Ch. 36

1995 LAWS OF MARYLAND

(2)      A PROVISION THAT:

(I)       FOR PAYMENT OF ANY PREMIUM AFTER THE FIRST, THE
MEMBER IS ENTITLED TO A GRACE PERIOD OF NOT LESS THAN A FULL MONTH OR,
AT THE OPTION OF THE SOCIETY, 30 DAYS;

(II)     THE CERTIFICATE SHALL CONTINUE IN FULL FORCE DURING
THE GRACE PERIOD; AND

(III)    IF THE CERTIFICATE BECOMES A CLAIM DURING THE GRACE
PERIOD BEFORE THE OVERDUE PAYMENT IS MADE, THE AMOUNT OF THE OVERDUE
PAYMENT MAY BE DEDUCTED IN A SETTLEMENT UNDER THE CERTIFICATE;

(3)      A PROVISION THAT, UNLESS THE CERTIFICATE HAS BEEN
TERMINATED THROUGH THE APPLICATION OF A NONFORFEITURE BENEFIT, CASH
SURRENDER VALUE, OR CERTIFICATE LOAN, THE MEMBER IS ENTITLED TO HAVE
THE CERTIFICATE REINSTATED AT ANY TIME WITHIN 3 YEARS AFTER THE DUE
DATE OF A PREMIUM IN DEFAULT IF THE MEMBER:

(I)       PRODUCES EVIDENCE OF INSURABILITY SATISFACTORY TO
THE SOCIETY; AND

(II)     PAYS ALL OVERDUE PREMIUMS AND ANY OTHER
INDEBTEDNESS TO THE SOCIETY ON THE CERTIFICATE, TOGETHER WITH INTEREST
ON THOSE PREMIUMS AND THAT INDEBTEDNESS, AT A RATE NOT EXCEEDING 6%
PER YEAR COMPOUNDED ANNUALLY;

(4)      A PROVISION THAT, ON PROPER REQUEST NOT LATER THAN 60
DAYS AFTER THE DUE DATE OF A PREMIUM IN DEFAULT, THE SOCIETY WILL GRANT
THE PAID-UP NONFORFEITURE BENEFIT ON THE PLAN:

(I)       AS STIPULATED IN THE CERTIFICATE;

(II)     EFFECTIVE AS OF THE DUE DATE OF THE PREMIUM; AND

(III)    OF THE VALUE SPECIFIED IN § 8-429 OF THIS SUBTITLE:

(5)      A PROVISION THAT ONE PAID-UP NONFORFEITURE BENEFIT AS
SPECIFIED IN THE CERTIFICATE BECOMES EFFECTIVE AUTOMATICALLY UNLESS
THE MEMBER ELECTS ANOTHER AVAILABLE PAID-UP NONFORFEITURE BENEFIT
WITHIN 60 DAYS AFTER THE DUE DATE OF A PREMIUM IN DEFAULT;

(6)      A STATEMENT OF THE MORTALITY TABLE AND RATE OF INTEREST
USED TO DETERMINE ALL PAID-UP NONFORFEITURE BENEFITS AND CASH
SURRENDER OPTIONS AVAILABLE UNDER THE CERTIFICATE, AND A BRIEF,
GENERAL DESCRIPTION OF THE METHOD USED TO CALCULATE THOSE BENEFITS;

(7)      A TABLE THAT SHOWS IN FIGURES THE VALUE OF EACH PAID-UP
NONFORFEITURE BENEFIT AND CASH SURRENDER OPTION AVAILABLE UNDER THE
CERTIFICATE FOR EACH CERTIFICATE ANNIVERSARY DURING THE SHORTER OF
THE PERIOD COVERED BY:

(I) THE FIRST 20 CERTIFICATE YEARS; AND
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