beneficiary shall have an insurable interest in the life insured, and hat any change in benefit shall be subject to the rights of any assignee.

CHANGE OF PLAN.-This policy, while in full force, may be hanged at the end of any policy year, without medical examinaion, to any other plan in use by the Company at the time this policy was issued, except the continuous instalment plan, provided the rate of premium will not thereby be diminished, on the payment of such an amount as may be required by the Company for such change. The new policy shall be written at the same age, bear the same number and date, and be for the same amount as this policy, and all parties in interest must join in the request for change and execute such papers as the Company may require.

ENTIRE CONTRACT.-This policy and the application herefor constitute the entire contract between the parties. All statements made by the applicant shall, in the absence of fraud, be deemed representations and not warranties, and no such statement shall be used in defense to a claim under this policy unless it is contained in the application and a copy of the application is hereto annexed. ERROR IN AGE.-If the age of the insured was misstated in the application for this policy, and there has been no adjustment on account thereof, the amount payable hereunder shall be such as the premium paid would have purchased at the correct age.

GRACE. Any premium after the first may be paid when not more than thirty-one days past due, during which period the policy will be continued in full force.

PAYMENT OF PREMIUMS FROM DIVIDEND ACCUMULATIONS.-If a premium hereon remains unpaid at the expiration of the grace period, and there are dividend accumulations to the credit of this policy sufficient to pay such premium in full, so much of such accumulations as may be needed therefor will be used in payment of the overdue premium, and the insured will forthwith be notified of the amount of the accumulations so used and of the balance thereof.

OPTIONS IN CASE OF DEFAULT.-Upon default in the payment of any premium, after two full annual premiums have been paid hereon, this policy will be binding upon the Company as participating paid-up insurance of a reduced amount, payable at the same time and on the same conditions as in the original contract; but at any time within thirty days from the date of such default, the insured may elect in lieu of such paid-up insurance, by a writing filed with the Company at its Home Office, to have the insurance continued in force as participating extended term insurance, from the due date of the premium in default, for its original amount and any outstanding paid-up additions, less any indebtedness hereon or secured hereby, but without the right to loans, or may surrender the policy and, with the written assent of the person to whom it is made payable, receive in cash its value at the time of default, within thirty days of the application therefor.

The values stated in the accompanying table are for even years and apply to this policy, except that if there are outstanding paid-up additions to the policy, the values will be increased in consequence, but if there is any indebtedness to the Company on account of or Secured by this policy, the said values will be diminished. If the default occurs after a fractional part of the current year's premium has been paid, the values will be proportionately adjusted.

After this policy has become paid-up by payment of all required premiums, or if it becomes paid-up for a reduced amount by operation of law, or if extended term insurance is taken hereunder, the insurance will have a cash surrender value available within thirty days of the application therefor on legal surrender of the policy.

REINSTATEMENT.-This policy may be reinstated at any time after default in the payment of any premium, unless the cash value has been paid, or the extension period has expired, upon the production of evidence of insurability satisfactory to the Company, and the payment of all overdue premiums, with interest at the rate of six per cent. per annum on such premiums and on any indebt

edness to the Company on account of or secured by this policy a the time of default, which indebtedness, if not repaid, shall b reinstated as a lien against this policy.

NOTICE. This policy while in force shall not be modified o altered, except upon the written request of the insured, and of othe parties in interest, if any, and the approval on behalf of the Com pany of the President, or a Vice-President, or the Secretary, or a Assistant Secretary; all modifications and alterations shall comply with the legal requirements of the State within which the policy i delivered.

The values in the above table are based upon the American Experience Table of Mortality, with interest at the rate of three per cent. per annum. No deduction has been made from the re serve in computing the values for the tenth and subsequent years nor will any deduction be made in computing the values for years not shown in the table. In computing the values for the years prior to the tenth, no deduction has been made from the reserve of more than one and four-tenths per cent. of the amount insured The paid-up value, or extended insurance value, at the end of any policy year, is the mathematical equivalent of the cash value.

INSTALMENT OPTIONS.

THE INSURED, with the assent of the assignee, if any, may elect by a writing filed with the Company, with the right of revocation to have the proceeds of this policy (including paid-up additions and dividend accumulations, if any), if not less than $1,000, paid i equal annual instalments according to any one of Options "A," "B" and "C," beginning upon receipt of due proof of the death of the Insured, in lieu of payment in one sum; and any such election o revocation shall become operative only when endorsed upon the policy, at the Company's Home Office, pursuant to such form of request as the Company may require. No such instalment may be assigned, alienated, or commuted by any beneficiary, except upon the written authority of the Insured filed with the Company.

the Insured shall not have made such election, the beneficiary or beneficiaries entitled to receive said proceeds may, when the same become payable, exercise the same right of election. If no beneficiary survives the insured, said proceeds will be paid in one sum to the executors, administrators, or assigns of the Insured.

