, 1879-07-09

tho company AgAtnat tho insured. which notcA. II
elycn for premiums, shall then bo cancelled. four.
Afttrs ct wtht fon,ans shall DO considered az net
slnn1e prom1uH Of temporary lnsnshncc nnd the
term for which II Mill Insure shall bo determined
tccortng 10 thr nge Of tho party At thu time 0f tho
lapse of tho premium Anh tho assumption Of
tallty and tatcrctt AfuEedald.
''skc. 2. II tho death of tho party ocenr with.
In tho term Of Temporary tnsnrnncc coycrct by tho
value Of tho po1toy a. determined III tho prestons
section, and II no coalition Ut the insurance uthcr
thnn tho payment os premium shall have been vlo
lated h1 tho Injured. tho company shall 10 bound
to pay the amonnt Of tho policy tho ss,ue ns II
thcFe had boon no inpso Of premium. ANYTHING In
tho policy to t1ie contrary notwithstanding; pro.
ved, that notsca of Tho claim and proof Of tho death
shall ho submitted 10 the company within ninety
days after tho doccntc; and prov!icd, also. that
tho company Ahnll have tho right to deduct from
the amonnt injured In tho policy the amount at
per cent per ant,usn o The premium that had been
furborno at tho time Of tho dcath."
On this law the New Engln I'D Mutual in
It's aniual report to the public remarks:
"Tho Importance Of this statute ahonl1 not
10 overlooked, It viii DO Eosn thnt 1t secures
to the policy holder the nmount Of insurance
which, hts payments hava purchased. There
Ii no forfeiture Of premiums paid, aa a pom
atty for failing to continue his payments.
Tho act in question declares in substance
that tho policy shnll continue in force no
long as the money Of tho polioy-ho]der in
the hands Of tho company will cover the
cost Of carrying tho rislt."
0nr next suggestion 10 tho Lifo-1nsuranoo
Commission Of the Btnte Of Indiana Ia that
thoy urgo the Incorporation into their
statutes OF the excellent principles recently
cnunciated by tho Equitable Life Of Now
York. They nre rs follows:
~. Policies vii, bo radc lncoutastablo after
three ycnrs from thc!E date.
"2. Each ordinary pulley Will provide for q
definite surrender. yalnc iu paid-up assurance. fl
c..c thu policy IL forfeited after three ycara from
its datc.'
''3. Each Tont'nc policy vii! contain doan,so
nnrrcnder-yalus In cash. In caso Ut Withdrawal 1t
Tho ond Of tho Tontins pcstnA.
~. The contract will be conclsely and clearly
expressed, containing only such provisions aa Aro
necessary to project tho policy holders.
And the Company also nlda.
''6, That tho abotu CONCESSIONS will hereafter
!nurc to tho benefit Of I'LL policies already Issued
and in forca atos shreo years from thcit dates re.
spcettyely."
Tho adoption Of q stntuto embracing tho
aboyo provisions by tho Slate Of Iadiaaa
will give 1t one Of tho most wholesome mud
valuable acts passed. by AIRY Of the States for
mnny year. Tho 1aw should carry with 1t
tho exclusion of any company from doing
husincss i'll the Btato which will not embody
tho provisions Of II IN every policy 1t isauoa.
If Some lafgo companies object and oyon
withdraw their ngoncles, let thom do it.
They will not BE- willing 10 allow tho ssato Of
Indiana to be monopolizoa by the Equitable
and the Massachusetts companies. In fact,
all tho Western States will bo quite sure 10
follow tho lead Of Indiana ut an carly day,
md thon atl tho lending life-ius,rauca CON-
panies will DO only too glad TO accept the
situation, for tho Vest is by fur too large and
too Enh field to be lost.