claim, matured endowment or as a cash surrender value paid by one of the following modes in lieu of payment in one sum, provided the one sum to which every such payee would otherwise be entitled amounts to Five Hundred Dollars or more. Any mode of payment involving life instalments shall apply only to personal payees, the right of any payee contingent upon the death of a previous payee after the death of the insured shall be only such of the instalments certain as remain unpaid at the death of the last previous payee, and any election shall take effect only upon an endorsement of the same hereon by the Company. The first instalment or annuity by either of these modes will be paid when the one sum becomes payable as herein before provided, and the remaining instalments will be payable annually thereafter on the anniversary of the payment of the first instalment.

Under the third and fourth modes the attained age of any payee will be reckoned, under a death claim, as that of the last birthday of such payee preceding the death of the insured; or in case of a matured endowment, or cash surrender value, as that of the last birthday preceding the time when the sum insured or the value first became payable by the Company, and satisfactory evidence of the date of birth of the payee, or payees, must be furnished before the instalment payments commence.

21. SUM MAY REMAIN WITH COMPANY AT INTEREST.-First. The payment annually in advance of three per cent interest on the net sum payable, and the payment of the said sum at the death of the payee, less the unearned part of said interest, if any; and unless otherwise elected the payee may at the end of any interest year require the payment of the principal sum or any portion thereof.

22. INSTALMENTS FOR LIMITED PERIOD.-Second.

The payment of equal annual instalments for a limited number of years. The amount of instalment for each one thousand dollars in the net sum payable is shown in Table B.

23. INSTALMENTS DURING LIFE.-Third. The payment of equal annual instalments for a fixed period of twenty-five years and for as many full years longer as the payee shall live. The amount of instalment for each one thousand dollars in the net sum payable is shown in Table C opposite the attained age of the payee."

24. LIFE ANNUITY.--Fourth. The payment of equal annual instalments for as many full years as the payee shall live and no longer. The amount of instalment for each one thousand dollars in the net sum payable is shown in Table D opposite the attained age of the payee. (Table on next page).

25. INSTALMENTS INCREASED BY DIVIDENDS.-Under the above modes of paying the insurance all annual payments required by the first and second modes and the first twenty-five instalments stipulated in the third mode will be increased by such dividends as may thereafter be declared by the Company.

26. How PAYABLE AFTER DEATH OF PAYEE.-Unless otherwise provided, any sum payable by the Company after the death of a payee under the first, second and third modes shall be payable to the executors, administrators or assigns of the payee.

27. SUPPLEMENTARY CONTRACT.-When this policy becomes a claim, if an election has been made requiring payment by annual instalments, the policy shall, if required by the Company, be surrendered and a supplementary contract issued for the mode of payment elected.

28. COMMUTATION OF INSTALMENTS.-Unless otherwise elected the payee or payees under the second and third modes, may at any time surrender the contract for the commuted value of the instalment payments yet to be made, computed upon the same basis as the computations in the second mode, provided that no such commutation will be made under the third mode except after the death of the payee or payees occurring within the aforesaid twenty-five years. 29. ASSIGNMENTS.-No assignment of this policy shall be binding upon the Company until the original or a duplicate thereof is

filed at its Home Office.

The Company does not assume any re

sponsibility for the validity of an assignment.

Tables B, C and D show the amount of each annual instalment for $1000 in the net sum payable. Instalments for a greater or less amount will be proportionate.

30. ALL AGREEMENTS MUST BE SIGNED BY AN EXECUTIVE OFFICER. All agreements made by the Company are signed by its President, Vice-President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer. No other person can alter or waive any of the conditions of this policy or make any agreement which shall be binding upon the Company.

THIS COPY OF THE APPLICATION

should be carefully examined and if any error or omission is found the policy should be returned immediately to the Home Office of the Company for correction.

APPLICATION.

I hereby apply to the Aetna Life Insurance Company for a contract of insurance upon my life, and I do hereby declare that I am in sound health and have no disease or ailment not fully set forth herein; that the statements and answers herein made and signed by me are complete and true, and I agree that they shall form a part of the contract or policy issued by said Company upon my life. I further agree that no statement or declaration made to any agent, examiner, or any other person, and not contained in this application, shall be taken or considered as having been made to, or brought to the notice or knowledge of, said Company, or as charging it with any liability by reason thereof. I also acknowledge that all policies and agreements made by said Aetna Life Insurance Company are signed by one or more of its executive officers, and that no agent or other person not an executive officer can grant insurance or waive any condition of its policies or make any agreement which shall be binding upon said Company,

20 PREMIUMS ENDOWMENT AT 85 POLICY, NONPARTICIPATING WITH DISABILITY BENEFIT RIDER.

NUMBER 99999,
AMOUNT $10,000

AGE 35.

PREMIUM $308.30.

AMERICAN CENTRAL LIFE INSURANCE COMPANY

INDIANAPOLIS.

Agrees to Pay Ten Thousand Dollars, the amount of insurance, for the consideration and under the conditions stated herein, to the beneficiary, Mary Alston, Wife, of the Insured, Abner Alston, or to the Insured himself, if this policy be in force at end of policy year nearest age eighty-five.

