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Session Laws, 1959
Volume 642, Page 236   View pdf image (33K)
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236                              Laws of Maryland                       [Ch. 184

company makes no such election, the operative date of this sub-
section for such company shall be January 1, 1966.

(5)    Any cash surrender value and any paid-up non-forfeiture
benefit, available under the policy in the event of default in a pre-
mium payment due at any time other than on the policy anniversary,
shall be calculated with allowance for the lapse of time and the pay-
ment of fractional premiums beyond the last preceding policy anni-
versary. All values referred to in subsections (2), (3) [and] , (4) and
may be calculated upon the assumption that any death benefit is
payable at the end of the policy year of death. The net value of any
paid-up additions, other than paid-up term additions shall be not less
than the dividends used to provide such additions. Notwithstanding
the provisions of subsection (2), additional benefits payable (i) in
the event of death or dismemberment by accident or accidental
means, (ii) in the event of total and permanent disability,
(iii) as reversionary annuity or deferred reversionary annuity
benefits, (iv) as decreasing term insurance benefits provided by a
rider or supplemental policy provision to which, if issued as a sepa-
rate policy, this section would not apply, and (v) as other policy
benefits additional to life insurance and endowment benefits, and
premiums for all such additional benefits, shall be disregarded in
ascertaining cash surrender values and non-forfeiture benefits re-
quired by this section, and no such additional benefits shall be re-
quired to be included in any paid-up non-forfeiture benefits.

(6)    This section shall not apply to any reinsurance, group in-
surance, pure endowment, annuity or reversionary annuity contract,
nor to any term policy of uniform amount, or renewal thereof, of
fifteen years or less expiring before age sixty-six, for which uniform
premiums are payable during the entire term of the policy, nor to any
term policy of decreasing amount on which each adjusted premium,
calculated as specified in [subsection (4),] subsections (4) and (4A),
is less than the adjusted premium so calculated, on such fifteen year
term policy issued at the same age and for the same initial amount of
insurance, nor to any policy which shall be delivered outside this
State through an agent or other representative of the company is-
suing the policy.

Sec. 2. And be it further enacted. That this Act shall take effect
June 1, 1959.

Approved March 11, 1959.

(House Bill 119)

AN ACT to repeal and re-enact, with amendments, Section 188 of
Article 66C of the Annotated Code of Maryland (1957 Edition),

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.


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Session Laws, 1959
Volume 642, Page 236   View pdf image (33K)
 Jump to  

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