Life InsuranceBrandon, 1914 - 365 pages |
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Common terms and phrases
actuary adequate rates adopted age of entry American amounts of protection Ancient Order annual premium Annuity applied assessment assumed attained ages cent interest certificate Committee Commutation Columns computation contribution rates death benefit death rate December 31 deficiency endowment Entry Ages Exhibit experience fact Fraternal Beneficiary Societies Fraternal Congress Table Fraternal Orders Fraternal Societies Friendly Societies funds future contributions increase instalments of claims Insurance Commissioner insurance companies insurance contract Knights lapse rate laws legislation level premium liabilities lodge Maccabees membership method mortality table Mutual National Fraternal Congress Natural Premium number dying number living obtained officers operation organized paid payable persons present value probability of dying promised benefits rates of contribution readjustment represented reserve accumulation Royal Arcanum Section secure single premium Table of Mortality tabular term tion Uniform Bill United Workmen whole life insurance yearly instalments
Popular passages
Page 66 - Society transacting business under this act shall provide for the payment of death benefits, and mav provide for the payment of benefits in case of temporary or permanent physical disability, either as the result of disease, accident or old age : provided, the period of life at which the payment of benefits for disability on account of old age shall commence, shall not be under seventy years...
Page 67 - The payment of death benefits shall be confined to wife, husband, relative by blood to the fourth degree, father-in-law, mother-in-law, son-in-law, daughter-in-law, stepfather, stepmother, stepchildren, children by legal adoption or to a person or persons dependent upon the member...
Page 68 - In addition to the annual report herein required, each society shall annually report to the Commissioner a valuation of its certificates in force on December 31st, last preceding; excluding those issued within the year for which the report is filed, in cases where the contributions for the first year in whole or in part are used for current mortality and expenses; provided, the first report of valuation shall be made as of December 31st, 1912.
Page 41 - Act, shall not be liable to attachment, garnishment, or other process, and shall not be seized, taken, appropriated, or applied by any legal or equitable process, or...
Page 71 - General, who shall, if he deem the circumstances warrant, commence an action in quo warranto in a court of competent jurisdiction, and such court shall thereupon notify the officers of such society of a hearing, and if it shall then appear that such society should be closed, said society shall be enjoined from carrying on any further business and some person shall be appointed receiver of such society...
Page 67 - Every certificate issued by any such society shall specify the amount of benefit provided thereby, and shall provide that the certificate, the charter or articles of incorporation — or, if a voluntary association, the articles of association — the...
Page 71 - ... of the society. He may, in his discretion, accept in lieu of such examination the examination of the Insurance Department of the State, territory, district, province or country where such society is organized. The...
Page 69 - August 23, 1899, or at the option of the society, any higher table, or, at its option, it may use a table based upon the society's own experience of at least twenty years and covering not less than one hundred thousand lives with interest assumption not more than four per centum per annum. Each such valuation report shall set forth clearly and fully the mortality and interest basis and the method of valuation.
Page 72 - ... to an association of local lodges of a society now doing business in this state which provides death benefits not exceeding three hundred dollars to any one person...
Page 68 - ... certificates then subject to valuation; and, as contingent assets, the present mid-year value of the future net contributions provided in the constitution and laws as the same are in practice actually collected.