The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1917-03-23
PETITION.

FG1JIlON.
In the Matter Of the Reinsurance OF
the Policies of The Pioneer Life
Insurance Company of North 'Dako
ia by The Lincoln National Life
Insurance Company.
Comes now The Pioneer Life lnsur
ance Company Of North Dakota, Petf
toner, hereinafter designated as The
Pioneer Life, and files with the lnsur
ance Commissioner of North Dakota
this, it's Petition for Approval OF the
Contract for Reinsurance of the Pol
icies of The Pioneer Life by The Lin
coin National Life Insurance Com
pany, hereinafter designated as The
Lincoln National Life.
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 corpor-
alton 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, Second Party,
hereinafter designated as The Lincoln
National Life, W1TNDSSETH,
WHEREAS. The Pioneer Life de-
sircs 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 Of its policy
contracts reinsured with and its out.
standing obligations Of every nature
now accrued or hereafter to accrue,
assumed by said The Lincoln National
Life. ...
AND, VII EEEAS, said The Lincoln
National Life desires to reinsure, take
over and assume the life insurance
BUSINESS of said The Pioneer Life. to-
;ether with all outstanding Obliga-
tons Of said The Pioneer Life,
NOW THEREFORE,, in considera-
ton 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:
/, The Lincoln National Life. upon
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 Da-
kota for the approval of reinsurance
contracts upon petition filed with the
Insurance Commissioner Of North Da-
kota, 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 is
sued 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 contractual
liabilities of said The Pioneer Life
as of March 31st, 1917, and covenants
and agrees to and with The Pioneer
Life and to and with each of the hold
ers of the policies herein referred
to, and to and with the beneficiarfes
thereof and their legal representatives
and assigns, to assume and carry out
the several obligations of The Pho
neer Life contained in the policies
herein referred to, and covenants and
agrees to forthwith issue to each pol
icy-holder its independent Certificate
of Assumption as Of March 31st. 1911,
to- be attached to each such policy
mi I,n
subject to the terms and conditions
thereof: provided, however, that all
obligations and liabilities hereby as
sumed by The Lincoln National Life
are assumed subject to all defenses,
counterclaims and offsets which are
or might hereafter become available
to The Pioneer Life. -,.7.,
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 cOnyci to The Lincoln Ma.
tional Life all of its right, title and
interest as of March 3lst, 1917, in and
to all Of its policy contracts issued
on or prior to such approval, or in
force at said time. whether such poll.
cies are issued at such time or there
after.
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 the assets and
property Of The Pioneer Life, includ'
ing mortgages, notes, bonds, accounts
cash, agents balances and other evil
dences of debt or credit, furniture
fixtures, and all property of every
kind and nature owned or possessed
by The Pioneer Life at such time
wherever situated, excepting a suffl
cient amount in value of such cash
bonds and mortgages to cover the cap
ital and admitted surplus Of said The
Pioneer Life as shown by report Of
the condition of said The Pioneer
Life as Of March 31st, 1917. as com
puted and determined by the Insur
ance Department of North Dakota
To such amount of capital and admit
ted surplus shall be added interest al
the rates provided in such securities
covering capital and admitted sur
plus from March 31st, 1917.
4. Upon such approval Of this con
tract. all receipts and disbursement
of The Pioneer Life on and aftel
March S1st. 1917, relatiag to and con
nected with the pro- ty, secnIitiel
or policies hereby transferred to Thu
J Lincoln National Life, shall be aud be