1186                              LAWS OF MARYLAND                        [CH. 553

uniform in amount after the child's age is one, and has not become
paid-up by reason of the death of a parent of the child, and

(6) 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 nonforfeiture benefits required
by this section, and no such additional benefits, shall be required to
be included in any paid-up nonforfeiture benefits.

(m) This section shall not apply to any reinsurance, group insur-
ance, pure endowment, annuity or reversionary annuity contract, nor
to any term policy of uniform amount, or renewal thereof, of fifteen
(15) years or less expiring before age 66, for which uniform pre-
miums 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 subsections (f), (g), (h), (i), (j), and (k)
of this section is less than the adjusted premium so calculated on a
policy issued at the same age and for the same initial amount of
insurance for a term defined as follows: For ages at issue fifty (50)
and under, the term shall be fifteen (15) years; thereafter, the term
shall decrease one (1) year for each year of age beyond fifty (50).

(n) After June 1, 1947, any insurer may file with the Commis-
sioner a written notice of its election to comply with the provisions
of this section after a specified date before April thirtieth, nineteen
hundred and forty-nine. After the filing of such notice, then upon
such specified date (which shall be the operative date for such
insurer), this section shall become operative with respect to the
policies thereafter issued by such insurer. If an insurer makes no
such election, the operative date of this section for such insurer shall
be April thirtieth, nineteen hundred and forty-nine, provided, how-
ever, the Commissioner may, in his discretion, if circumstances
would seem to warrant, extend the operative date of this section with
respect to any such insurer, for a further period, but in no case
beyond January first, nineteen hundred and fifty.

415. Nonforfeiture Benefits in Industrial Life Insurance Policies
Issued Prior to the Operative Date of Section 414.

(a)   This section shall apply only to policies of industrial life in-
surance issued prior to the operative date of section 414 (Standard
Nonforfeiture Law).

(b)   A nonforfeiture benefit shall be available to the insured in
event of default in premium payments, after premiums shall have
been paid for five full years, and shall be a stipulated form of insur-
ance effective from the due date of the defaulted premium, the net
value of which stipulated form of insurance shall not be less than
the reserve on the policy at the end of the last completed quarter of
the policy year for which premiums have been paid, and on dividend
additions thereto, if any, exclusive of any reserve on total and per-
manent disability and additional accidental death benefits (the policy
to specify the mortality table, rate of interest and method of valua-
tion adopted for computing such reserve, if other than the net level
premium method), less a specified maximum percentage (not more
than two and one-half) of the maximum amount insured by the
policy and of existing dividend additions thereto, if any, and less any