UNION CENTRAL LIFE INSURANCE COMPANY-Continued. SURRENDER VALUES-TWENTY-PAYMENT LIFE POLICY, $1000. AFTER AFTER 8 YEARS. AFTER 9 YEARS. AFTER 10 YEARS. AFTER 15 YEARS. 20 YRS. AGE AT ISSUE. Union Central Life Insurance Company. TWENTY-PAYMENT LIFE POLICY DISABILITY—ANNUAL AMOUNT, $10,000. DIVIDENDS. ANNUAL PREMIUM, $343.20, AGE, 35. The Union Central Life Insurance Company of Cincinnati, O., in consideration (1. Premium) of three hundred forty-three and 20/100 dollars and of the payment of a like amount annually on the seventh day of October in every year during the lifetime of the insured or until twenty such annual premiums shall have been paid ($11.90) of each of said annual premiums, being the consideration for the disability benefits hereinafter provided, hereby insures the life (2. Insured.) of Richard B. Roe in (3. Amount.) the amount of ten thousand dollars, payable, less any indebtedness and advances hereon and any unpaid portion of the premium for the current policy year, at its home office in Cincinnati, Ohio, to (4. Beneficiary.) Mary A. Roe, his wife if living at the death of the insured, otherwise to the administrators, executors or assigns of the insured, (5. Death Claim.) on receipt of due proof of death of said insured during the continuance of this policy. (6. Conditions.) All conditions, benefits and provisions stated on the subsequent pages are hereby made a part of this policy. 7. DATE.-In witness whereof, The Union Central Life Insurance Company has caused this contract to be signed in the city of Cincinnati, State of Ohio, this seventh day of October, 1914. PREMIUMS AND DIVIDENDS. 8. PAYMENT OF PREMIUMS.-All premiums shall be payable in advance, either at the home office, or to an authorized agent of the company on delivery of a receipt signed by the president or secretary and countersigned by such agent. Failure to pay any of the first three years' premiums, or instalment thereof, shall avoid and nullify this contract. After three full years' premiums have been paid, on failure to pay any subsequent premium, this policy shall lapse and its value shall be applied as set forth in article thirteen. 9. GRACE. A grace of thirty-one days shall be granted for the payment of any premium after the first, subject to an interest charge of six per cent per annum, during which period the insurance shall continue in force. 10. DIVIDENDS. This policy shall participate in profits, as apportioned by the directors. Beginning at the end of the first policy year, provided the second year's premium is paid, dividends shall be declared annually during its continuance. 11. DISPOSITION OF DIVIDENDS.-Dividends may be withdrawn in cash; or applied to the payment of premiums; or applied to the purchase of paid-up non-participating additions to the policy; or left to accumulate with interest at three per cent, increased from surplus interest earnings as apportioned by the directors, until the maturity of the policy, subject to withdrawal at any anniversary thereof. If the owner of this policy shall not exercise any other such option the dividend shall be applied, on the expiry of the days of grace, to the purchase of paid-up additions, except that if the policy shall lapse the dividend shall be paid in cash. Paid-up additions are convertible into cash at any time at the request of the insured for amounts not less than the original dividends. 12. PAID-UP BY DIVIDENDS. On the written request of the insured this policy will be endorsed as fully paid-up with participation in profits, on any anniversary when its reserve value, together with any accumulated dividends or the cash value of any additions (which shall be surrendered for such purpose) equal the corresponding net single premium for this policy at the attained age. Any excess of such total value over the said single premium will be paid in cash. POLICY VALUES. 13. POLICY VALUES.-After three full years' premiums have been paid the reserve value at the end of the policy year, computed according to the American Experience Table of Mortality with interest at three and one-half (32) percent (less a surrender charge in no case exceeding one and one-half (1%) percent of the amount of the insurance, and decreasing annually until the fourteenth year; after which the surrender charge, if ade, shall not exceed one-tenth of one percent of the amount of the insurance), may be ed at the option of the owner of this policy in any one of the following ways, all of qual value, as set forth in the following tables, provided there be no indebtedess of dvances on this policy. If, on failure to pay a premium, no option is exercised, such value shall be applied as provided in Option 1. 14. OPTION 1-EXTENDED INSURANCE.