violation of the agreement as to military service. The company requires a permit for such service in time of war only. Tables of loan and surrender values are printed in the policies, and the company prints a permanent total disability clause in practically all policies.

PENN MUTUAL LIFE INSURANCE COMPANY. This company issues the ordinary forms of Life, Limited Life, and Endowment policies, which are without restrictions as to travel, residence, and occupation from the date of issue, and are incontestable after one year, except for non-payment of premiums. The general provisions of all its policies, of which it issues a great variety, are almost identical, except the changes necessary to carry into effect the differences in the plans. All are entitled to surrender values after three annual payments of premiums; and the extension feature applies to all other than special forms. The company lends upon its policies the amounts being specifically stated year by year in the policies themselves, and in its present forms the values are the full American three per cent. reserve. The loan values and cash values are the same in amount, and tables of such values, as well as installment values, are printed in the policy. The policies are terminated by the acceptance of the cash value, but this sum may be borrowed and the policy continued at the option of the insured. The ordinary life form contains the following provisions:

If this Policy shall lapse through non-payment of premium after three years' premiums have been paid, the Company will secure to the owner thereof a form of insurance, the net value of which shall be equal to the full reserve on the Policy and any dividend additions thereto at the date of default, according to the American Experience Table of Mortality, with interest at 3 per cent., less any existing indebtedness to the Company on the Policy. At the end of the third and succeeding years the cash value is the full reserve, and the paid-up and extension values are the equivalents thereof. The stipulated values of this Policy shall be correspondingly increased for any fractional portion of a year's premium which has been paid. This non-forfeiture value shall be secured to the owner of the Policy through one of the following provisions:

First: The automatic extension of the net amount insured by this Policy for the number of years and days stated below, at the expiration of which time the insurance shall cease; or,

Second: The issue of paid-up participating insurance payable at death for the sum provided for below upon written application therefor by the owner of the Policy and the legal surrender of all claims hereunder to the Company at its Home Office within one month after lapse; or,

Third: The payment of the cash surrender value provided for below on surrender of the Policy and all claims hereunder to the Company within one month from the date of lapse.

(Here are printed tables of extension, paid-up, and loan or cash values.)

Should any indebtedness exist it shall be deducted from the Cash Value of the Policy, and the other Values shall be correspondingly reduced.

The cash value of any paid-up or extension granted upon the lapse of this Policy will be the full reserve at the time of surrender, less any indebtedness to the Company under the Policy, and will be paid to the owner thereof, upon proper release.

Interest Privileges. The proceeds of this Policy or any designated fraction thereof, may at maturity, be allowed to remain with the Company until the death of the beneficiary, during which period the Company will pay to the beneficiary yearly. three per cent. on the amount so held, the first payment being made one year after the maturity of this Policy and the last payment to be pro-rated to the date of the death of the beneficiary. The interest rate will be improved annually by such addition as may be awarded by the Board of Trustees. At the time any such interest becomes payable the beneficiary may withdraw the amount held by the Company, thus terminating this feature.

The policy, in event of the default in payment of premium, may be reinstated at any time on evidence of insurability and the payment of all over-due premiums and other indebtedness. The above is a synopsis of the ordinary life form, and other forms of policies issued by the company are: Limited Payment Life; Endowments; Trust Certificates; Optional Term Insurance; Dual Income Endowments; Income Policies, and Continuous Installment Contracts.

Variations in the method of accumulation or use of dividends of surplus give rise to other forms, such as Life Rate Endowment, Accelerative Endowment policies, etc.

The company adopted a provision for waiver of premium in case of permanent total disability, in April, 1914, which is incorporated in its regular life and endowment contracts when desired by the applicant. The provision is as follows:

a. Waiver of Premium. If after one full year's premium shall have been paid upon this policy and before default in payment of any subsequent premium, the insured shall, during his lifetime and before attaining the age of sixty, furnish due proof to the company that he has become wholly disabled by bodily injury or disease so that he is and will be thereby permanently and continuously prevented from engaging in any occupation whatever for remuneration or profit, and that such disability has existed continuously for not less than sixty days, the company, by endorsement hereon, shall waive the payment of the premiums which may thereafter become due under this policy during the continuance of the insured's said total disability. In making any settlement under this policy, the company shall not deduct any part of the premiums so waived, and the values provided for under the non-forfeiture provisions of this policy shall increase from year to year in the same manner as though the premiums so waived had been paid in cash.

b. Recovery from Disability. Should the company accept under this policy proofs of permanent total disability it may nevertheless at any time thereafter, but not oftener than once a year, demand of the insured due proof of the continuance of such total disability, and upon failure to furnish such proof, or if it appears that the insured has engaged or become able to engage in any occupation whatever for remuneration or profit, no further premiums shall be waived.

