over the appraised or agreed loss, to be paid at the same time and in the same manner as the loss shall be paid.” Idaho, R. S. 1887, § 2759. Oregon, Hill's Annot. Stat. 1887, vol. 2, § 3585. Washington, Hill's Stat. 1891, vol. 1, § 2740. LIFE INSURANCE. XV. Protection of Wife and Children. The following States have adopted laws protecting beneficiaries, if wife and children, against creditors and acts of the insured. The New York statute is given as a specimen : "It shall be lawful for any married woman, by herself and in her name, or in the name of any third person, with his assent, as her trustee, to cause to be insured, for her sole use, the life of her husband, for any definite period, or for the term of his natural life; and, in case of her surviving such period or term, the sum or net amount of the insurance becoming due and payable, by the terms of the insurance, shall be payable to her to and for her own use, free from the claims of the representatives of the husband, or of any of his creditors, or any party or parties claiming by, through or under him. But when the premium paid in any year out of the property or funds of the husband shall exceed five hundred dollars, such exemption from such claims shall not apply to so much of said premium so paid as shall be in excess of five hundred dollars, but such excess, with the interest thereon, shall inure to the benefit of his creditors." Alabama, Code, 1886, vol. 1, § 2356. Illinois, R. S. 1891, p. 839, § 54. Maryland, Code, Pub. Gen. Laws, 1888, vol. 1, p. 321, § 117, and p. 803, §§ 8-10. Michigan, Gen. Stat. 1882, §§ 4238, 6300, 6301. Missouri, R. S. 1889, §§ 5851-5854. New Hampshire, Gen. Laws, 1878, ch. 175, § 1. New York, R. S., 8th ed., vol. 4, pp. 2602-3. Ohio, R. S. 1890, vol. 1, §§ 36283829. Oklahoma, Stat. 1890, p. 636, § 19. Pennsylvania, Brightly's Purdon's 54. Rhode Island, Pub. Stat. 1882, chap. 166, § 21. South Carolina, Gen. Stat. 1882, § West Virginia, Code, 1887, ch. 66, 1358. South Dakota, Laws, 1890, ch. 86, § 4. Tennessee, Code, 1884, §§ 3335, 3336. Vermont, Rev. Laws, 1880, §§ 23402343. §§ 5-6 as amended by Acts, 1891, p. 325 (ch. 109). Wisconsin, Sanborn & B. Annot. Stat. 1889, vol. 1, § 2347. Amended by Laws, 1891, vol. 1, ch. 876. XVI. Protection of all Beneficiaries. The following States have adopted laws securing to the beneficiaries in certain cases the proceeds of life insurance free from creditors, etc. The New York statute is given as a specimen: "The money or other benefit, charity, relief or aid to be paid, provided or rendered by any corporation, association or society authorized to do business under this act shall be exempt from execution, and shall not be liable to be seized, taken or appropriated by any legal or equitable process, to pay any debt or liability of a member." California, Laws, 1891, ch. 116, § 8. Kentucky, Public Acts, 1869-70, ch. Maine, R. S. 1883, ch. 75, § 10; ch. 49, § 94. Massachusetts, Acts, 1887, ch. 214, § 73; Acts, 1888, ch. 429, § 15; Acts, 1890, ch. 421, § 23 (assessment ins.). Michigan, Public Acts, 1887, ch. 187, Minnesota, Stat. 1891, v. 1, § 3047. 17. Mississippi, Code, 1880, § 1261. New York, 3 R. S., 8th ed., p. 1709, § 19 and p. 1711. North Dakota, Laws, 1891, ch. 73, § 18 and ch. 74, § 15. Pennsylvania, Brightly's Purdon's Dig. 1883, v. 1, p. 924, § 106. Rhode Island, Pub. Laws, Jan., 1889, p. 24, § 8. South Dakota, Laws, 1890, p. 130, Tennessee, Code, 1884, §§ 1813,3135. XVII. Change of Beneficiary. The following States have adopted laws providing that a member of certain life insurance societies may make a change of beneficiary without consent of former beneficiary. The New York statute is given as a specimen : "Membership in any corporation, association or society transacting the business of life or casualty insurance, or both, upon the co-operative or assessment plan, shall give to any member thereof the right, at any time, with the consent of such corporation, association or society, to make a change in his payee or payees, beneficiary or beneficiaries without requiring the consent of such payee or beneficiaries." $ 16. Iowa, McClain's Code, 1888, § 1767 Michigan, Public Acts, 1887, ch. 187, (L. 1886, ch. 65, § 7). Kansas, Gen. Stat. 1889, § 3464. New York, 3 R. S., 8th ed., p. 1709, § 18. XVIII. Discriminations. The following States have adopted laws prohibiting discriminations in rates by life insurance companies. The New York statute is given as a specimen: "Life insurance companies doing business in this State shall not make any discrimination in favor of individuals of the same class and of the same expectation of life, either in the amount of premium charged or any return of premium, dividends or other advantages, and no agent of any such insurance company shall make any contract for insurance, or agreement as to such contract of insurance, other than that which is plainly expressed in the policy issued, nor shall any such company or agent pay or allow, or offer to pay or allow, as inducement to any person to insure, any rebates of premium or any special favor or advantage whatever, in the dividends to accrue thereon, or any inducement whatever, not specified in the policy. Whenever it shall appear to the satisfaction of the superintendent of the insurance department, after a hearing held by him upon due notice, that any company is issuing policies or making contracts that are either directly