§ 58-25-40. Medical examination; certificates and contributions. - North Carolina Statutes

§58‑25‑40.  Medical examination; certificates and contributions.

No benefit certificate as toany child shall take effect until after medical examination or inspection by alicensed medical practitioner, in accordance with the laws of the order orsociety, nor shall any such benefit certificate be issued unless the order orsociety shall simultaneously put in force at least 500 such certificates, oneach of which at least one assessment has been paid, nor where the number oflives represented by such certificate falls below 500.  The death benefitcontributions to be made upon such certificate shall be based upon the"Standard Mortality Table" or the "English Life Table NumberSix," and a rate of interest not greater than four percent (4%) per annum,upon a higher standard or upon such mortality, morbidity, and intereststandards permitted by the laws of this State for use by life insurancecompanies; but contributions may be waived or returns may be made from anysurplus held in excess of reserve and other liabilities, as provided in thebylaws; and extra contributions shall be made if the reserves hereafterprovided for become impaired. (1987, c. 483, s. 2.)