The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1917-03-16
'~~ PETITION. ~ .v@
In the Matter Of the Reinsurance Of
the Policies Of The Pioneer Life
PETITION.

Insurance Company.
Comes now The Pioneer Life lnsur
ance Company of North dakota, Peti
toner, hereinafter designated as Thu
Pioneer Life, and files with the 1nsur
ance Commissioner of North Dakot;
this, its Petition for Approval of tn
Contract for Reinsurance of the Pol
icies Of The Pioneer Life by The Lin
coin National Life Insurance Com
pany, hereinafter designated as Thu
Lincoln National Life. .
The terms and conditions Of san
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 tht
laws of the State of North Dakota
First Party, hereinafter designated as
The Pioneer Life, and The Lincolr
National Life Insurance Company o.
Fort Wayne. Indiana, a corporation
organized and existing under the laws
of the State OF Indiana. Second Party
hereinafter designated as The LincOll
National Life, WITNDSSETH. r
WHEREAS, The Pioneer Life de
sires to sell. transfer, deliver and as
sign to said The Lincoln National Life
all of its life insurance business aI,t
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, WHEREAS, said The Lincoln
National Life desires to reinsure, take
over and assume the life insurance
business of said The Pioneer Life. to-
gether with all outstanding obliga'
lions 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: hi" ,,... ~.
l. 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 underwrite, 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 beneficiaries
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 it's independent 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, however. that all
obligations and liabilities hereby as.
sumed by The Lincoln National Life
are assumed subject to all Ndefenses.
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 Ma
tional Life all of it's 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. d..
8. 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. evi.
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 SUM-
Gent 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 at
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 disbursements
Of The Pioneer Life on and after
March 31st. 1917, relating to and con
nected with the property, securities
DE- policies hereby transferred 10 The
Lincoln National Life, shall be and be