(a) Except as provided by Subsection (b), this section applies only to an industrial policy to which Subchapter B does not apply and that is issued on or after January 1, 1974, and before January 1, 1989.
(b) This section also applies to an industrial policy issued by a company after a date specified in a written notice:
(1) that was filed by the company with the State Board of Insurance after August 23, 1963, but before January 1, 1974; and
(2) under which the company filing the notice elected to comply before January 1, 1974, with the law codified by this section.

(c) An adjusted premium or present value determined under this chapter as to a policy to which this section applies must be computed on the basis of the Commissioners 1961 Standard Industrial Mortality Table.
(d) A computation as to a policy to which this section applies must be made using the rate of interest specified by the policy for computing cash surrender values and paid-up nonforfeiture benefits, except that the rate of interest may not exceed:
(1) 3-1/2 percent a year for a policy issued before June 14, 1973;
(2) 4 percent a year for a policy issued on or after June 14, 1973, and before August 29, 1977;
(3) 5-1/2 percent a year for a policy issued on or after August 29, 1977, other than a single premium whole life or endowment insurance policy; or
(4) 6-1/2 percent a year for a single premium whole life or endowment insurance policy issued on or after August 29, 1977.
(e) In the computation of the present value of paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may not exceed the rates shown in the Commissioners 1961 Industrial Extended Term Insurance Table.
(f) Subject to approval by the department, a company may specify a mortality table other than the table required by this section for use in computing an adjusted premium or present value for insurance issued on a substandard basis.