the full rate and maintain the full reserve
based on a table of mortality at least as high as the American Ex-
perience Table of Mortality with Craig's or Buttolph's Extension
thereof, or the American Men Ultimate Table of Mortality with Bow-
erman's Extension thereof, tvith an interest assumption of three and
one-half per cent per annum, or based on any other standard now or
hereafter authorized for use by domestic life insurers; and that, with
respect to such certificates isued on or prior to December 31,1955 the
association shall maintain reserves under a table of mortality not
lower than the American Experience Table of Mortality with Craig's
or Buttolph's Extension thereof, with an interest assumption of four
per cent per annum.

In the case of certificates issued after December 31, 1955, other
than those for which reserves are computed on the Commissioners—
1941 Standard Ordinary Mortality Table or the 1941 Standard In-
dustrial Mortality Table, the value of every paid-up non-forfeiture
benefit and the amount of any cash surrender value, loan or other
option granted shall not be less than the excess, if any, of

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(1) the reserve under the certificate determined on the basis
specified in the certificate; and