METROPOLITAN LIFE INSURANCE COMPANY-Continued.

SURRENDER VALUES-TWENTY-PAYMENT LIFE POLICY, $1000.

Cash surrender value is same as loan value at ends of various years stated.

Loan.

METROPOLITAN life INSURANCE COMPANY-Continued.

SURRENDER VALUES-TWENTY-PAYMENT LIFE POLICY, $1003.

AFTER

AFTER 11 YEARS. AFTER 12 YEARS. AFTER 15 YEARS. AFTER 18 YEARS. 20 YRS.

Insurance.

AGE AT ISSUE.

Loan.

88888 2 BR 222 22222 22228 8888888 Paid-up Policy.

Cash surrender value is same as loan value at ends of various years stated.

Loan.

Metropolitan Life Insurance Company.

TWENTY-PAYMENT LIFE POLICY-ANNUAL DIVIDENDS.

AMOUNT, $10,000.

ANNUAL PREMIUM, $297.60.

AGE, 35.

Metropolitan Life Insurance Company, in consideration of the annual premium of two hundred, ninety-seven and 0/100 dollars, the receipt of which is hereby acknowledged, and of the payment of a like amount upon each first day of January hereafter until twenty full years' premiums shall have been paid or until the prior death of the insured, promises to pay at the home office of the company in the city of New York upon receipt at said home office of due proof of the death of John Doe, herein called the insured, ten thousand dollars, less any indebtedness hereon to the company and any unpaid portion of the premium, for the then current policy year upon surrender of this policy, properly receipted, to Mary Doe, wife of the insured, beneficiary, with the right of revocation.

CHANGE OF BENEFICIARY.-When the right of revocation has been reserved, the insured, if there be no existing assignment of the policy, made as herein provided, may, while the policy is in force, designate a new beneficiary with or without reserving right of revocation by filing written notice thereof at the home office of the company, accompanied by the policy for suitable endorsement thereon. Such change shall take effect upon the endorsement of the same on the policy hy the company. If any beneficiary, under either a revocable or irrevocable designation, shall die before the insured the interest of such beneficiary shall vest in the insured.

PAYMENT OF PREMIUMS.-Except as herein provided the payment of a premium or instalment thereof shall not maintain the policy in force beyond the date when the next premium or instalment thereof is payable. All premiums are payable in advance at said home office or to any agent of the company upon delivery, on or before date due. of a receipt signed by the president, vice-president. secretary or actuary of the company and countersigned by said agent. A grace of thirty-one days shall be granted for the payment of every premium after the first during which time the insurance shall continue in force. If death occur within the days of grace the unpaid portion of the premium for the then current policy year shall be deducted from the amount payable here

under.

RESTRICTIONS.-The company shall be released from all liability under this policy if the insured shall, within one year from the issue hereof, become engaged in or connected in any manner with the manufacture or sale of ale, wine, beer or liquor, unless so engaged at the date hereof and so stated in the application for this policy. If the insured within one year from the issue hereof die by his own hand or act, whether sane or insane the company shall not be liable for a greater sum than the premiums which have been received on this policy. No agent is authorized to waive forfeitures or to make, modify or discharge contracts, or to extend the time for paying a premium.

PARTICIPATION.-In accordance with the endorsement on the fourth page hereof making this a participating contract, the provisions on the second page hereof covering options on surrender or lapse and loans are deemed to be amended to include reference to dividend additions or accumulations, and the values shown in the table on second page will be increased accordingly.

INCONTESTABILITY.-This policy (and the application therefor) constitutes the entirs contract between the parties and shall be incontestable after one year from the date of its issue, except for non-payment of premiums. All statements made by the insured shall in the absence of fraud, be deemed representations and not warranties, and no such statement shall avoid this policy or be used in defense of a claim hereunder unless it is contained in the written application therefor and a copy of such application is securely attached to this policy when issued. If the age of the insured has been misstated the amount payable hereunder shall be such as the premium paid would have purchased at the correct age. The insured hereunder may engage in military or naval service in any State or country without notice to the company and without extra premium charge. ASSIGNMENT.-No assignment of this policy shall be binding upon the company unless it be executed upon blanks furnished by the company and filed with the company at its home office in the city of New York. The company assumes no responsibility as to the validity of any assignment.

OPTIONS ON SURRENDER OR LAPSE.-Upon failure to pay any premium or any part thereof when due, this policy, except as otherwise provided herein, shall immediately lapse. If, however, the lapse occur after three full years' premiums shall have been paid, the owner hereof provided there be no indebtedness hereon, shall, upon written request filed with the company at its home office together with the presentation of this policy for legal surrender or for endorsement within three months from the due date of premium in default, be entitled to one of the following options: (First) A cash surrender value, or the mathematical equivalent thereof, namely, (second) to have the insurance continued for its original amount as term insurance from due date of premium in de fault, without participation and without the right to loan, but with a cash surrender value decreasing each year and ceasing entirely upon the expiry of the extension term, which value shall be the full reserve at the date of surrender, or (third) to have the insurance continued for a reduced amount of non-participating paid-up insurance, pay able at the same time and under the same conditions as this policy, which paid-up in surance shall have an increasing cash surrender value equal to the full reserve at the date

