1020                            LAWS OF MARYLAND                       [CH. 553

on or after the operative date of section 414 (the Standard Nonfor-
feiture Law.)

(a) The minimum standard for the valuation of all such policies
and contracts shall be the Commissioners reserve valuation method
defined in paragraph (b), three and one-half per cent (3˝%) inter-
est, and the following tables:

(i) For all ordinary policies of life insurance issued on the stand-
ard basis, excluding any disability and accidental death benefits in
such policies—the Commissioners 1941 Standard Ordinary Mortality
Table for such policies issued prior to the operative date of subsection
(j) of section 414, and the Commissioners 1958 Standard Ordinary
Mortality Table for such policies issued on or after such operative
date; provided that for any category of such policies issued on female
risks all modified net premiums and present values referred to in this
subsection may be calculated according to an age not more than three
years younger than the actual age of the insured.

(ii) For all industrial life insurance policies issued on the stand-
ard basis, excluding any disability and accidental death benefits in
such policies—the 1941 Standard Industrial Mortality Table for such
policies issued prior to the operative date of subsection (k) of Sec-
tion 414, and the Commissioners 1961 Standard Industrial Mortality
Table for such policies issued on or after such operative date.

(iii) For Individual Annuity and Pure Endowment contracts, ex-
cluding any disability and accidental death benefits in such policies—
the 1937 Standard Annuity Mortality Table or, at the option of the
insurer, the Annuity Mortality Table for 1949, Ultimate, or any
modification of either of these tables approved by the Commissioner.

(iv) For Group Annuity and Pure Endowment contracts, exclud-
ing any disability and accidental death benefits in such policies—the
Group Annuity Mortality Table for 1951, any modification of such
table approved by the Commissioner, or, at the option of the insurer,
any of the tables or modifications of tables specified for Individual
Annuity and Pure Endowment contracts.

(v) For Total and Permanent Disability Benefits in or supple-
mentary to Ordinary policies or contracts—for policies or contracts
issued on or after January 1, 1966, the tables of Period 2 disable-
ment rates and the 1930 to 1950 termination rates of the 1952 Dis-
ability Study of the Society of Actuaries, with due regard to the type
of benefit; for policies or contracts issued on or after January 1,1961
and prior to January 1, 1966, either such tables or, at the option of
the insurer, the Class (3) Disability Table (1926); and for policies
issued prior to January 1, 1961, the Class (3) Disability Table
(1926). Any such table shall, for active lives, be combined with a
mortality table permitted for calculating the reserves for life insur-
ance policies.

(vi) For Accidental Death benefits in or supplementary to policies
—for policies issued on or after January 1, 1966, the 1959 Accidental
Death Benefits Table; for policies issued on or after January 1, 1961
and prior to January 1, 1966, either such table or, at the option of the
insurer, the Inter-Company Double Indemnity Mortality Table; and
for policies issued prior to January 1, 1961, the Inter-Company
Double Indemnity Mortality Table. Either table shall be combined
with a mortality table permitted for calculating the reserves for life
insurance policies.