                                 CODE OF VIRGINIA

SAME; TABLES USED FOR CALCULATIONS (§ 38.2-3206)

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

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