Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1877-03-06
Chapter Is5.

AN ACT additional 70 chapter forty nine OF the
Revised statutes relating 70 Life Insurance
Be q enacted. DC. as follows;
SECT / livery policy Of Life Insurance issued on
and after the hrst day OF April, IN The year OF wi
Lord thousand eight hundred and W,
by any company chartered by the authority o. tnls
state which NAV Dc forfeited for non-pAy tnent o.
premiums, including al notes given iSr p'eulu
or interest thereon amer II shah have oeen N IOISe
three fun years and which shall not contain Prov
ion for a surrender value az least equivalent % W
value arising under the terms OF TINS HeI snnl.;
nevertheless De continued in force 10 an event ~.o
for period Of time 10 be determined a. io'i'"s' "
The net value Of the policy, when the pre- MUM
becomes due and is not paid. shall DC Asoe. eiusu
according 10 the combined experience. or Aetnarles
rate OF mortality with interest a. four per cehtum
per annum: after Gedueting from three-ioer,ns %
such net value any Indebtedness 70 me s..eS
notes held BY the company against %. me,
Which notes If given for premium, shAE men "
cancelled what remains shall be eonsidered a. ~
single premium Of temporary insurance, ann , 20
term for which Il will insure shan be determ ln e
according 10 the Sge Of the party az the TINE oL ~
lapse Of the policy, and the assumptions OF me- S
and interest aforesaid: but n the poucy shAA - -
endowment, PAYABLE az certain uInes OF =. 49,
II II should previously occur, then II what remains,
as aforesaid shall exceed the net single is -
temporary Insurance for the oaiHee OF thS enSSI
ment term for the full amount OF the poney, seSn
excess shall be considered as net single premium
or single endowment payable only AZ me sane Hn.e
as the original endowment, and IN case tne ~. an
sured survives 20 such time; ana the shloent '.es
navshle nv the compauy shall be determined &C
cordinV 10 the age Of the party AZ the time OF me
lapse OF the policy and the assumptions OF mSrtAly
and interest aforesaid For the parpose OF tns aet'
when the premiums upon any policy shall oe PAYS,
bic oftener than ence in every year, anu oelzS..
shall be made in the payment OF any premium AtsS,
the policy shall have been In force Tor thnee I1I
vears the policy shall be valued in the same
as IL would have been had the whole premium tot
the policy year last entered upon been PAID 10 io'
and the balance of said years premium actually IN
Maid shan not be deducted from the reserve ~ an
outstanding Indebtedness at the time OF default oat
shall become part Of the forborne premium as
hereinafter provided. 80 - ...u,
SrCT. 2 II the death of the life insured occur
within the term Of temporary insurance covered oy
the value of the policy determined IN the
section and Ii no condition of the insurance o.per
than the payment of premium has been violated py
the insured the company shall be bound 70 pay ene
amount of the policy the same as II there nad oesn
no apse Of premium. anything IN the policy 70 sns
contrary notwithstanding; provided, however nnS,
notice of the claim and proof Of the oeatn snai oe
submitted 10 he company, in the same manner ~
provided BY the terms OF the policy, within ninety
DAYS after the decease; and provided also thar Ine
copnany shall have the right TO deduct from the
amount insured r the policy the AMOUNT sompoeno-
ed at seven per centum per ann1m OF All me pre-
minms that had been forborne at the TINE OF the
death including the whole OF the years premium IN
which the death cccurs
Approved February !, ls'I.l