or indirectly a violation of this act, he shall thereupon, with the approval of the attorney-general, in writing, require said company and its officers and agents to refrain, within twenty days, from making or delivering any such policy or contract; and the making or delivering of any such policy or contract thereafter, shall render such company or person guilty of a misdemeanor, punishable as provided in the third section of the act hereby amended. It is further made the duty of said superintendent, in case of the failure of any company or its officers or agents to comply with said requirement within the twenty days, to publish a notice of the fact in the State newspaper once a week for four weeks." Colorado, 1 Mills' Stat. 1891, § Connecticut, Public Acts, 1889, ch. Delaware, Laws, 1891, ch. 273. Michigan, Public Acts, 1889, No. 171, New York, Laws, 1889, ch. 282, § 1, as am'd by Laws, 1890, ch. 401. Ohio, R. S. 1890, vol. 1, §§ 3631-2 (p. 906). Pennsylvania, Laws, 1889, ch. 116, § 1. Rhode Island, Public Acts, Jan. 1888, Vermont, Acts, 1888, p. 126. Wisconsin, Laws, 1891, vol. 1, ch. Wyoming, Laws, 1890-91, ch. 101. XIX. Discriminations against Colored Persons. The following States have adopted laws prohibiting discriminationa against colored persons, by life insurance companies. The New York statute is given as a specimen : "§ 1. No life insurance company doing business within this State shall make any distinction or discrimination between white persons and colored persons, wholly or partially of African descent, as to the premiums or rates charged for policies upon the lives of such persons, or in any other manner whatever; nor shall any such company demand or require a greater premium from such colored person than is at that time required by such company from white persons of the same age, sex, general condition of health and prospect of longevity; nor shall any such company make or require any rebate, diminution or discount upon the amount to be paid on such policy in case of the death of such colored persons insured, nor insert in the policy any condition, nor make any stipulation whereby such person insured shall bind himself, or his heirs, executors, administrators and assigns to accept any sum less than the full value or amount of such policy in case of a claim accruing thereon by reason of the death of such person insured, other than such as are imposed upon white persons in similar cases; and any such stipulation or condition so made or inserted shall be void. "§ 2. The violation of any part of the first section of this act shall be deemed a misdemeanor, and the party or parties violating the same shall, upon conviction thereof, be subject to a fine of not less than fifty dollars, or more than five hundred dollars." Connecticut, Gen. Stat. 1888, § 2861. Massachusetts, Acts, 1887, ch. 214, §§ 69, 109. New York, Laws, 1891, ch. 119. XX. Non-forfeiture. The following States have adopted non-forfeiture laws in life insurance. The New York statute is given as a specimen : "§ 1. Whenever any policy of life insurance hereafter issued by any company organized or incorporated under the laws of this State, after being in force three full years, shall by its terms lapse or become forfeited for the non-payment of any premium, or of any note given for a premium, or loan made in cash on the policy as security, or of any interest on such note or loan, unless the provisions of this act are specifically waived in the application, and notice of such waiver written or printed in red ink on the margin of the face of the policy when issued, the reserve on such policy, including 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, and with interest at the rate of four and a half per cent. per annum, after deducting any indebtedness of the insured on account of any annual, semi-annual, or quarterly premium then due, and any loan made in cash on such policy, evidence of which is acknowledged by the insured in writing, shall, on demand made, with surrender of the policy within six months after such lapse, be taken as a single premium of life insurance at the published rates of the company at the time the policy was issued, and shall be applied, as shall have been agreed in the application and 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 to purchase upon the same life at the same age, paid-up insurance payable at the same time, and under the same conditions, except as to payment of premiums, as the original policy. Provided, that if no such agreement be expressed in the application or policy, the said 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 niade to prevent the forfeiture of the policy. Provided, also, that 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 twothirds of the entire reserve after deducting the indebtedness as specified; but such insurance shall not participate in the profits of the company. "§ 2. If the reserve upon any endowment policy, applied according to the preceding section as a single premium of temporary insurance, be more than sufficient to continue the insurance to the end of the endow. ment term named in the policy, and if the insured survive that term, the excess shall be paid in cash at the end of such term, on the conditions on which the original policy was issued." California, Deering's Civil Code, § 2766 n. (Stat. 1871-2, ch. 62). Colorado, Mills' Stat. 1891, v. 1, § 2223. |