Utah Code
Page 8
(a) This Subsection (6)(a) does not apply to ordinary policies issued on or after the operative date
of Subsection (6)(d) as defined in Subsection (6)(d). In the case of ordinary policies issued
on or after the operative date of Subsection (6)(a) as defined in Subsection (6)(b), all adjusted
premiums and present values referred to in this section shall be calculated on the basis of the
Commissioner's 1958 Standard Ordinary Mortality Table and the rate of interest as specified
in the policy for calculating cash surrender values and paid-up nonforfeiture benefits, provided
that such rate of interest may not exceed 3-1/2% per annum for policies issued before June
1, 1973, 4% per annum for policies issued on or after May 31, 1973, and before April 2, 1980,
and the rate of interest may not exceed 5-1/2% per annum for policies issued after April 2,
1980, except that for any single premium whole life or endowment insurance policy a rate of
interest not exceeding 6-1/2% per annum may be used, and provided that 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 six years younger than the actual age of
the insured. Provided, however, that in calculating the present value of any paid-up term
insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit,
the rates of mortality assumed may be not more than those shown in the Commissioner's
1958 Extended Term Insurance Table. Provided, further, that for insurance issued on a
substandard basis, the calculation of any such adjusted premiums and present values may be
based on such other table of mortality as may be specified by the company and approved by
the commissioner.
(b) Any company may file with the commissioner a written notice of its election to comply with
the provisions of Subsection (6)(a) after a specified date before January 1, 1966. After filing
such notice, then upon such specified date, which is the operative date of Subsection (6)(a)
for such company, this Subsection (6)(a) shall become operative with respect to the ordinary
policies thereafter issued by such company. If a company makes no such election, the
operative date of Subsection (6)(a) for such company is January 1, 1966.
(c)
(i) This Subsection (6)(c) does not apply to industrial policies issued after the operative date of
Subsection (6)(d) as defined in Subsection (6)(d). In the case of industrial policies issued
on or after the operative date of this Subsection (6)(c) as defined in this Subsection (6)
(c), all adjusted premiums and present values referred to in this section shall be calculated
on the basis of the Commissioner's 1961 Standard Industrial Mortality Table and the
rate of interest specified in the policy for calculating cash surrender values and paid-up
nonforfeiture benefits, provided that such rate of interest may not exceed 3-1/2% per
annum for policies issued before June 1, 1973, 4% per annum for policies issued after
May 31, 1973, and before April 2, 1980, and 5-1/2% per annum for policies issued after
April 2, 1980, except that for any single premium whole life or endowment insurance policy
issued after April 2, 1980, a rate of interest not exceeding 6-1/2% per annum may be used.
Provided, however, that in calculating the present value of any paid-up term insurance
with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates
of mortality assumed may be not more than those shown in the Commissioner's 1961
Industrial Extended Term Insurance Table. Provided, further, that for insurance issued on
a substandard basis, the calculation of any such adjusted premiums and present values
may be based on such other table of mortality as may be specified by the company and
approved by the commissioner.
(ii) Any company may file with the commissioner a written notice of its election to comply
with the provisions of this Subsection (6)(c) after a specified date before January 1, 1968.
After filing such notice, then upon that specified date, which is the operative date of this