The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1911-07-10
INSURANCE BY STATE.
Wisconsin VIII Issue Life and An
nuity Policies.

Madison, Wis, July 10.-Wisconsin
will be the first state of the union to
engage in the business of life insur-
ance and old age annuities.
Under an act just signed by the gov
ernor life insurance policies will be
issued and annuities granted to per-
sons between the ages of 20 and SO
years. Life insurance policies are to
be issued in amounts of $500 or null
tiples thereof but no person may be
insured for more than $1,000 until
the number of insured persons eX-
ceeds 5000 and for not more than
49, 900 at any time.
The annuities are to begin at the
age of GO years or more and are not
to exceed $500 annually to any bene-
ficiary.
The act provides that the pre-
miums for life insurance in the life
fund shall be based upon the Ameri-
can experience table OF mortahty with
additions for extra hazards, and with
interest at 3 per cent per annum, to
which shall be added for expenses
and contingencies 81 year per $1,000
of insurance, and an amount dlstrio-
uted equally through each of the pos
sible premium payments, the pres
ent value of which shall be equal to
one-sixth of the present value of the
costs of insurance on the basis afore-
said.
Based on British Tables.
The premiums for the annuities
shall be based on the British OFFICES
annuity tables of 1893, with interest
at 8 per cent per annum, with addi-
lions for expenses and contingencies,
distributed equally through each OF
the premium payments, the present
value of which shall be one-sixth or
the net single premium for such an
nuity.
"A surplus shall be set aside from
the net profits on each policy, which
shall be made up on the following pa
sis: Fifty per cent during the first pol
lev wear, and thereafter per cent
less for each succeeding policy year
until the ninth year, and thereafter
the amount so set apart shall be 10
per cent.
The interest thereon shall also be
set apart into such surplus. Such sur
plus fund shall be maintained and
held to meet losses from uneXpired or
great mortality or depreciation in Sc
curities or otherwise. The balance Of
the net profits shall be distributed an
nually among the holders of policies
and shall be payable on demand or De
Iapplied to the premium next payable.
Loans may be made on a policy to
an amount which. together with inter
est at per cent per annum, snail not
exceed the reserve on the next policy
anniversary on the basis of the pre-
paid when due shall be charged as
loan. When the unpaid loan and in
terest equals the reserve the policy
shall terminate. but before that time
the whole or any part of loan may
be repaid.
Duties of State Board.
1.-THE reserve, less unpaid loans and
interest. shall be payable in cash on
the anniversary of the policy after six
months advance notice to the COM
mission in writing and the surrender
of the policy
The losses and other payments
shall be audited by the secretary of
state upon the adjustment, order, and
certificate of the state treasurer, at
torney general, and commissioner of
insurance, acting as a board, and be
paid by the treasurer out of the life
fund. and annuities shall be paid in
like manner
There shall be retained by any
person insured, paying direct or by
any other person transmitting any ap-
plication for insurance or any annuity,
or collecting and transmitting any pre-
MUM, fee of 25 cents for each ap-
plication and a fee of 1 per cent on
the amount Of the premium Any
such other person transmitting an APP
plication or premium shall be held to
be the agent Of the insured"
Life insurance and annuities may
be combined and may be granted in
the same policy.