Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-07-14
GOVERNOR vETOES
THREE MEASURES
Two Assembly Bills Sustained by
Vote of q to O.
STATE TO WRITE INSURANCE
Purpose of New Law Is to Provide for
Life Policies and Old Age An
nuities at Minimum
Cost

Madison.-The state of Wisconsin
has the distinction of being the first
state OF the Union to engage In the
business of life insurance and old age
annuities. The legislature has passed
and the governor signed a bill provid-
ing for the administration by the
state of life fund for granting life
insurance and paying old age annui-
ties" The act will go into effect as
soon as it is officially published,
which will be in a day or two. 1t is
chapter SIT OF the laws of 1911.
The purpose vi the bill is to provide
life insurance and old age annuities at
a minimum cost. The plan to be fol-
lowed is similar to that which has
been in operation in Germany for
some years. Life insurance policies
will be issued and annuities granted
to persons between the ages Of twenty
and fifty years Life insurance poll
$500 or multiples thereof, but no per-
son will be granted more than $1,000
of insurance until the number OF in
sured persons exceeds 1000, or more
than $4,000 until the number of in
sured persons exceeds 5000, or not
annuities are to begin at the age of
sixty years or more and are not to
exceed $500 annually to any benefi-
ciary.
The act provides that the pre-
miums for life insurance in the life
fund shall be based upon the Ameri-
can experience table Of mortality
with additions for extra hazards, and
with interest at three per cent. per
annum, to which shall be added for
expenses and contingencies two dol
lars per year per $1,000 of insurance,
and an amount distributed equally
through each Of the possible premium
payments, the present value of which
shall be equal to one-sixth of the pres
ent value of the costs of insurance on
the basis aforesaid"
The act further provides that the
premiums for annuities shall be based
upon the British Offices annuity tables,
1898, with interest at three per cent.
per annum, with additions for ex-
penses and contingencies, distributed
equally through each OF the premium
payments, the present value of which
shall be One-sixth of the net single
premium for such annuity.
Upon the filing of such forms, the
mic nf cho1 fur
nish schedules of rates and copies of
the forms of policies to every state
factory inspector, to the clerk and
treasurer of every county, town, city
and village and to every state bank,
whose duty it shall be to fill out and
transmit applications for insurance
and annuities, and such schedules and
rates shall also be furnished to any
other person applying therefor.
The application shall be transmit
ted to the commissioner of insurance,
together with the premium for three
months, or multiples thereof, and
medical examination fee Of two dollars
in case of life insurance. The COM
missioner of insurance and the state
board of health shall pass upon all
applications for insurance, and no life
insurance shall be granted without
personal medical examination to be
made at the direction of the state
board of health, for which the local
examiner shall receive the medical ex-
animation fee. If the application be
rejected, the deposit shall be returned,
excepting the fees mentioned in sub
section 10. Gee of 25 cents paid for
transmitting application for insurance
or annuity) No examination shall be
required on application for annuities.
If the application be accepted, the pre-
MUM shall be paid into the life fund
and policy shall issue, to be signed
by the commissioner of insurance and
the state treasurer, reciting that the
same shall be payable out of the life
fund without further liability on the
part of the state.
Three vetoes were ordered by
Governor McGovern in messages
sent to the legislature. Two, of
assembly bills, were sustained by
unanimous vote a to o., Assembly
men Bell, Nye. Kay and Gilboy be-
ing present. The third, that of SEN
ate bill, was tabled on account of the
absence Of every senator.
The first bill, by the committee on
transportation, repealed the section
of the railroad commission act giving
the commission power to pass upon
proposed changes in rates upon filing
Of the proposed schedules by the
companies. Governor McGovern held
that this section had been superseded