§ 26-16-208 — Section applicability; calculation of certain adjusted premiums

Wyoming § 26-16-208

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 16: LIFE INSURANCE AND ANNUITY CONTRACTS

Text

(a) This section does not apply to ordinary policies
issued on or after the operative date of W.S. 26-16-209. All
adjusted premiums and present values referred to in this
article, for all policies of ordinary insurance, shall be
calculated on the basis of the commissioners' 1958 standard
ordinary mortality table, except 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 (6) years younger than the insured's actual age.
(b) Calculations for all policies of industrial insurance
shall be made on the basis of the commissioners' 1961 standard
industrial mortality table.
(c) All calculations shall be made on the basis of the
rate of interest specified in the policy for calculating cash
surrender values and paid-up nonforfeiture benefits. The rate of
interest shall not exceed three and one-half percent (3 1/2%)
per annum, except that a rate of interest not exceeding four
percent (4%) per annum may be used for policies issued on or
after July 1, 1975 and prior to May 20, 1981 and a rate of
interest not exceeding five and one-half percent (5 1/2%) per
annum may be used for policies issued on or after May 20, 1981.
(d) 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 commissioners' 1958 extended term
insurance table in the case of ordinary insurance, and the
commissioners' 1961 industrial extended term insurance table in
the case of industrial policies.
(e) For insurance issued on a substandard basis, the
calculation of any adjusted premiums and present values may be
based on any mortality table the insurer specifies and the
commissioner approves.