Principles and practice of life insurance

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1892 Excerpt: ...the right t0 deduct fr0m the am0unt insured in the p0licy the am0unt at six per cent per annum 0f the premiums which have been f0rb0rne at the date 0f his death. MASSACHUSETTS NON.FORFEITURE LAW. C0d1f1cat10n 0f 1887. Section 76. All p0licies hithert0 issued by any d0mestic life insurance c0mpany shall be subject t0 the pr0visi0ns 0f law applicable and in f0rce at the date 0f such issue. N0 p0licy 0f life 0r end0wment assurance hereafter issued by any such c0mpany shall bec0me f0rfeited 0r v0id f0r n0n.payment 0f premium after tw0 full annual premiums, in cash 0r n0te, 0r b0th, have been paid there0n; but in case 0f default in the payment 0f any subsequent premium, then, with0ut any further stipulati0n 0r act, such p0licy shall be binding up0n the c0mpany f0r the am0unt 0f paid.up insurance which the then net value 0f the p0licy and all dividend additi0ns there0n, c0mputed by the rule 0f secti0n eleven, less any indebtedness t0 the c0mpany 0n acc0unt 0f said p0licy, and less the surrender charge pr0vided herein will purchase as a net single premium f0r life 0r end0wment insurance maturing 0r terminating at the time and in the manner pr0vided in the 0riginal p0licy c0ntract; and such default shall n0t change 0r affect the c0nditi0ns 0r terms 0f the p0licy, except as regards the payment 0f premiums and the am0unt payable there0n. Said surrender charge shall be eight per cent 0f the insurance value 0f the p0licy at the date 0f default, which insurance value is the present value 0f all the n0rmal future yearly c0sts 0f insurance which by its terms said p0licy is exp0sed tality and interest assumed in secti0n eleven. Every such p0licy, after the payment 0f tw0 full annual premiums there0n, shall have a surrender value which shall be its net value, less the surre...