Without prejudice to any other cause of total disability, the entire and irrecoverable loss of the sight of both eyes, or the severance of both hands at or above the wrists, or of both feet at or above the ankles, or of one entire hand and one entire foot, shall be considered as total and permanent disability.

Upon written request by the insured accompanied by the policy for endorsement the disability benefit may be discontinued; if so discontinued or if the insured attain age sixty, premiums thereafter will be reduced by. dollars yearly, being the additional premium for such benefit. Non-payment of said additional premium will void this provision and the benefits secured thereby.

PHILADELPHIA LIFE INSURANCE COMPANY. This company issues the ordinary forms of Life, Limited Payment Life, Endowment, and Term policies. They may be made payable in one sum, or in annual, semi-annual, quarterly, or monthly installments. The policies vary slightly in their general provisions. They are incontestable after the first year, and are without restrictions for travel, residence, or occupation, from date of issue.

The policies bear loan and surrender values, the extended insurance feature being automatic in event of no other options being selected. A table of the surrender values is contained in the policy. The values are never less than the reserve on American three and onehalf per cent. basis, with a maximum of one per cent. of the amount insured. The paid-ups are for the full amount which the reserve would purchase, and the cash values grade up to the tenth year, after

which point the full reserve is given. The surrender values are prorated for each fraction of a year's premium paid.

The policy may be reinstated in event of default on evidence of insurability, and payment of overdue premiums and interest thereon. The policies participate annually in the dividends which may be withdrawn in cash, used to purchase paid-up additions, or left with the company at interest. To the policy may be attached a rider providing for waiver of premiums in event of total disability. The company also issues a full line of accident and health insurance policies.

PHOENIX MUTUAL LIFE INSURANCE COMPANY. All the modern forms of life insurance policies and annuity contracts are issued by this company. They are free from conditions as to travel, residence, or occupation, and do not require an extra premium or permit for military or naval service in time of war or in time of peace. A grace of thirtyone days without interest is allowed in the payment of renewal premiums.

Life and endowment policies contain non-forfeiture values — cash, loan, paid-up, and extended insurance after two full years' premiums have been paid. The loan value available at the end of the second year may be used toward the payment of the second year's premium. Dividends are payable annually, the first being due at the end of the first year without being conditioned on the payment of the premium for the succeeding year. They may be used to reduce premium, to purchase additions to the face value of the policy, or to accumulate at compound interest as a fund to accelerate the maturity of the policy as an endowment or to shorten the period of premium payment.

Annual and limited premium life policies contain the privilege of changing to a higher premium policy under specific terms of the contract. Limited premium life policies will contain upon request a provision for converting them into endowment policies of the same amount by continuing premium payments after the original policy becomes fully paid up.

Term policies for five, ten, twenty, and thirty years are issued, all of which provide for conversion to life and endowment contracts at any time during a specified period after date of issue, and all except the five-year term provide for renewal of the contract at any time within a specified period.

The company also issues continuous income policies providing for a monthly income to the beneficiary for a definite period after the death of the insured or throughout the lifetime of the beneficiary after the death of the insured, with a guaranteed minimum payable to the beneficiary or the estate of the insured in event that the beneficiary does not live to receive such minimum.

PITTSBURGH LIFE AND TRUST COMPANY, Pittsburgh, Pa. This company issues Ordinary Life, Limited Payment, and Endowment policies on the annual compound dividend plan. The policies are incontestable after one year, are non-forfeitable, and grant thirty-one days' grace in payment of premiums. Cash loans are provided after the second policy year, and surrender and paid-up values are endorsed

in the policies. Dividends may be applied to the reduction of succeeding premiums, withdrawn in cash, allowed to compound at three and one-half per cent. interest or applied to purchasing paid-up additions to the policy. The company also issues renewable and nonrenewable term policies.

