Page:United States Statutes at Large Volume 48 Part 1.djvu/1184

 1158 73d C ONGRESS. SESS. II. CH. 672. JUNE 19, 1934 . Limitation on appli- life company shall be permitted to do business in the District unless cation of section. it makes such a separation of its business. This section shall not apply to paid-up, temporary, or pure endowment insurance issued or granted in exchange for lapsed or returned policies. Standard provisions SEC. 3. ST AND ARD PR OVI SION S REQUIRED IN LIFE-INSURANCE POL- required in policies. 103T S .,-No policy of life insurance other than industrial insurance, annuities, and pure end owments with or without re turn of premiu ms or of premiums and interest shall be issued or delivered in the Dis- trict or be issued by a life company organized under the laws of the District after the 1st day of January next following the passage and approval of this Act unless the same shall contain in substance the following Premiums payable in (1) A provision that all premiums after the first shall be payable advanc e. in advance, either at the home office of the company or to an agent of the company, upon delivery of a receipt signed by one or more of the officers who shall be designated in the policy. Periodofgrace. (2) A provision that the insured is entitled to a grace period of at loast thirty days or of one month within which the payment of any premiums after the first year may be made, subject at the option of the company to an interest charge not in excess of 6 per centum per annum for th e num ber of days of gra ce el apsing befor e the payment of the premium, during which period of grace the policy shall continue in full force, but in case the policy becomes a claim during the said period of grace before the overdue premium or the deferred premiums of the current policy year, if' any, are paid, the amount of such premiums, with interest on any overdue premiums, may be deducted from any amount payable under the policy in settlement. Grace shall date from the premium-paying date stated in the policy. Policy to constitute (3) A provision that, except as otherwise expressly provided by entire contract. law, the policy shall constitute the entire contract between the Incontestability parties and shall be incontestable after it has been in force during the lifetime of the insured for a period of not more than two years Exceptions. from its date, except for nonpayment of premiums and except for violations of the conditions of the policy relating to naval or military service in time of war, and at the option of the company, provisions relative to benefits in the event of total and permanent disability and provisions which grant additional insurance spe- suStateaaed of in. cifically against death by accident may also be excepted ; that all sentations. statements m ade by the in sured shall, in the absence of fraud, be deemed representations and not warranties ; and that no such Use of statement in statement or statements s hall be used in defense of a claim under defense of claim. the policy u nless contain ed in a writt en application and unless a copy of such statement or statements b e endorsed upo n or attached Prov iso , to the policy when issued : Provided, That nothing contained herein Limitation on appli. catio n of provi sion ; re- shall apply to applications for reinstatement. A reinstated policy instated policy. shall be contestable on account of fraud or misrepresentation of material facts pertaining to the reinstatement, for the same period after reinstatement as provided in the policy with respect to the original issue. Misstatement of age (4) A provision that if it shall be found at any time before final of insured. settlement under the policy that the age of the insured (or the age of the benef iciary, if co nsidered in d etermining the premium) has been misstated, the amount payable under the policy sh all be such as the premium would have purchased at the correct age, according to the company's rate at date of issue. Participation in com- (5) A provision that the policy shall participate in the surplus pang surplus, of the company, and any policy containing provisions for participa- tion at the end of the first policy year, and annually thereafter,