New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-13
THE NEW LIFE INSURANCE Law or MAINE

There is no subject of more interest or i'm
porance to the general public Mt the present time than
that Of life insurance. The new law which was passed
by the Legislature OF Maine few days ago anords e
most perfect security to pocyhoders. and Tor the BEN
eft OF the thousands Of insured in this community it
IL printed below In full:
SECTION l. Every policy OF life Insurance issued on and
after the Ist 0: April in the year of orr Lord one
thousand eight hundred and scyenty-seven by any com
many chartered by authority Of this State which may
be forfeited for non-payment OF premi'ns hclulng az
notes given for premiums OF .efesc ,efeon Which
shall not contain provision for surrender value at least
equivalent to the value arsng ,ndrr te terms Oh 's
tent and for period OF tire to be determined as 10"
lows to witt The net value Of the poicy when tue pre-
according the combined experience or actrars rate
OF mortality with interest at per rentm per anhun
indebtedness to the company or notes e by INC com
PAW against the Insured WHICH no'cs, VI even I Tor Pe
be considered net single premium OF tennorarY IN
snrance and the term lo ws VIII I'LL Su o , 1, TWO
of The Lapse OF the policy ard the assumption OF mortality
and interest Aforesaid ot me on III a S u nan MD
occur then IL what remains "a aforesaid shall
for the balance OF the endowment term Tor me ful
amount Of the policy such excess Shall he considered as
n nct single premium ngcendowment, rayable only
NJ the same time as the original endowment and in
the life insured survives TO such t,me ana the amount
inc 70 The age Of tie party at the time Of the lapse othc
policy and the assumptions OF mortality ana interest
aforesaid. For the purpose OF tfS ACT WIEN tHc
nremis upon any policy shall be payable Oftener than
onc in every year. and default shall be made III the pay
meut OF any premium after the policy snail have been In
force for three full years, the policy shall he va ued in
the same manner 1t would have been Dad the whole
nrcmium for the policy last entered upon been pa
In nlI and balance OF said years premium actually
pad shall he deducted from the reserve as IN out
standing Indebtedness at the time or default, but shall
become part OF the forbOrne premium as hereinafter
provided. -, Il, -, ,. !, ~ ,,,, Al, -
term of Temporary insurance covered by the value OF the
policy, determined in the peyo,ls 'eciiou ana II no
nreniu has been violated by the insured the company
shall he bound to paY the amount or the polcy the same
policy to the contrary Notwithstanding; provided now
ever that notice the claim and proof OF the death
shall submitted to the company III the same Kramer
~ uro yjded the terms o; the policy. WITHIN 10 days
after fine decease and provided Also that the company
sha have the right to deduct from the amount insured
In fbr uOcy the amount cOmpOundct AT per ccntuln
The time of the death including the whole OF the years
premium in which the death occurs
IT will be observed that this act applies to Ill such
nolIcies which shall been in force three full years.
aud which shall not contain provision for surrender
value at least equivalent to the value arising under the
terms OF this act" That is the insured in the absence
o. other specified protection. protected by this law
according TO s terms but is not deprived Of any addi
tona value which may be secured to him by his policy
The equity and advantage to pocy-hoders OF this
enactment will be readily obvious. WIFE view to
afordng the greatest protection to its members the
Union Mutual Life Insurance Company, which has an
office in this city, suggested and urged the passage OF the
bill and with this liberal provision in addition to the
many other advantages possessed by It's policies, the
company WILL no doubt, be enabled 10 largely increase
its new business. Below will be found The