The entire contract between the parties hereto shall be this policy and the application therefor, a copy of which is attached and made a part hereof.

This policy shall be incontestable after the first policy year except for non-payment of premiums, and is unrestricted from issue as to travel, residence, occupation or military or naval service.

STATE OF INDIANA-INSURANCE DEPARTMENT

I hereby certify that the net cash value of this and all other policies issued by the American Central Life Insurance Company and in force, is secured by the deposit with this Department of securities, as prescribed by and in compliance with, the Indiana legal reserve compulsory deposit law.

W. H. O'BRIEN,
Auditor of State.

The Consideration for this policy shall be a premium, the receipt of which is hereby acknowledged, of Three Hundred Eight and 80-100 Dollars for the period terminating February 24, 1914, and a premium of like amount payable on said date and annually thereafter during the continuance of this policy or until twenty such premiums in all shall have been paid.

ALL PREMIUMS are payable in advance either at the Home Office of the Company, or to an agent of the Company upon delivery of a receipt signed by the Company's President, First Vice-President, Secretary or Treasurer, and countersigned by such agent. Premiums after the first may be paid in semi-annual or quarterly installments at the Company's rates therefor. The payment of a premium or installment thereof shall not maintain this policy in force beyond the due date of the next premium or installment, except as herein provided.

GRACE IN PAYMENT OF PREMIUMS.-A grace of thirty-one (31) days will be granted for the payment of every premium after the first, subject to an interest charge at the rate of six per centum per annum, during which time the policy shall remain in force.

CASH LOANS.-Beginning with the third policy year, the Company, at any time while the policy is in force, provided no premium be in default, will loan to the insured on the execution of a proper assignment of the policy and on the sole security thereof, a sum not exceeding the amount stated in the Table of Loan and Surrender Values for the end of the current policy year. From such loan value there will be deducted any existing indebtedness on or secured by the policy and any unpaid balance of the premium for the current policy year. Interest, at a rate not to exceed six per centum per annum, will be collected on the loan to the end of the current policy year and shall thereafter be payable annually in advance. The Company may, at its option, defer a cash loan (except

where the proceeds are to be applied in payment of premiums on policies issued by this Company) for not to exceed ninety days after the application therefor is made.

Failure to repay any such loan or to pay interest thereon, shall not avoid the policy unless the total indebtedness on the policy shall equal or exceed the loan value of the policy at the time of such failure, nor until thirty-one, (31) days after notice shall have been mailed by the Company to the last known address of the insured and of the assignee, if any.

LOAN INSURANCE.-Any cash loan made hereunder may be covered by loan insurance, which loan insurance shall be applied in the event this policy matures as a death claim, to the cancellation of any such cash loan. Loan insurance will be granted only under

the following conditions:

(a) The insured shall furnish evidence of insurability satisfactory to the Company, and the loan insurance shall not be effective until the insured shall have received a certificate thereof from the Company.

(b) The premium for loan insurance shall be computed at the insured's attained age at the time of making or renewing such loan insurance and shall be as indicated in the table on the back of this policy. For periods less than a year the premium for each month or fraction thereof shall be one-tenth of the premium for one year, but in no event to exceed the premium for one year.

(c) Loan insurance will not be granted for a period extending beyond the due date of the next premium under this policy, but may be renewed from year to year subject to payment of the premium at the insured's attained age. No loan insurance will be granted or renewed after the insured shall have attained age sixty.

(d) Any loan insurance in excess of the total indebtedness to the Company under this policy shall be void, and the Company will refund to the insured any unearned premium therefor.

AUTOMATIC PREMIUM LOANS.-If any premium or installment thereof on this policy be not paid in cash on or before the due date thereof or within the period of grace, the Company will charge up such premium or installment and any subsequent premium or installment not paid in cash with interest in advance at not to exceed six per centum per annum to the end of the current policy year, against the then loan value of this policy, as stated above, provided that such loan value be sufficient and provided that written request therefor has been made by the insured on the Company's form at any time while there is no default in payment of any premium hereunder. Any premium or premiums or installments thereof so charged against the loan value of this policy shall be considered as a loan upon the policy and shall be subject to the same terms and conditions as any loan made in accordance with the "Cash Loars" provision above. Such request may be revoked at any time in writing by the insured provided, however, that such revocation shall not affect any loan which may have been previously made hereunder.

THE AMOUNT OF INSURANCE is payable to the beneficiary immediately upon receipt of due proofs of death of the insured.

REINSTATEMENT. At any time after any default in premium payment, upon written application by the insured and presentation at the Home Office of evidence of insurability satisfactory to the Company, this policy may be reinstated, upon the payment of arrears of premiums with compound interest thereon at the rate of five per centum per annum.

CHANGE OF BENEFICIARY.-If there be no existing assignment of the policy made as herein provided, the insured may, with the consent of the Company, at any time while the policy is in force, change the beneficiary by filing with the Company at its Home Office written request therefor, duly acknowledged. Such change shall take effect when endorsed on the policy by the Company and not before. If any beneficiary shall die before the insured, the interest of such beneficiary shall vest in the insured unless otherwise provided herein.