38.2-3206 - Same; tables used for calculations. - Virginia Statutes

§ 38.2-3206. Same; tables used for calculations.

Except as otherwise provided in §§ 38.2-3207 and 38.2-3208, all adjustedpremiums and present values referred to in §§ 38.2-3202 through 38.2-3205shall for all policies of ordinary insurance be calculated on the basis ofthe Commissioners 1941 Standard Ordinary Mortality Table. However, for anycategory of ordinary insurance issued on female risks, adjusted premiums andpresent values may be calculated according to an age not more than threeyears younger than the actual age of the insured and the calculations for allpolicies of industrial insurance shall be made on the basis of the 1941Standard Industrial Mortality Table. All calculations shall be made on thebasis of the rate of interest, not exceeding 3 1/2 percent per year,specified in the policy for calculating cash surrender values and paid-upnonforfeiture benefits. However, in calculating the present value of anypaid-up term insurance with any accompanying pure endowment, if any, offeredas a nonforfeiture benefit, the rates of mortality assumed may be not morethan 130 percent of the rates of mortality according to the applicable table.For insurance issued on a substandard basis, the calculation of any adjustedpremiums and present values may be based on any other table of mortalityspecified by the insurer and approved by the Commission.

(Code 1950, § 38-380; 1952, c. 317, § 38.1-465; 1959, Ex. Sess., c. 43; 1962,c. 562; 1982, c. 228; 1986, c. 562.)