of surrender, or a loan value up to the limit of the cash surrender value, with interest payable in advance to the end of the policy year at the rate of five per cent per annum. The company in its discretion may defer the payment of the cash value for a period not exceeding ninety days after the application therefor is received by the company. If the owner shall not, within three months from due date of premium in default, surrender this policy to the company at its home office for a cash surrender value or for endorsement for term insurance or paid-up insurance as provided in the above options, the insurance shall be continued for a reduced amount of paid-up insurance as provided in the third option. The values set forth in the table of guaranteed loan values and surrender options for the respective years have been calculated on the American Experience Table of Mortality with interest at the rate of three and one-half per cent per annum after deducting from the entire reserve a surrender charge not exceeding in any case two and one-half per cent of the face of the policy, except that after the time for which premiums are payable as stated on the first page hereof, no deduction has been made from the reserve in calculating the values. Upon request of the insured, values for years after the twentieth will be furnished based on the full reserve without surrender charge. Should surrender or default be at any other time than at the anniversary date of the policy, the values will be adjusted on account of the fractional part of the current annual premium actually paid before default. Any indebtedness to the company under this policy will be deducted from the cash value; and such indebtedness will also reduce the amount of paid-up insurance or the amount continued as term insurance in such proportion as the indebtedness bears to the cash value at due date of premium in default. TABLE OF GUARANTEED LOAN VALUES AND SURRENDER OPTIONS. PER $1,000. No Deduction from these Figures will be made for Surrender Charge.

The cash value or loan value at any time other than the end of the policy year (provided the full year's premium has been paid) shall be the value at the end of the current policy year, discounted at the rate of six per cent per annum.

LOANS. At any time after three full years' premiums have been paid and while this policy is in force, the company will loan on the sole security thereof up to the limit secured by the cash surrender value on proper and lawful assignment and delivery of this policy. The loan will bear interest at the rate of six per cent per annum and may be repaid at any time while the policy is in force. If interest be not paid when due, it shall be added to the principal, provided the entire outstanding indebtedness shall be within the limit secured by the cash surrender value; otherwise non-payment of interest shall render the policy null and void after one month's notice shall have been mailed by the company to the last known address of the insured and of the assignee of record if any. After the expiration of the premium payment period interest in advance to the end of the policy year will be required. At the option of the company, the loan may be deferred for a period not exceeding ninety days, after application therefor is received by the company, unless such loan is to be applied solely to the payment of a current premium hereunder.

REINSTATEMENT.-Unless the cash value has been paid or the extension period has expired, this policy, upon evidence of insurability satisfactory to the company, may at any time be reinstated by payment of arrears of premiums with interest at six per cent per annum; any loan which existed at date of default, together with interest at the same rate to the date of reinstatement, to be, at the option of the owner on application for such reinstatement, either repaid in cash or continued as an indebtedness against the policy. MODES OF SETTLEMENT.-Providing this policy is not assigned, the insured, by written notice to the company at its home office, may elect, and in case no such election has been made prior to the death of the insured, the beneficiary may elect to have the whole or any part of the net sum payable under this policy upon the death of the insured paid as follows instead of in one sum: (1) By the payment of interest at the rate of three and one-half per centum on the amount retained, payable at the end of each year for a specified number of years or during the lifetime of the beneficiary, and at the end of the specified period or upon the death of the beneficiary by the payment of the amount retained, together with any accrued interest for the year then current, to the person as directed in said notice, or, if there be no person so designated, to the beneficiary's executors, administrators or assigns. (2) By the payment of equal instalments covering a specified number of years, in accordance with option 2 in the table below for each one thousand dollars of said net sum, the first instalment being payable upon receipt of due proof of the death of the insured. (3) By the payment of equal annual instalments for a fixed period of twenty years and for so many years longer as the beneficiary shall survive, in accordance with option 3 in the table below for each one thousand dollars of said net

sum, the first instalment being payable upon receipt of due proof of the death of the in sured. Any instalments payable under 2 or 3 which shall not have been paid prior to the death of the beneficiary shall, unless otherwise directed in said notice, be paid to the beneficiary's executors, administrators or assigns. In lieu of semi-annual instalments under option 2, or annual instalments under option 3, quarterly or monthly payment thereof in proportionate parts may be elected provided that no such proportionate payment be for less than ten dollars. This policy shall be surrendered and a supplementary non-participating contract will be issued for the option elected. The above modes of settlement are not applicable to a policy which is payable to a corporation or to a co-partnership or association, nor to a policy under which the net sum payable is less than one thousand dollars. Unless otherwise specified in the written notice making such election, the supplementary contract on legal release thereof may at any time be surrendered for the amount retained, with any accrued interest, under option 1, or for the commuted value of the stipulated instalments yet to be paid under option 2, or for the commuted value of any of the first twenty instalments then remaining unpaid under option 3; such commutation under this option (3) shall, however, in nowise affect the payments conditional upon the lifetime of the beneficiary after the term during which the instalments certain would have been payable; such commuted value under either option to be the amount as calculated by the company on the basis of three and one-half per cent. compound interest. TABLE OF INSTALMENTS FOR EACH $1,000.

TOTAL AND PERMANENT DISABILITY PROVISION.-If the insured hereunder before attaining the age of sixty years, and after payment of the premium hereon for at least one year and before default in the payment of any subsequent premium, shall furnish the company with due proof that he has become wholly and permanently disabled by bodily injury or disease so that he is and will be permanently, continuously and wholly prevented thereby from performing any work for compensation or profit, the company will waive pay. ment of the premiums becoming due on and after the next anniversary of date of issue of this policy. Any premium so waived shall not be deducted from the sum payable under this policy, and the values provided for under the provision options on surrender of