The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-06-20
CONTRACT AGREED UPON.
New Company Assumes Liabilities Of
Kansas Mutual.

The policy holders of the Kansas Au-
tual Life Insurance company. who met
in Topeka Tuesday and Wednesday.
agreed on a contract with the Illinois
Mutual Life Insurance company The lat
ter company takes up the policies and
assumes the liabilities of the old com
pany. The contract as agreed upon Is a.
follows:
l. In consideration % the transfer OF
all the assets of the Kansas Mutual Life
Insurance company 10 the Illinois Life
Insurance company. the latter will rein
sure all the policies of the former COM
pany in good standing. and will assume
all the debts and Liabilities of said Kansas
company.
? The assets of the Kansas company
ana 10 be valued by some bank or trust
company sappointed by the court. After
first deducting from the total value of
said assets
ca The total amount of all valid death
claims and policy claims
(b) The total legal reserve on all out
standing policies:
&C. All other debts. obligations and liza
bilities Of said Kansas company:
The balance shall be considered as sur
plus to policy holders to be apportioned
by actusries appointed by the court.
among all the policy hoolders Of the Kan
sas Mutual Life Insurance company. From
said surplus To policy holders there shall
be first set aside the guarantee fund
properly belonging to the policies Of the
original assessment and step-rate plans.
and this guarantee fund shall he applied
by said actuaries under direction OF the
court. on these old policies 70 equally re-
duce all subsequent premiums thereon.
After setting aside the guarantee fund.
the balance Of the surplus to policy hold
ers shall ne applied over a period OF three
years to reduce the premiums on all pol
icies except in the case Of paid-up and
extended Insurance policies. where the
superintendent shall be raid In cash. in
stead % being applied 20 reduce the pre-
MUM The tentative spportionment II
surplus TO policy holders hereunds-. q
determined from policy credits in excJ's
OF legal reserve based upon the trustees
financial statement dated February -,
1915 assuming said statement 70 b. cor
rest would make total % s124 .Sss s..
, In addition 70 the surplus 20 policy
holders the policy holders shall receive
,iM dollars PER thousand on each thou
sand dollars OF the total business reir-
srired (which reinsurance dividend. on tho
basis II reinsurance Of Si0.7S05 So Tho
amount Of Insurance in force NAV J. isoG.
would amount 70 500 .5@--s-. and .said rein
surance divided shall be apportioned
among tho several policy holders On the
same proportion that The total premiums
,be Hrs 81 his policy bars 20 the total
premiums paid BY al policy /der>Those
uolicies are IL good standing OF the day
/ the reinsurance Is Effected Said rein
I s,irzuce dividend =haau ~ allowed -
J credit n two .cuai proportions. upon tfs
/ premiums due and payable upon esch
T poliicy- for The two fun policy years next
succeeding the apportionrnent- Assuming
/ that the foregoing figures are APPROX
rns,-iy correct TIE total distributor %
poliiey holders would aggregate T57-5as :
plus slss Sc = o. a grand total . "a
[ - -
tn. policy holders reinsured shall he
| continued IN force az the sane ra;e fhey
are now paying provided that al policies
81 rein.ured and commonly known OF des-
3 tznatet IS to- So-cs5l-1 natural ~ sr-
creasinS premium or assessment L1es-
shall 30 continued in force as oas year
/. renewable tern policies ~ - re-sTai
rates written upon sad policies exert
where nc v-sriy renewal rzts- ar Sr1tte1
/ or TIE rolicie< then the rztes shzii - o.
The bSsss - the sctusr1-s table y nor
/ tally ard ps- cent interest With iost-
inE % thru x tors-- p-r thousnd -
/ anzUl-
a z,ssrveed tssi q ths 3-o5osa-