§ 4518. Amounts credited on life insurance certificates. Any\nindividual life insurance certificate may provide that in addition to\nany minimum benefits guaranteed in the certificate, additional amounts\nmay be credited to the certificate. No such additional amounts shall be\nguaranteed or credited except upon reasonable assumptions as to\ninvestment income, mortality, persistency and expenses. The declaration\nof such additional amounts by a society must be made prospectively; no\nsuch additional amounts shall be credited retroactively to apply to any\nperiod prior to such declaration. No such additional amounts are\nrequired to be credited to any certificate with respect to the period\nafter the termination or lapse of such certificate by reason of default\nin payment of any premium, installment or interest on any certificate\nloan and before the reinstatement of such certificate, if it is\nreinstated. Any such additional amounts shall be credited on a basis\nequitable to all certificate holders of a given class and shall be based\non written criteria approved by the board of directors of the society or\na committee thereof.\n
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