Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1913-02-09

examination shall be required ON APP
plicaton for annuiues. II the appii-
cation be accepted, the premium shah
shall issue. to be signed by the CONF
missioner of insurance and the state
treasurer reCtinE that the same shall
be payable out of the life fund with
out further liability on the part Of
the state,
Section 3. The commissioner ~
insurance shall provide the insured
with blanks to be used in the pay
mcnt Of premiums and such prem
iums may be paid to the treasurer OF
any city village town or county or
TO any state depository, who shall re-
| ceipt for ana remit the same to the
commissioner Of insurance. Tho
bond OF every such treasurer and
state depository shall include a LA
bilty for all premiums and Other
money received for the life fund
Section 9. A surplus shall be set
aside from the net profits on each
policy which shall be made up on tho
following basis: Fifty per cent dur
ing the first policy year, and thereaf'
ter five per cent less for each sue
ceedlng policy year until the ninth
year, and thereafter the amount so
set apart shall be ten per cent. The
interest thereon shall also be sci
apart into such surplus, such sur
plus fund shall be maintained and
held to met losses from unexpected
or great mortality or depreciation IN
securities or otherwise. The balance
Of the net profits shall be distributed
annually among the holders of poll
cies and shall be payable on demand
or be applied to the premium next
| payable.
Section 10. Loans may be made on
policy to an amount, which to-
gethcr with interest at six per cent
per annum, shall not exceed the re
serve on the next policy anniversary
on the basis Of the premiums then
paid. Any premium not paid when
due shall be charged as loan. When
the unpaid loan and interest equals
the reserve the policy shall terminate
but before that time the whole or any
part Of a loan may be repaid.
Section II. The reserve, less un-
paid loans and interest shall be pay
able in cash on the anniversary Of the
policy after six months advance no
tice to the commissioner in writing
and the surrender of the policy
Section ~ The losses and other
payments shall be audited by the sec
retary Of state upon the adjustment
order and certificate of the state
/ treasurer encouragement and com-
missioner Of insurance, acting as a
/ board, and be paid by the treasurer
out of the life fund and annutes
shall be paid in like manner.
Section 13 (a) There shall be
audited by the secretary Of state
upon the certificate Of the aforesaid
! board, and paid by the state trcasur-
er out Of the expense element of the
life fund the compensation of clerks
and assistants employed by the COM
missioner to administer the life fund
fee of two dollars to the medical
examiner for each medical eXamina-
/ tion, and the actual expense upon the
adjustment Of any loss or the defense
or prosecution of any action The
compensation certified by such board
/ due employees Of the state paid fix
ed salary shall instead Of being paid
to such employees, be transferred into
/ the general fund of the state.
(b) There shall be retained by any
person insured paying direct. or by
I q
/ plication for insurance or any annui-
/ ty, or collecting and transmitting any
/ premium, fee of twenty-five cents
for each application and fee Of one
/ per cent on the amount of the prem
ium. Any such other person trans
hitting an application or premium
/ shall beh eld to be the agent of the
insured.
Section II. Policies of life insur-
ance may be issued to persons be-
| tween the ages Of twenty and fifty
/ years. in amounts of five hundred
dollars or multiples thereof, upon be-
| ing approved by the commissioner Of
/ insurance and the state board Of
health; but no policy shall be issued
contrary to Section 35O7 Of Revised
Law of 1910 and Section $500 of Com
/ piled Laws of 1909, nor upon the
same risk in excess of one thousand
dollars until the number of insurants
shall exceed one thousand nor I'm eX-
cess of two thousand dollars until tho
number of insurants shall exceed
three thousand, nor at any time in
excess of three thousand dollars.
Section 10. Annuities may be grant.
ed to persons between the ages OF
twenty and fifty years, to begin at
the age of sixty years or more I'm
sums Of one hundred dollars or mui-
tiples thereof, not exceeding three
hundred dollars upon the sarr risk.
Section l6 Life Insurance and an
annuity or annuities may be combin-
ed and may be granted in the same
policy.
Section II. The accounts Of the
life funI shall be kept by the com
missioner Of Insurance and shall he
audited in the same manner as tho
accounts Of state officers. Valuations
and reports shall be made annually
conforming to the reports required
of life insurance companies by the
laws of this state, but, except as spe-
officially provided, the other provis-
ions Of the laws relating to insurance
..F... lee Il.