Theodore R. McKeldin, Governor                     141

be voidable at the option of the insurer, upon return to the insured
of the aggregate of gross premiums charged on the policy, less
dividends paid in cash, or used in the payment of premiums thereon,
and less any indebtedness to the insurer on the policy including inter-
est due and accrued; but in no case may such option be exercised
beyond thirty days after the correct age is established. If such
option is not exercised by the insurer or if no age discrepancy is dis-
covered within three years from the date of issue of the policy, then
such policy cannot be voided by the insurer, but the amount payable
shall be determined in accordance with Sub-section (a) of this sec-
tion; provided, however, if the rates of premium of the insurer in
force at the date of issue of the policy do not include the rate for
such correct age or ages, then the amount payable shall be determined
in accordance with established actuarial principles.

(c) This section shall not apply to group life insurance policies.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1956.

Approved March 2, 1956.

CHAPTER 47
(Senate Bill 13)

AN ACT to add five SIX new sections to Article 48A of the Annotated
Code of Maryland (1951 Edition), title 'Insurance", sub-title
"Life, Accident and Health Insurance", said new sections to be
known as Sections 170A, 170B, 170C, 170D,

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, 170E AND
170F to follow immediately after Section 170 thereof, relating to
insurable interests, the requirement, with exceptions, of an applica-
tion for certain insurance, alteration of an application for insurance,
the application as evidence

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170E AND 170F to follow immediately after Section 170 of said
Article, all to read as follows:

170A. (Insurable Interest Required; Personal Insurance.) (a)
Any individual of competent legal capacity may procure or effect an
insurance contract upon his own life or body for the benefit of any
person. But no person shall procure or cause to be procured any
insurance contract upon the life or body of another individual unless
the benefits under such contract are payable to the individual insured

Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.