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survive in accordance with the following table for each $1,000 of said net sum.
Installments payable under options (2) or (3) which shall not have been paid prior to the death of the payee shall be paid, unless otherwise directed in said notice, to the executors, administrators or assigns of the payee.
If the insured shall not have directed otherwise the beneficiary may, after the death of the insured, by like written notice, and with the written consent of the assignee, if any', select either of the above options.
Unless otherwise specified by the insured the payee may on any interest date receive the amount yet due under option (1), and may at any time receive the commuted value of payments yet to be made, computed upon the same basis as option (2) in the following table, provided that no such commutation will be made under (3), except aiter the death of the payee occurring within the aforesaid twenty years.
AGENTS ARE NOT AUTHORIZED to modify this policy or to extend the time for paying a premium.
IN WITNESS WHEREOF, The Company has caused Standard this Policy to be executed this... ...day of...
OHIO STANDARD LIFE INSURANCE POLICY.
Of (Name of State)
Dollars, receipt of which is hereby acknowledged, and of the payment of (here insert amounts and times of payments of premiums) until..
... full years' premiums shall have been paid or until the prior death of the Insured, PROMISES to pay at the Home Office of the Com
..of... County of. State of
herein called the Insured, on the.. ...day of..
if the Insured be then living, or upon receipt at said Home Office of due proof of the prior death of the Insured, to. beneficiar....
... with (insert "out" if so desired) right of revocation,
.... Dollars, less any indebtedness hereon to the Company and any unpaid portion of the premium for the then current policy year.
CHANGE OF BENEFICIARY.--When the right of revocation has been reserved, or in case of the death of any beneficiary under either a revocable or irrevocable designation, the insured, subject to any existing assignment of the policy, may designate a new beneficiary with or without reserving right of revocation by filing written notice thereof at the home office of the company, accompanied by the policy for suitable endorsement thereon. If any beneficiary shall die before the insured and the insured shall not have designated a new beneficiary the interest of such beneficiary shall be payable to the insured, (insert “his” or “her”) executors, administrators or assigns.
PAYMENT OF PREMIUMS.—The company will accept payment of premiums at other times than as stated above, as follows:
Except as herein provided the payment of a premium or installment thereof shall not maintain the policy in force heyond the date when the next premium or installment thereof is payable.
All premiums are payable in advance at said home office, or to an agent of the company upon delivery of a receipt signed by one or more of the following officers of the company (insert titles of officers who may sign receipts), and countersigned by said agent.
10—G. & L. A.
A grace of one month subject to an interest charge at the rate of..... ...per centum per annum shall be granted for the payment of every premium after the first, during which month the insurance shall continue in force. If the insured shall die during the month of grace the overdue premium will be deducted from any amount payable hereon in any settlement hereunder.
CONDITIONS.—(The policy may here provide for restrictions of liability by reason of travel, occupation, change of residence and suicide. These restrictions except such as refer to military and naval service in time of war, must be applicable only to cases where the act of the insured provided against occurs within two years after the issuance of the policy.)
INCONTESTABILITY.—This policy and the application therefor, a copy of which is endorsed hereon, constitute the entire contract between the parties and shall be incontestable from its date, except for non-payment of premiums and except as otherwise provided in this policy. All statements made by the insured in said application shall, in the absence of fraud, be deemed representations and not warranties.
If the age of the insured has been misstated, the amount payable hereunder shall be such as the premium paid would have purchased at the correct age.
PARTICIPATION.—This policy shall participate in the surplus of the company and beginning not later than the end of the (insert first, second or third) policy year the company will annually determine and account for the portion of the divisible surplus accruing hereon.
DIVIDENDS.—Dividends at the option of the owner of this policy shall on the.....
..day of... of each year (here may be inserted "after the first policy year” or “after second policy year”) be either
(1) Paid in cash, or
(2) Applied toward the payment of any premium or premiums, or
(3) Applied to the purchase of paid up additions to the policy, or
(4) Left to accumulate to the credit of the policy with interest at (here insert a rate not exceeding that used by the company in calculating its reserves) per centum per annum and payable at the maturity of the policy, but withdrawable on any anniversary of the policy.
