1184                           LAWS OF MARYLAND                       [CH. 553

fits are payable, by (ii) the adjusted premiums for such term insur-
ance, the foregoing items (i) and (ii) being calculated separately
and as specified in subsections (f) and (g) except that, for the pur-
poses of subdivisions (2), (3) and (4) of subsection (f), the amount
of insurance or equivalent uniform amount of insurance used in the
calculation of the adjusted premiums referred to in (ii) shall be
equal to the excess of the corresponding amount determined for the
entire policy over the amount used in the calculation of the adjusted
premiums in (i).

(i) Except as otherwise provided in subsections (j) and (k), all
adjusted premiums and present values referred to in this section
shall for all policies of ordinary insurance be calculated on the basis
of the Commissioners 1941 Standard Ordinary Mortality Table, pro-
vided that for any category of ordinary insurance issued on female
risks, adjusted premiums and present values may be calculated
according to an age not more than three years younger than the
actual age of the insured, and such calculations for all policies of
industrial insurance shall be made on the basis of the 1941 Standard
Industrial Mortality Table. All calculations shall be made on the basis
of the rate of interest, not exceeding three and one-half percent
(3½%) per annum, specified in the policy for calculating cash sur-
render values and paid-up nonforfeiture benefits. Provided, however,
that in calculating the present value of any paid-up term insurance
with accompanying pure endowment, if any, offered as a nonfor-
feiture benefit, the rates of mortality assumed may be not more than
one hundred thirty percent (130%) of the rates of mortality accord-
ing to such applicable table. Provided, further, that for insurance
issued on a substandard basis, the calculation of any such adjusted
premiums and present values may be based on such other table of
mortality as may be specified by the insurer and approved by the
Commissioner.

(j) In the case of ordinary policies issued on or after the opera-
tive date of this subsection as defined herein, all adjusted premiums
and present values referred to in this section shall be calculated on
the basis of the Commissioners 1958 Standard Ordinary Mortality
Table and the rate of interest, not exceeding three and one-half per-
cent (3½%) per annum, specified in the policy for calculating cash
surrender values and paid-up nonforfeiture benefits, provided that
for any category of ordinary insurance issued on female risks,
adjusted premiums and present values may be calculated according
to an age not more than three years younger than the actual age of
the insured. Provided, however, that in calculating the present value
of any paid-up term insurance with accompanying pure endowment,
if any, offered as a nonforfeiture benefit, the rates of mortality
assumed may be not more than those shown in the Commissioners
1958 Extended Term Insurance Table. Provided, further, that for
insurance issued on a substandard basis, the calculation of any such
adjusted premiums and present values may be based on such other
table of mortality as may be specified by the insurer and approved
by the Commissioner.

After June 1, 1959, any insurer may file with the Commissioner
a written notice of its election to comply with the provisions of this
subsection after a specified date before January 1, 1966. After the
filing of such notice, then upon such specified date (which shall be
the operative date of this subsection for such insurer), this sub-