3370

LAWS OF MARYLAND

Ch. 553

[and] (k), AND (K-l) of this section, corresponding 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.

HOWEVER, FOR ANY POLICY ISSUED ON OR AFTER THE
OPERATIVE DATE OF SUBSECTION (K-l) WHICH PROVIDES
SUPPLEMENTAL LIFE INSURANCE OR ANNUITY BENEFITS AT THE
OPTION OF THE INSURED AND FOR AN IDENTIFIABLE ADDITIONAL
PREMIUM BY RIDER OR SUPPLEMENTAL POLICY PROVISION, THE CASH
SURRENDER VALUE REFERRED TO IN THE FIRST PARAGRAPH OF THIS
SUBSECTION (D) SHALL BE AN AMOUNT NOT LESS THAN THE SUM OF
THE CASH SURRENDER VALUE FOR AN OTHERWISE SIMILAR POLICY
ISSUED AT THE SAME AGE WITHOUT A THE RIDER OR SUPPLEMENTAL
POLICY PROVISION AND THE CASH SURRENDER VALUE AS DEFINED IN
SUBSECTION (D) FOR A POLICY WHICH PROVIDES ONLY THE BENEFITS
OTHERWISE PROVIDED BY A THE RIDER OR SUPPLEMENTAL POLICY
PROVISION.

FOR ANY FAMILY POLICY ISSUED ON OR AFTER THE OPERATIVE
DATE OF SUBSECTION (K-l) WHICH DEFINES A PRIMARY INSURED AND
PROVIDES TERM INSURANCE ON THE LIFE OF THE SPOUSE OF THE
PRIMARY INSURED EXPIRING BEFORE THE SPOUSE'S AGE 71, THE
CASH SURRENDER VALUE REFERRED TO IN THE FIRST PARAGRAPH OF
THIS SUBSECTION SHALL BE AN AMOUNT NOT LESS THAN THE SUM OF
THE CASH SURRENDER VALUE AS DEFINED IN SUBSECTION (D) FOR AN
OTHERWISE SIMILAR POLICY ISSUED AT THE SAME AGE WITHOUT TERM
INSURANCE ON THE LIFE OF THE SPOUSE AND THE CASH SURRENDER
VALUE AS DEFINED IN SUBSECTION (D) FOR A POLICY WHICH
PROVIDES ONLY THE BENEFITS OTHERWISE PROVIDED BY TERM
INSURANCE ON THE LIFE OF THE SPOUSE.

Any cash surrender value available within [thirty (30)]
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 in the event of default in the premium payment
due on any policy anniversary shall be such that its present
value as of such anniversary shall be at least equal to the
cash surrender value then provided for by the policy, or, if
none is provided for, that cash surrender value which would
have been required by this section in the absence of the
condition that premiums shall have been paid for at least a
specified period.