1182                           LAWS OF MARYLAND                       [CH. 553

(5)   A statement of the mortality table and interest rate used in
calculating the cash surrender values and the paid-up nonforfeiture
benefits available under the policy, together with a table showing
the cash surrender value, if any, and paid-up nonforfeiture benefit,
if any, available under the policy on each policy anniversary, either
during the first twenty (20) policy years or during the term of the
policy, whichever is shorter, such values and benefits to be calcu-
lated upon the assumption that there are no dividends or paid-up
additions credited to the policy and that there is no indebtedness
to the insurer on the policy.

(6)   A statement that the cash surrender values and the paid-up
nonforfeiture benefits available under the policy are not less than
the minimum values and benefits required by or pursuant to the
insurance law of this State; an explanation of the manner in which
the cash surrender values and the paid-up nonforfeiture benefits are
altered by the existence of any paid-up additions credited to the
policy or any indebtedness to the insurer on the policy; if a detailed
statement of the method of computation of the values and benefits
shown in the policy is not stated therein, a statement that such
method of computation has been filed with the insurance supervisory
official of the state in which the policy is delivered; and a statement
of the method to be used in calculating the cash surrender value
and paid-up nonforfeiture benefit available under the policy on any
policy anniversary beyond the last anniversary for which such values
and benefits are consecutively shown in the policy.

_m (c) Any of the provisions or portions thereof set forth in sub-
divisions (1) through (6) of the foregoing subsection (b) which are
not applicable by reason of the plan of insurance may, to the extent
inapplicable, be omitted from the policy. The insurer shall reserve
the right to defer the payment of any cash surrender value for a
period of six (6) months after demand therefor with surrender of
the policy.

(d)   Any cash surrender value available under the policy in the
event of default in the premium payment due on any policy anniver-
sary, whether or not required by subsection (b) of this section, shall
be an amount not less than the excess, if any, of the present value,
on such anniversary, of the future guaranteed benefits which would
have been provided for by the policy, including any existing paid-up
additions, if there had been no default, over the sum of:

(1)   The then present value of the adjusted premiums as defined
in subsections (f), (g), (h), (i), (j), and (k) of this section, corre-
sponding to premiums which would have fallen due on and after
such anniversary, and

(2)   The amount of any indebtedness to the insurer on the policy.

Any cash surrender value available within thirty (30) days after
any policy anniversary under any policy paid up by completion of
all premium payments, or any policy continued under any paid-up
nonforfeiture benefit, whether or not required by such subsection
(b), shall be an amount not less than the present value, on such
anniversary, of the future guaranteed benefits provided for by the
policy, including any existing paid-up additions, decreased by any
indebtedness to the insurer on the policy.

(e)   Any paid-up nonforfeiture benefit available under the policy