Unless the owner of this policy shall elect otherwise within three months after the mailing by the company of a written notice requiring such election, the dividends shall be applied to the purchase of paid-up additions.
LOANS. After three full years' premiums have been paid, the company at any time, while this policy is in force, will advance, on proper assignment of the policy and on the sole security thereof, at a rate of interest not greater than
per centum per annum, which interest if not paid
annually shall be added to the principal and bear the same • rate of interest, a sum equal to, or, at the option of the owner of the policy, less than, the reserve at the end of the current policy year on this policy and on any dividend additions thereto, computed according to the (designate mortality table adopted by the company for computing reserves) mortality table and interest at the rate of (designate rate of interest adopted by the company for computing reserves), per centum per annum, less (here may be inserted not more than two and one-half) per centum of the amount insured by this policy and of any dividend additions thereto. The company, however, will deduct from such loan value any existing indebtedness to the company on this policy and any unpaid balance of the premium for the current policy year, and may collect interest in advance on the loan to the end of the current policy year. Such loan may be deferred by the company for not exceeding six months after the application therefor is made. Failure to repay any such advance or to pay interest shall not avoid this policy unless the total indebtedness hereon to the company shall equal or exceed such loan value at the time of such failure and until one month after notice shall have been mailed by the company to the last known address of the insured and of the assignee,
No condition other than as herein provided shall be exacted as a prerequisite to any such advance.
ASSIGNMENT.—No assignment of this policy shall be binding upon the company until it be filed with the company at its said home office. The company assumes no responsibility as to the validity of any assignment.
OPTIONS ON SURRENDER OR LAPSE.—After this policy shall have been in force three full years the owner, within one month after any default, may elect (a) to accept the value of this policy in cash, or (b) to have the insurance continued in force from date of default, without future participation and without the right to loans, for its face amount, including any outstanding dividend additions, less any indebtedness to the company hereon, or (c) to purchase non-participating paid-up insurance, payable at the same time and on the same conditions as this policy. The cash value will be the reserve at the date of default on this policy and on any dividend additions thereto, computed according to the (designate mortality table adopted by the company for computing reserves) mortality table and interest at the rate of (designate rate of interest adopted by the company for computing reserves) per centum per annum less (here may be inserted not more than two and one-half) per centum of the amount insured by this policy and of any dividend additions thereto, and less any existing indebtedness to the company on this policy. Payment of such cash value may be deferred by the company for not exceeding six months after the application therefor is made.
The term for which the insurance will be continued or
the amount of the paid up policy will be suclı as the cash value will purchase as a net single premium at the attained age of the insured according to the (designate the mortality table adopted by the company for computing reserves) mortality table and interest at the rate of designate rate of interest adopted by the company for computing reserves) per centum per annum. If the sum applicable to the purchase of temporary insurance shall be more than sufficient to continue the insurance to the end of the endowment terin named in this policy, the excess shall be used to purchase in the same manner non-participating paid-up pure endowment, payable at the end of the endowment term and on the same conditions. If the owner shall not, within one month from default, surrender this policy to the company at its home office for a cash surrender value or for paid-up insurance as provided in option (a) and (c) the insurance will be continued as provided in option (b).
The figures in the following table are computed in accordance with the above provisions and upon the assumption that there is no indebtedness on the policy, and that there are no outstanding dividend additions.
(At the option of the company the following may be here inserted :
"The figures apply to a policy for $1,000. As this contract is for $. .... the loan, cash, paid up insurance or pure endowment available in any year will be
the amount stated in the table for that year.”)
or Loan Value.
Paid-Up Endowment in
3 $. 4 $. 5 6 $ 7 8 9 $ ΙΟ $ II $. 12 $. 13 $.. 14 $. 15 $ . 16 17 $ 18 $. 19 $
. 20 $.
$. $. $. $. $. $. $.
$..... $. $. $. $. $.. $. $. $.... $.... $. $. $... $. $. $... $. $.
$. $. $ $. $. $.