§ 38.2-3207. Same; use of new mortality table; ordinary policies.
The provisions of this section shall not apply to ordinary policies issued onor after the operative date as defined in § 38.2-3209. In the case ofordinary policies issued on or after the operative date of § 38.2-3215, alladjusted premiums and present values referred to in §§ 38.2-3202 through38.2-3205 shall be calculated on the basis of the Commissioners 1958 StandardOrdinary Mortality Table and the rate of interest specified in the policy forcalculating cash surrender values and paid-up nonforfeiture benefits.However, the rate of interest shall not exceed (i) 3 1/2 percent per year forpolicies issued before July 1, 1975, (ii) four percent per year for policiesissued on or after July 1, 1975, and prior to July 1, 1979, and (iii) 5 1/2percent per year for policies issued on or after July 1, 1979.Notwithstanding the foregoing provisions of this section, the rate ofinterest for any single premium whole life or endowment insurance policyissued on or after July 1, 1979, may be a rate not exceeding 6 1/2 percentper year. For any category of ordinary insurance issued on female risks,adjusted premiums and present values may be calculated according to an agenot more than six years younger than the actual age of the insured. Incalculating the present value of any paid-up term insurance with anyaccompanying pure endowment offered as a nonforfeiture benefit, the rates ofmortality assumed may be not more than those shown in the Commissioners 1958Extended Term Insurance Table. For insurance issued on a substandard basisthe calculation of any adjusted premiums and present values may be based onany other table of mortality specified by the insurer and approved by theCommission.
(1959, Ex. Sess., c. 43, § 38.1-465.1; 1975, c. 215; 1979, c. 437; 1982, c.228; 1986, c. 562.)
§ 38.2-3207. Same; use of new mortality table; ordinary policies.
The provisions of this section shall not apply to ordinary policies issued onor after the operative date as defined in § 38.2-3209. In the case ofordinary policies issued on or after the operative date of § 38.2-3215, alladjusted premiums and present values referred to in §§ 38.2-3202 through38.2-3205 shall be calculated on the basis of the Commissioners 1958 StandardOrdinary Mortality Table and the rate of interest specified in the policy forcalculating cash surrender values and paid-up nonforfeiture benefits.However, the rate of interest shall not exceed (i) 3 1/2 percent per year forpolicies issued before July 1, 1975, (ii) four percent per year for policiesissued on or after July 1, 1975, and prior to July 1, 1979, and (iii) 5 1/2percent per year for policies issued on or after July 1, 1979.Notwithstanding the foregoing provisions of this section, the rate ofinterest for any single premium whole life or endowment insurance policyissued on or after July 1, 1979, may be a rate not exceeding 6 1/2 percentper year. For any category of ordinary insurance issued on female risks,adjusted premiums and present values may be calculated according to an agenot more than six years younger than the actual age of the insured. Incalculating the present value of any paid-up term insurance with anyaccompanying pure endowment offered as a nonforfeiture benefit, the rates ofmortality assumed may be not more than those shown in the Commissioners 1958Extended Term Insurance Table. For insurance issued on a substandard basisthe calculation of any adjusted premiums and present values may be based onany other table of mortality specified by the insurer and approved by theCommission.
(1959, Ex. Sess., c. 43, § 38.1-465.1; 1975, c. 215; 1979, c. 437; 1982, c.228; 1986, c. 562.)
§ 38.2-3207. Same; use of new mortality table; ordinary policies.
The provisions of this section shall not apply to ordinary policies issued onor after the operative date as defined in § 38.2-3209. In the case ofordinary policies issued on or after the operative date of § 38.2-3215, alladjusted premiums and present values referred to in §§ 38.2-3202 through38.2-3205 shall be calculated on the basis of the Commissioners 1958 StandardOrdinary Mortality Table and the rate of interest specified in the policy forcalculating cash surrender values and paid-up nonforfeiture benefits.However, the rate of interest shall not exceed (i) 3 1/2 percent per year forpolicies issued before July 1, 1975, (ii) four percent per year for policiesissued on or after July 1, 1975, and prior to July 1, 1979, and (iii) 5 1/2percent per year for policies issued on or after July 1, 1979.Notwithstanding the foregoing provisions of this section, the rate ofinterest for any single premium whole life or endowment insurance policyissued on or after July 1, 1979, may be a rate not exceeding 6 1/2 percentper year. For any category of ordinary insurance issued on female risks,adjusted premiums and present values may be calculated according to an agenot more than six years younger than the actual age of the insured. Incalculating the present value of any paid-up term insurance with anyaccompanying pure endowment offered as a nonforfeiture benefit, the rates ofmortality assumed may be not more than those shown in the Commissioners 1958Extended Term Insurance Table. For insurance issued on a substandard basisthe calculation of any adjusted premiums and present values may be based onany other table of mortality specified by the insurer and approved by theCommission.
(1959, Ex. Sess., c. 43, § 38.1-465.1; 1975, c. 215; 1979, c. 437; 1982, c.228; 1986, c. 562.)
