The Bottineau courant. (Bottineau, Bottineau County, N.D.) 1895-1929, 1917-03-29
THE BOTTINEAU COURANT, BO1TINEAU, NORTH DAKOTA

The terms and conditions of said
contract for such proposed reinsur-
ance are as follows:
THIS AGREEMENT, by and be-
tween The Pioneer Life Insurance
Company of North Dakota, a corpora
ton organized and existing under the
laws of the State Of North Dakota,
First Party, hereinafter designated
as the Pioneer Life, and The Lincoln
National Life Insurance Company of
Fort Wayne, Indiana, a corporation
organized and existing under the
laws Of the State of Indiana, a
Second Party, hereinafter designated
as The Lincoln National Life, WIT
NESSETH,
WHEREAS, The Pioneer Life des-
Tres to sell, transfer, deliver and as
sign to said The Lincoln National Life
all of it's life insurance business and
all Of it's outstanding obligations of
every nature and have all it's policy
contracts reinsured with, and it's out
standing obligations Of every nature
now accrued or hereafter to accrue,
assumed by said The Lincoln National
Life.
AND, WHEREAS, said The Lin
coin National Life desires to rein
sure, take over and assume the life
insurance business of said The Pho
neer Life together with all outstand-
ing obligations of said The Pioneer
NOW, THEREFORE, in consider
alton Of the premises and of the mu-
tual covenants and agreements here
in contained, it is hereby agreed by
! and between the parties hereto as fol-
, lows
l.. The Lincoln National Life, up
on the approval Of this contract by
the Auditor of the State of Indiana
) and by the Commission, established
and acting under the laws of North
Dakota for the approval of reinsur-
ance contracts upon petition filed with
the Insurance Commissioner of North
Dakota, does hereby under-write, as
sumo, reinsure and guarantee all OF
the insurance policies and contracts
of said The Pioneer Life in force at
the date of such approval, whether
issued at such time or thereafter is
sued. And The Lincoln National Life
does hereby, upon such approval OF
this contract, assume and agree to
pay all valid, legal outstanding con-
tractual liabilities of said The Pho
neer Life as of March 31st, 1917 and
covenants and agrees to and with The
Pioneer Life and to and with each OF
the holders of the policies herein re-
ferred to and to and with the bene-
fciaries thereof and their legal repres-
entatives and assigns, to assume and
.o.xxr o,,% %lo oox,1ro1 nh1iroflNnS ut
The Pioneer Life contained in the
policies herein referred to-, and COW
enants and agrees to forthwith IS
sue to each p~olicyholder it's independ..
ent Certificate of Assumption as OF
March 31st, 1917, to be attached to
each such policy ~reinsuring the same
according and subject to the terms
and conditions thereof; provided, how
ever, that all obligations and liablil-
ties hereby assumed by The Llncoln
National Life are assumed subject to
| all defenses, counterclaims and offsets
which are or might hereafter become
available to The Pioneer Life:
2. The Pioneer Life does hereby,
upon the approval of this contract by
said Commission and by the Auditor
of the State of Indiana, sell, transfer,
assign and convey to The Lincoln
National Life all of it's right, title
and interest as of March 31st, 1917,
in and to all of it's policy contracts
issued on or prior to such approval,
or in force at said time, whether such
policies are issued at such time or
thereafter.
3. The Pioneer Life does hereby,
upon such approval Of this contract,
sell, transfer, assign and convey to
The Lincoln National Life as OF
March 31st. 1917, all of its assets and
property of The Pioneer Life, includ-
ing mortgages, notes, bonds, accounts,
cash. agents balances ard other evil
dences Of debt or credit, furniture fi%-
lures, and all property Ct every kind
and nature owned or possessed bV Ghe
Pioneer Life at such time wherever
situated, excepting a sufficient anoou"t
in value of such cash, bonds and mort
cages to cover the capital and admit
ted surplus of said The Pioneer Life