-Applied to the extension of this policy as non-participating term insurance from the date to which premiums have been paid, without any further payment (Table 1). The value of any paid-up additions will be used to increase the term of extension. 15. OPTION 2-PAID-UP INSURANCE.-Applied to the purchase of paid-up non-particiDating insurance, on written request and the surrender of the policy before the expiration of the days of grace (Table 2). Any paid-up additions will be added to the amount of the paid-up insurance. 16. OPTION 3-LOAN.-Borrowed or taken in advance in whole or in part on the sole security of the policy, on assignment thereof, less the unpaid balance of the current year's premium and any indebtedness and previous advance on this policy, at six per cent interest payable annually on the anniversary of the policy, interest to be discounted and paid in advance (Table 3). Failure to repay any such advance or to pay interest shall avoid this policy whenever the total indebtedness and advances hereon with interest shall equal or exceed the then lon value provided, however, that failure to repay any such advance, or to pay interest, shall not avoid this policy unless the total indebtedness and advances hereon shall equal or exceed such loan value at the time of such failure, and until one month after notice shall have been mailed by the company to the last known address of the insured, and of the assignee, if any. The loan value will be increased by the value of any paid-up additions. Consummation of loans other than to pay premiums on policies in this company may be deferred by the company sixty days. 17. OPTION 4-CASH.-Collected in cash on written surrender of the policy before the expiration of the days of grace (table 4). Payment may be deferred by the company sixty days. 18. CREDIT FOR FRACTIONAL PREMIUMS.-If default shall occur at any time other than the end of the policy year the values for the preceding policy year shall be proportionately increased for the portion of the policy year for which premiums have been paid. 19. DEDUCTION OF INDEBTEDNESS.-If there be any indebtedness or advances on this policy, the cash value shall be reduced thereby; the paid-up value shall be reduced proportionately; and the extended insurance shall be for the face value of the policy less the indebtedness and advances and for such term as said reduced cash value will provide. The loan value is available at any time during the policy year if premiums have been paid to the end of the year. Values for years not stated will be furnished on application. GENERAL PRIVILEGES AND CONDITIONS. 20. CONTRACT.-This policy, together with the application, a copy of which is endorsed hereon or securely attached hereto, shall constitute and contain the entire contract. All statements shall, in the absence of fraud, be deemed representations and not warranties. No such statement shall avoid this policy or be used in defense to a claim thereunder, unless it is contained in the written application, and unless a copy of such application is endorsed on or attached to the policy when issued. 21. INCONTESTABILITY.-This policy shall be incontestable after one year from date of issue, except for non-payment of premium. 22. AGE. In the event of the age of the insured being misstated, the amount payable shall be such as the premium paid would have purchased at the correct age. 23. REINSTATEMENT.-This policy will be reinstated at any time within three years from the date of lapse, provided it has not been surrendered, on evidence of insurability satisfactory to the company and the payment of premium arrears with six percent interest per annum and the payment or reinstatement of any other indebtedness and advance hereon. with accumulated interest. 24. PRIVILEGE OF CHANGE.-The insured shall have the privilege on thirty days' written notice and the surrender of this policy prior to lapse, to have substituted therefor without medical examination, at any time within five years of the due date of the first regular premium, a life or endowment policy (except a continuous instalment policy) of the same amount, with a higher premium, written at the same age and bearing the same date, by paying in cash the differences in premiums with interest at six percent per annum, compounded annually from their respective due dates to the date of exchange; or, after five years, according to the company's rules then in force. 25. SUICIDE.-This policy shall be null and void, except for the amount of premium paid, if the insured shall die within one year by self-destruction, whether sane or insane. 26. CHANGE OF BENEFICIARY.-The insured shall have the right at any time to change the beneficiary, by written notice to the company at the home office, for which a form will be furnished on request. The insured may exercise every right and receive every |