PROVIDENT LIFE AND TRUST COMPANY, Philadelphia. The company's policies are all participating, and the regular forms of life, limited payment life, endowment and term policies, and income and final sum policies are issued on the life, endowment, and term plan. Life and Endowment policies contain guaranteed paid-up, cash, loan, and extended values. Dividends are paid annually and may be paid in cash, applied to the payment of premiums, or to the purchase of paid-up additions to the policy, or left to accumulate to the credit of the policy, on the option of the insured. The policies are incontestable after one year from date except for non-payment of premium, and if the insured commits suicide within one year from date, unless proof of insanity shall be furnished, the policy is valid only for the amount of the reserve, and residence south of the Tropic of Cancer and engaging in certain dangerous occupations within one year of date of policy, without written consent of the company, voids the policy. Loans are available after three annual premiums have been paid, and the policy may be reinstated at any time within three years after default in payment of premium. Non-forfeiture provisions are printed in the policies, and optional modes of settlement are provided under which the proceeds may be paid in a certain number of annual installments, or annual installments for life. The term policies may be renewed without medical examination.

PRUDENTIAL INSURANCE COMPANY OF AMERICA. This company issues all approved forms of ordinary policies, such as Whole Life, Limited Payment Life, and Endowments. Policies on the Industrial Plan are also issued, and the Weekly Income Industrial Life policy is payable in weekly installments for either thirteen or twenty-six weeks. Regular ordinary policies are written on the Non-participating plan, and contain the following privileges: Non-forfeitable after first year's premium is paid; Automatic Extended Insurance after one year; Annual Cash Surrender, Loan, Automatic Loan, and Paid-up Values after three years under life policies, and two years under endowments; Occupation, Residence, and Travel absolutely without restriction; incontestable after one year; grace in payment of premiums one month, without interest; beneficiary may be changed at any time by insured; liberal revival provisions. When any policy becomes a claim it may be made payable in one sum; or in from two to twenty-five annual installments; or in continuous installments during lifetime of beneficiary; or the sum insured may be left with the company as a trust fund at three and one-half per cent. interest. In addition to the above forms of ordinary policies the company issues the following special forms:

The Increasing Insurance and Double Endowment policy is a form of increasing endowment policy under which five per cent. of the initial face value is added to the sum insured for each contract year upon which the policy shall have entered. It matures at the end of twenty years, if the insured is then living, when the initial value with

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all additions becomes payable, the total amount payable being twice the original amount of the policy. If death occurs before the twenty years have expired, the original amount plus all additions to date of death is paid. At the end of the endowment period, the insured has the choice of several very attractive forms of settlement.

Monthly Income Policies and Immediate Benefit and Monthly Income Policies. The distinctive features of these contracts is that upon maturity, whether by death, or the expiration of the endowment period in case of endowments, the benefits will be paid by check in monthly installments, to continue for a selected period of five, ten, fifteen, or twenty years and, by the payment of a slightly higher premium, so long as the beneficiary survives such period, or, in case of endowments, so long as the survivor of the insured and beneficiary survives such period after maturity.

The Immediate Benefit and Monthly Income policies provide for a monthly income as described above and in addition for the payment of a specified amount in one sum at maturity of the policy.

Twenty Payment Life with Pure Endowment Addition. This policy, in addition to the features of a regular Twenty-Payment Life, provides for a Pure Endowment at the end of twenty years, if the insured be then living. One of several options is available to the insured at that time. The surrender values are greater than under a regular Twenty-Payment Life.

Annuities. Annuities, or, as they are sometimes called, income policies, are also issued by the Prudential.

Premium Reduction Policies. These policies are written on the Whole Life, Twenty-Payment Life, and Twenty Year Endowment plans. The premiums payable during the second and subsequent years are uniform in amount, but smaller than the premium payable the first year.

Disability Clause. Upon request and the payment of a small extra in addition to the regular premium a clause will be inserted in regular policies providing that if the insured shall at any time while the policy is in force become totally and permanently disabled prior to the attainment of age sixty, the Company will pay the premiums on such policy during the continuance of such disability.

RELIANCE LIFE INSURANCE COMPANY of Pittsburgh. The forms of policies are ordinary life, limited payment, and endowment, both participating and non-participating. These forms are also issued as continuous installment, and guaranteed premium reduction policies. The company also issues limited payment life and endowment, mortuary addition policies, and convertible term, non-paticipating policies.

All policies are incontestable after one year from date of issue, and allow, as provided for by the laws of the various states, grace in payment of premiums and loans after the second year. Cash value, automatic extended insurance, and paid-up insurance are granted after full three years' premiums are paid. The term policies provide for exchange of the policy for any other form issued by the company. A distributive disability clause is included in all policies, providing that premiums will cease upon total and permanent disability and that insured may draw face of policy in installment of one per cent. per month.