Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-08-04

village and to every state bank, whose
duty 1t shall be to fill out and transmit
applications for insurance and annuf.
ties, and such schedules and rates shall
also be furnished to any other person
I. The application shall be trans
mitted to the commissioner Of 1nsur-
three months, or multiples thereof, and
medical examination fee OF two d 1S,io
lars in case Of life insurance a;,a The 1he
all applications for insurance, ana no
life insurance shall be granted without
a personal medical examination to pc
made at the direction Of the state board
of health, for which the local examiner
shall receive the medical examination
fee. If the application be rejected, the
the fees mentioned IN subsection 10.
No examination shall be required on
application for annuities. If the appli,
cation be accepted, the premium snail al
shall issue, to be signed by the com
missioner of insurance and the state
treasurer reciting that the same snail
be payable out Of the life fund without
further liability on the part Of the
state.
8. The commissioner of insurance
shall provide the insured with blanks
to be used in the payment of preml-
umS, and such premiums may be pa1d
to the treasurer of any city, village,
town or county or to any state deposi-
tory, Who shall receipt for and remit
the same to the commissioner or IN
surance. The bond of every, such treas
urer and state depository shall Include
q liability for all premiums and other
money received for the life fund.
8. A surplus shall be set aside IRON m
the net profits on each policy when
shall be made up on the Following
basis: Fifty per cent during the hrst
policy year, and thereafter five per cent
less for each succeeding. policy year
until the ninth year, and Thereafter the
amount so set apart shall be ten per
cent The interest thereon shall also
be set apart into such surplus. huch
surplus fund shall be ma1ntalned !. ana aC.
held to meet losses from unexpected or
great mortality or depreciation III Sc
curit1es or otherwise: The balance OF
the net profits shall be distributed. an
hnd shall be payable on demand or be
applied to the premium next payable.
10. Loans may, be made. on Policy
to an amount, which together with in
terest at six per cent per annum, shali
not exceed the reserve on the next
policy anniversary on the basis OF the
premiums then paid, ANY premium not
loan. When the unpaid loan and IN
teTest equals the reserve, the po1cy
shall terminate, but before that time
the whole or any part of loan may be
repaid
H. 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 commits
sioner in writing and the surrender OF
the policy. 4-
shall be audited by the secretary Of
state upon the adjustment, order ana
certificate of the state treasurer, attor-
ney-general and commissioner OF IN
surance, acting as a board, ana De pald
by the treasurer out Of the life fund,
and annuities shall be paid IN like
49, (a) There shall be audited by the
secretary of state, upon the certificate
Of the aforesaid board, and paid by the
state treasurer out Of the expense eIe-
ment of the life fund the compenSa-
tiOn of clerks and assistants employed
by the commissioner to administer the
life fund, q fee of two dollars to the
medical examiner for each medical eX-
animation, and the actual expense upon
the aGjus tmcnt of any loss or the DC
Tense or prosecution OF any action
The compensation certified by suc6
boar. due employees of the state, pald
paid to such employees, pc transferred
into the general fund of the state.
(b) There shall be retained by any
person insured paying direct, or by any
other person transmitting any applica-
ton for insurance or any annuity, or
collecting and transmitting any pre-
MUM, q fee Of twenty-five cents Tor
each application and fee OF one per
cent on the amount Of the premium
AnV such other person transmitting an
applica ton or premium shall be held
to be held to be the agent OF the IN
ii. Policies Of life insurance may be
issued to persons between the ages OF
tWenty and fifty years, IN amounts OF
five hundred dollars or multiples there
Of upon being approved by the COM
missioner of insurance and the state
board Of health, but no policy or policies
cies shall be issued contrary to section
1898 nor upon the same risk in excess
of one thousand dollars until the num-
Der of inSuTantS shall exceed one tnOu-
sand, nor in excess OF two thousand
dollars until the number OF 1nsurants
shall exceed three thousand, nor at any
time in excess OF three thousand dol
IS. AnnuIties may be granted to per-
sons between the ages OF twenty and
fifty years, to begin at the age or Sixty
years or more in sums OF one hundred
dollars or multiples thereof not eN-
Cccding three hundred dollars upon the
Same risk.
1G. Life insurance and an annuity or
annuities may be combined and may be
granted in the same policy.
II. The accounts Of the life fund
shall be kept by tho commissioner OF
insurance ana shall be audited in tho
Same manner as the accounts Of state
officers. Valuations and reports ShaII
be made annually, conforming to tho
reports required of life insurance com
panicS by the laws of this state, but,
except as specifically provided, the
other provisions Of the laws relating
to insurance shall not apply to the life
fund.
IS. Tho commissioner Of insurance
shall make such reasonable rules and
regulations for the granting of life in
surance and annuities, as shall be nee
essary to carry out the provisions OF
Section 2. This act shall take effect
and be in force from and after its pas
sage and publication.
Approved July e, 1911. Copy Law
No. 1923, Al Published July Z, 1911
CHAPTER SIS, LAWS OF 1911.
AN ACT to create section 1926m Of the
statutes relating to fire departments,
and to the report and payment of fire
department dues by insurance com