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Establishing standard forms in which policies of life insurance may be issued in this state and in which policies of life insurance companies organized under the laws of this state may be issued; and regulating the conditions and provisions to be contained in policies of life insurance companies that do not adopt such standard forms.

Be it enacted by the General Assembly of the State of Ohio:

SECTION I. No policy of life insurance shall be issued or delivered in this state and no policy of life insurance of a life insurance company organized under the laws of this state shall be issued unless authorized by the provisions of this act.

SECTION 2. The following are established as standard forms in which policies of life insurance may be issued and delivered in this state, and in which policies of life insurance of life insurance companies organized under the laws of this state may be issued:

OHIO STANDARD LIFE INSURANCE POLICY.

(Insert “Ordinary” or “Limited Payment.”)
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - LIFE.

Of (Name of State)

IN CONSIDERATION OF. . . . . . . . . . . . . . . . Dollars, receipt of which is hereby acknowledged, and of the payment of (insert amounts and times of payments of premiums) until (insert “the death of the insured” in ordinary life, and “. . . . . -- - - - - - - - - - full years' premiums shall have been paid or until the prior death of the insured” in limited payment life),

PROMISES to pay upon receipt at the Home Office

of the Company in . . . . . . . . . . . . of due proof of the death of. . . . . . . . . . . . . of. . . . . . . . . . . . . County of . . . . . . . . . . . . . > State of . . . . . . . . . . . . . . . . . . . . , herein called 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 accom

Standard forms.

Standard forms.

panied 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:

Fxcept as herein provided the pavment of a premium or installment thereof shall not maintain the pólicy in force bevond the date when the next premium or installment thereof is payable.

All premiums are payable in advance at said home of. fice, 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.

A grace of one month subject to an interest charge at the rate of . . . . . . . . . . per centum per annum shall be granted for the pavnent 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 applicalle 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-pavment 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 Davable hereunder shall be such as the premium paid would lave D11 relia Sed at the correct age. TARTICIPATION.—This policy slall 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. T)TVIT)FNT)S.—T)ividends 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—

(I) 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 for 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 this 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 the 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, if any. 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. OPTION 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

Standard forms.

[graphic]

Standard forms.

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 onehalf) 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 such 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 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 options (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 lmere inserted :

“The figures apply to a policy for $1,000. As this contract is for $. . . . . . . . . . the loan, cash, or paid up insurance available in any year will be. . . . . . . . . . . the amount stated in the table for that year.”)

Standard forms. At Cash or Paid-Up Continued Insurance. end of Loan Life Year. Value. Insurance. Years. Months. Days.

3 $. . . . . . . . . . $. . . . . . . . . . 4 $. . . . . . . . . . $. . . . . . . . . . 5 $. . . . . . . . . . $. . . . . . . . . . 6 $. . . . . . . . . . $. . . . . . . . . . 7 $. . . . . . . . . . $. . . . . . . . . . 8 $. . . . . . . . . . $. . . . . . . . . . 9 $. . . . . . . . . . $. . . . . . . . . . Io $. . . . . . . . . . $. . . . . . . . . . II $. . . . . . . . . . $. . . . . . . . . . 12 $. . . . . . . . . . $. . . . . . . . . . 13 $. . . . . . . .. . $. . . . . . . . . . I4 $. . . . . . . . . . $. . . . . . . . . . 15 $. . . . . . . . . . $. . . . . . . . . . I6 $. . . . . . . . . . $. . . . . . . . . . 17 $. . . . . . . . . . $. . . . . . . . . . 18 $. . . . . . . . . . $. . . . . . . . . . I9 $. . . . . . . . . . $. . . . . . . . . . 20 $. . . . . . . . . . $. . . . . . . . . .

Figures for later years will be furnished upon request.

REINSTATEMENT—In case of continued temporary insurace under the above provisions, this policy, upon evidence of insurability satisfactory to the company, may be reinstated within the first three years of the term for which the insurance is continued by payment of arrears of premiums with interest at (here insert not more than six) per Centum per annum.

OPTIONS AT MATURITY. The insured, by written notice to the company at its home office, and with the written consent of the assignee and irrevocable beneficiary, if any, may elect to have the net sum payable under this policy paid either in cash or as follows:

(I) By the payment of interest thereon at. . . . . . . . . . per centum per annum payable annually, to the payee under this policy at the end of each year during the life of the payee and by the payment upon the death of the payee of the said net sum and accrued interest to the executors, administrators, or assigns of the payee, unless otherwise directed in said notice.

(2) By the payment of equal annual installments for a specified number of years, the first installment being payable immediately, in accordance with the following table for each $1,000 of said net sum.

(3) By the payment of equal annual installments pay

able at the beginning of each year for a fixed period of twenty years and for so many years longer as the payee shall

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