Principles and Practice of Life Insurance

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Spectator Company, 1892 - Life insurance - 531 pages
 

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Page 32 - ... to be determined as follows, to wit : . The net value of the policy, when the premium becomes due and is not paid, shall be ascertained according to the combined experience, or actuaries...
Page 32 - ... been violated by the insured, the company shall be bound to pay the amount of the policy the same as if there had been no...
Page 33 - The reserve hereinbefore specified shall include dividend additions calculated at the date of the failure to make any of the payments above described according to the American experience table of mortality with interest at the rate of four and onehalf per cent, per annum after deducting any indebtedness of the insured on account of any annual or semi-annual or quarterly premium then due.
Page 34 - ... policy, either to continue the insurance of the policy in force at its full amount so long as such single premium will purchase temporary insurance for that amount, at the age of the insured at the time of lapse, or...
Page 32 - ... shall not change or affect the conditions or terms of the policy, except as regards the payment of premiums and the amount payable thereon. Said surrender charge shall be eight per cent, of the insurance value of the policy at the date of default, which insurance value is the present value...
Page 34 - The net value of the insurance given for such single premium under this section, computed by the standard of this State, shall in no case be less than two-thirds of the entire reserve, computed according to the rule prescribed in this section after deducting the Indebtedness as specified ; but such Insurance shall not participate in the profits of the corporation.
Page 33 - ... or any note given for a premium or loan made in cash on such policy as security, or of any interest on such note or loan, the reserve on such policy computed...
Page 33 - American experience table of mortality at the rate of four and one-half per cent, per annum shall, on demand made, with surrender of the policy within six months after such lapse or forfeiture, be taken as a single premium of life insurance at the published rates of the corporation at the time the policy was issued...
Page 33 - ... the corporation at the time the policy was issued, and shall be applied, as shall have been agreed in the application or policy, either to continue the insurance of the policy in force at its full amount...
Page 34 - ... of premiums, as the original policy. If no such agreement be expressed in the application or policy, such single premium may be applied in either of the modes above specified at the option of the owner of the policy, notice of such option to be contained in the demand hereinbefore required to be made to prevent the forfeiture of the policy.

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