At the death of the last surviving beneficiary occurring subsequently to the death of the insured, any balance under Option "A" will be paid in one sum to the executors, administrators, or assigns of the said beneficiary, and any instalments under Option "B" or any stipulated instalments under Option "C" then remaining unpaid will be commuted upon the basis of three per cent. compound interest per annum and paid in one sum in like manner.

Provision may be made for the payment of a portion of the proceeds in cash and the remainder, if not less than $1,000, in annual instalments as hereinunder described.

Semi-annual, quarterly, or monthly instalments may be taken in lieu of annual instalments..

OPTION A.-Equal annual instalments, each of such an amount as may be elected, to continue until the proceeds, together with the interest herein specified, are exhausted; provided, that the final instalment shall be for the balance only of said proceeds and specified interest. At the time of, and prior to, the payment of the second and subsequent instalments, interest at not less than three per cent. per annum will be added to the unpaid balance of said proceeds.

OPTION B.-A specified number of equal annual instalments, each of an amount (for each $1,000 of such proceeds) corresponding to the number of instalments shown in the first table following. Each instalment after the first will be increased by such share of surplus as may be allotted by the directors.

Number of

Instalments 30 25 20 19 18 17 16 15 14 13 12

Amount of
Each.....

$49 53 $55 75 $65 25867 78870 59873 74 $77 29$81 32 $85 94 $91 29 $97 53

Amount of Each......

$104 93 $113 818124 698138 30 $155 83 $179 22 211 99 261 19343 23507 39

Illustration: If the proceeds of the policy are $7.500 and the number of instalments desired is twenty, each instalment will be $65.25 x 7 5-10-$489.37.

OPTION C.-Equal annual instalments, continuous during the life of the beneficiary entitled to receive the first thereof, each of an amount (for each $1,000 of said proceeds), as shown in the accompanying table, corresponding to the number of stipulated instalments selected and to the completed age of the beneficiary at the date of the death of the insured. If the said beneficiary, having received one or more of such instalments, shall decease before the payment of all the stipulated instalments, the remainder of said stipulated instalments, and no more, will be paid as they fall due to the contingent beneficiary or beneficiaries, if any be named. there are two or more beneficiaries entitled to share in the first of such instalments, the said proceeds will be divided in proportion to the interests of the several beneficiaries, and in determining the amount of the annual instalment to be paid to each beneficiary, the share of each will be considered as the proceeds of a separate policy. Each stipulated instalment after the first will be increased by such share of surplus as may be allotted by the directors.

If

OPTION D.-The proceeds of this policy, or any part thereof, but not less than $1,000, may be left with the Company, and the

Company will pay interest thereon annually at such rate, not less than three per cent., as may be determined by the directors, the first interest payment to be made one year from the receipt of due proof of the death of the insured. If so provided in the election of this option, the amount so left may be withdrawn on any interest day.

CASH VALUE IN INSTALMENTS.-The cash surrender value of this policy and of any outstanding paid-up additions, together with any dividend accumulations, may, if aggregating $1,000 or more, be paid according to any one of the above Options.

Illustration: If the proceeds of the policy are $7,500, and 25 installments are selected, and the age of the beneficiary on his or her last birthday prior to the death of the insured was 55, each installment will be 53.87 X 7 5-10-$404.02.

The policyholder is requested to read this policy, that he may be informed of its provisions.

NOTICE. The assured is hereby notified that by virtue of this olicy he is a member of the Massachusetts Mutual Life Insurance Company, and is entitled to vote either in person or by proxy at ny and all meetings of said company. The annual meetings are eld at its Home Office on the third Wednesday of January in each ear, at 2 o'clock P. M.

CASH VALUES-PAID-UP INSURANCE.

(AMERICAN 3 PER CENT. NET RESERVES.)

If this policy becomes paid-up by payment of all premiums or y operation of law, the cash value per $1,000 of paid-up insurince, provided there is no indebtedness against the policy, will be s shown in the table below opposite the age attained.

e. g.-If the policy is paid-up for $2,000 and the age of the insured is 55, the cash value is 2 x $609.92 or $1,219.84.

APPLICATION.

I agree that the insurance hereby applied for shall not be in force until the acceptance and approval of this application by the Company at its Home Office, the delivery of the policy to me or my agent, and the payment of the first premium as required therein during my present condition of health; and that upon such delivery said policy shall be considered as having become effective upon the date stipulated in the policy as the date on which the insurance begins.

I also agree that if during the first year of the policy of insurance for which application is hereby made, I shall, without written