Page:United States Statutes at Large Volume 48 Part 1.djvu/1190

 1164 73d CONGRESS. SESS. II. CH. 672 . J UNE 19, 1934 . Nonapplicability of The provisions of this section shall not apply to contracts of rein- provisions. surance nor to contracts for deferred annuities or reversionary annuities includ ed in life insur ance policies. of Form s deemed pa rt For the purposes of this section, application forms, rider forms, and endorsement forms for use in connection with any such contract, excepting riders or endorsements relating to the manner of distri- bution of benefits or to the reservation of rights and benefits under an y such c ontract, and use d at the request of the individu al holde rs of such contracts, shall be deemed to be parts of such contract and App roval requir ed. shall require the approval of the Superintendent. No r ider and no end orsement, except as stat ed above , shall be attac hed to o r printe d or stamped upon any such contract issued or delivered in the Dis- trict until the form of such rider or endorsement has been filed with the Superintendent and formally approved by him. Life premiums, tension of time for SEC. 6. ExTENSIoN OF TIME FOR PAYMENT OF LI FE PREMIUMS .--A life payment. co mpany may e nter into s ubseq uent agreem ents in wr iting with the insured, which need not be attached to the policy, to extend the time for the payment of any premium, or pa rt thereof, upon condition that failure to comply with the terms of such agreement shall lapse the policy, as provided in said agreement or in the policy. Sub- ject to such lien as may be created to secure any indebtedness contracted by the insured, in consideration of such extension, said agr eement s hall not impair any righ t existi ng under the pol icy. Interest on policy and SEC. 7. INTEREST ON POLICY AND PREMIUM LOANS MAY BE ADDED To premium loans. PRI NCIPA L .-In ascertaining the indeb tedness due upon policy or pre mium loans the i ntere st, if not paid when d ue, s hall be add ed to the principal of such loans and shall bear interest at the rate specified in the note or loan agreement. Life policy forms, SEC. 8. LIFE-POL ICY FO RM S TO BE FI LED W ITH SUPERINTENDENT .-A ttendentwith superin- policy of life insurance shall not be issued or delivered in the District until the form of the same has been filed with the Superintendent nor if the S uperinte ndent giv e writte n notice, within thirty days oy such filing to the company proposing to issue it, showing wherein the form of such p olicy does not c omply with the requirements of the laws of the District, provided that such action of the Superintendent shall be sub je ct to review by a co urt of competent jurisdiction. Provisions required SEC. 9 . PROV ISION S REQ UIRED BY THE LAWS OF A COMPANY'S OWN by the laws of a com- pany's own state, in- STA TE MAY BE INCLUDED IN POLICIES.-The policies of a life company, elus ion in pol ici es, not or ganized under th e laws o f the Di strict, may cont ain any provi- sions prescribed by the laws of the State, Territory, District, or country, under whi ch the company is organized. The policies of a life company, organized under the laws of the District, may, when issued or delivered in any State, Territory, District, or country, contai n any pr ovisions require d by the laws of the Sta te, Terr itory, Distric t, or co untry in which t he same are issu ed or de livered, any- thing in this Act to the contrary notwithstanding. definedp life insurance SEC. 10. DEFINITION OF GROUP LIFE INSURANCE. Group life insur- ance is hereby declared to be that form of life insurance covering not less than twenty-five employees, with or without medical exam- ination, written under a policy issued to the employer, the premium on which is to be paid by the e mployer, or by the employer and employees jointly, and insuring only all of his employees, or all of any class or classes thereof determined by conditions pertaining to the employment, for amounts of insurance based upon some plan which will preclude individual selection, for the benefit of persons P erc ent age other than the eml ito yer : Provided, however, That when the age to be in- ~, pre- sured. mium is to be paid by the employer and employee jointly and the benefits of the policy are offered to all eligible employees, not less