Page:The Wisconsin idea (IA cu31924032449252).pdf/101

 commissioners at Milwaukee, Wisconsin, August 23, 1911, by Mr. Ekern, commissioner of insurance, gives an insight into the state life fund.

"The Wisconsin Legislature of 1911 established a 'Life Fund' for the purpose of granting life insurance and annuities to persons who are within the state or residents thereof. This is to be administered by the state without liability beyond the fund. The state treasurer is charged with the care of the assets. All other matters relating to such funds are under the supervision of the commissioner of insurance.

"Policies may be issued to persons between the ages of twenty and fifty years. Life insurance may be granted in sums of $500 or multiples not exceeding $1000 until the number of insurants exceeds one thousand, and not exceeding $2000 until the number of insurants exceeds three thousand and not in any event exceeding $3000. Annuities may be granted to begin at the age of sixty years or over in sums of $100, $200, or $300. The same policy may combine both a life insurance and an annuity.

"The statute fixes the premium which for life insurance must be based upon the American experience table of mortality, with additions for extra hazards, and with interest at three per cent, and with an addition for expenses and contingencies amounting to two dollars per year per thousand dollars of insurance and one-sixth of the value of the insurance distributed equally through the premium payments.

"The basis for annuity premiums is the British offices annuity tables, with interest at three per cent, with a like one-sixth addition for expenses.

"There must be a medical examination on every application for life insurance. The medical examiner receives a fee of two dollars