St. Paul tidende. [volume] (St. Paul, Minn.) 1902-1928, 1907-05-10

upon q attached to the policy when ts-
(5j A provision that il the age sof3the
insured has been understated the amount
the premium would have purchased at
6l provision that the policy. shall
participate inethe surplus%of the companv
end of the third policy year. the company
will annually determine al account for
the portion Of the. divisible SURPLUS nccru-
the policy shall nave the right each year
after the fifth to have the current divi-
dend arising from such narticipation paid
IT ers, div nna + o tas nolif e shall shall .f pr9yiar
provide that if the owner of the policy
shall not elect n such. other opttons
the dividend shall bespaid in cash: Which
derds payable during the first five. wears
of such policy shall be conditioned Upon
the payment of the next ensuing annual
uuired in non-participating policies. nor
in policies issued on u~nder-averag
lives. nor in insurance in exchange for
lapsed or surrendered policies.
() A provision that after three full
years premiums have been paid. the
company at any time. while the policy Is
in f9rc of t Mill n adXance and On or prf fRe s aSs'E xe-
1AAS"I VI IiAC OOAASy' 49, SAAS SSAN, -
curity thereof. at a specified rate of in
terest. a sum equal to-. or. at the option
of the owner of the policy, less than the
reserve at the end Of the current policv
year on the policy. and on any dividend
additions thereto. specifying the mortal
ity table and rate of interest adopted for
more than two and one-half per :centum
Of the amount insured by the policy. and
of any dividend additions thereto; and
that the, company will deduct from such
loan value any existing Indebtedness. on
the policy and any unpaid balance or tho
premium for the current policy year. ana
may collect interest In advance on me
| year: which provision may further pro-
vide that such loan may be deferred for
not exceeding six months after the appi1-
further stipulated in the policy that fail
ure to repay any such advance or 70 pay
interest shall not avoid the policy unless
the total Indebtedness thereon to the
! compan shall equal or exceed such loan
value at the time of such, failure: nor I'M
til one month after notice shall have been
mailed by the company to the. last known
address OF. the insured and of the assl9nee
No condition other than as herein pro-
vided shall be. exacted as a prerequisite
This provision shall. not be required in
term assurances. "
e., A provision which. IN event or oe-
fault in premium payments. after pre-
miu1ns. shall have been paid for three
wears, shall secure to the owner OF the
policy a stipulated form Of insurance. tne
net value OF which shall be at least equal
to the reserve at the date Of default on
the policy and on n dividend aduitlolis
thereto, specifying the mortality table anu
such reserves, less a sum not more nan
two and one-half per Gentum OF the
amount insured by the policy; AND OF any
,ads t ag, div a9is4inr aoG indebted hnsIet to the
c2sm %eh ppro wi ION Shall %stlpulate that the
policy may be surrendered to the c9na pam,
date Of default for a specihed cash vaius
at least equal to the sum which Would
otherwise be available Tor me pur e4ia;,n
late that the company may defer paynens
FOR not more than six CO. months after the
application therefor g, Il ma maze se required in
term Insurance Of twenty years or less
(O A table showing in figures the loan
values, and the options ava1lapi fo,, Taot ip
premium payments, during, at least me
frst twenty years of the policy, beginning
with the year in which such values ana
options become availab1e.
1O) A provision that IL, In event OF de-
fault in premium payments: the value OF
the policy shall be applied to the pur If
chase of other insurance, ana II sucn IN,
surance shall be in force and the Original
policy shall not have ben TO
| the company and Cancelled, the policy may
be reinstated within three y years az ,, ~ rr h;Ii
tty satisfactory to the company, ana Pay-
ment Of arrears Of premiums. with inter-
est.
G1) A provision that when a policy
shall become a. claim by the death of the
Insured. settlement shall be made upon
receipt of due proof Of death, or not later
than two months after receipt OF suci
1G21 A table showing the AMOUNTS Of In
stallments in which the policy may pro-
vi@dss , it < p tifie on T ths ia FACE eas and on the
back Of the policy correctly describing the
Any Of the foregoing provisions or pot Sot
applicable to single premium polcles;
shall to that extent not be incorporated
Sec. 6. No policy of life insurance. In
form other than as prescribed in section
9 shall be issued or delivered in this state
or be issued by a life insurance &c, company lpatH
If it contain any Of the following pro-
'' Is A provision for forfeiture OF tho
policy for failure to repay any loan on the
policy or to pay interest on such loan
while the total Indebtedness on the policy
is less than the loan value, thereof; or
any provision for forfeiture: for failure to
repay any such loan or to. pay interest
thereon. unless such provision contain a
stipulation that no such forfeiture Shall
| occur uulll dI 1SdoL OAC AAO1ASA UAASSA FNo
tice shall have. been mailed by the COM
pany to the last known address of the in
Isured and Of the assignee. If any: Notice
of whose address and contract OF the as
signment has been filed with the company
at it's home office. ~
T. (2) A provision limiting the, time within
which any action at law or in equity may
be commenced to less than five years
after the cause Of acton shall accrue.
81 A provision by. which the policy
shall purport to be issued or to take effect
before the original application for the
insurance was made. if thereby the as
sured would rate at any age younger
than his age at date when the application
was made, according to his age at. nearest
birthday.
ment at maturity Of less value than the
amount insured on the face of the policy
plus dividend additions, If any, less n
Indebtedness to the company on the pol
icy and less any premium that may by
the terms Of the policy be deducted.
Sec. Z. Preliminary term policies not
subject TO the provisions Of section 4.
Sec. 8. No policy Of life insurance shall
be issued or delivered in this state, or be
issued by g. life insurance. or.
ganized under the laws of this state, Until
the insurance; commissioners; and after
the. insurance commissioner shall. nave
notified any company of. his disapproyal
of any form, it shall be unlawful for such
| p to issue any policy. In the form
SO ~disapproved. The commissioners &C
court Of competent Jurisdiction,
Sec. 8. The policies Of a life insurance
company. not organized under the laws
of this state, may contain any provision
which the law Of the state, territory, dis
trict or country under which the company
10 orrouf1e1 nraScrihos shall he In. S1lCh