20-PAYMENT LIFE POLICY WITH ANNUAL DIVIDEND No. 99999.

AMOUNT $10,000.

AGE 35 YEA PREMIUM $351.

THE EQUITABLE LIFE INSURANCE COMPAN OF IOWA.

In Consideration of the application for this poli a copy of which is hereto attached, and made a part of th contract, and the payment of Three Hundred Fifty-one a 80/100 Dollars, on or before its delivery, and the payme thereafter of the annual premium of Three Hundred Fifty-o and 80/100 Dollars, on or before the 5th day of May in eve year until twenty full years' premiums shall have been paid, until the prior death of John Doe, herein called the insured, Des Moines, in the County of Polk, State of Iowa, promises pay, at its Home Office in the City of Des Moines, Iowa, to Ja Doe, wife of the insured, (designated as beneficiary with............. the right on the part of the insured to change the beneficiary hereinafter provided) the sum of Ten Thousand Dollars t gether with any paid-up additions, upon the legal surrender this policy, and upon receipt at its said office of due proofs the death of the insured while this policy is in full force; a unpaid portion of the current year's premium and other indel edness to the Company on account of this policy being first d Iducted therefrom.

CHANGE OF BENEFICIARY. If the right to change the ben ficiary has been reserved, or in case of the death of any ben ficiary under either a revocable or irrevocable designation, t insured may, at any time, subject to the rights of any assigne designate a new beneficiary with or without reserving the rig of revocation, by filing written notice thereof at the Home Offi of the Company. Such change shall take effect only upon i endorsement on the policy by the Company, at its Home Offic and must be completed during the lifetime of the insured.

If more than one beneficiary shall survive the insured, the shares in the proceeds of the policy shall be considered as equa unless otherwise directed by the insured. The interest of ar beneficiary who dies before the insured shall vest in the insure unless otherwise provided by endorsement on this policy at th direction of the insured.

The Reserve on this policy shall be based upon the America Experience Table of Mortality, with three and one-half per cer interest, and the full amount of such reserve, or the presen value of any unpaid installments, shall be secured by deposit of interest bearing securities with the Insurance Department the State of Iowa, as required by law.

This Policy is issued and accepted by all parties in interes with the express understanding that the contents of all of it pages form a part of this contract as fully as if recited over th signatures hereto affixed.

IN WITNESS WHEREOF, the Equitable Life Insurance Comany of Iowa has, by its President or Vice-President, and Secetary, signed this contract, in the City of Des Moines, Iowa, his 5th of May, A. D., One Thousand Nine Hundred and Thirteen.

CHAS. A. SNYDER,

Secretary.

J. C. CUMMINS,
President.

PROVISIONS AND BENEFITS.

THE POLICY CONTRACT.-This policy, together with the application therefor, shall constitute the entire contract between the parties hereto. 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 to a claim thereunder, unless it is contained in the written application, a copy of which is endorsed upon, or attached to, this policy when issued. No Agent is authorized to make, modify, or discharge contracts, or to waive forfeitures.

INCONTESTABILITY.-This policy shall be incontestable after one year from the date hereof, except for non-payment of premium.

MISSTATEMENT OF AGE. If the age of the insured has been misstated, the amount payable hereunder shall be such as the pre-. mium actually paid would have purchased at the correct age and under the Company's rates at date of issue, unless the laws of the State in which this policy is delivered shall prescribe another method of settlement.

SUICIDE.-If, within one year, from the date hereof, the inmureded shall commit suicide, whether sane or insane, the liability f the Company shall be limited to the amount of cash premiums aid on the policy.

RISKS NOT ASSUMED.-If, within one year, from the date herethe insured shall reside in any part of the Torrid Zone; or shall personally engaged in the occupation of blasting; underground ning; submarine operations; aerial ascensions; handling electric tires or dynamos, where the voltage used is over 600; or as linean; or in ocean or lake navigation; or working upon railroad fains as engineer or fireman; or in switching or coupling cars; or Es conductor or brakeman upon freight trains. or in the producon or transportation of highly explosive substances; or the manfacture or sale of spirituous or malt liquors (except as druggist); rshall engage in the military or naval service in time of war, his policy shall become null and void, and all payments thereon orfeited.

PAYMENT OF PREMIUMS.-All premiums after the first, are due ind payable in advance at the Company's Home Office, but may be paid elsewhere to an authorized collecting agent in exchange for receipts signed by the President, Vice President, or Secretary and Santersigned by such agent. Failure to pay any premium, or any note accepted therefor, when due and payable, shall cause this policy to cease and determine and, unless reinstated, all payments made thereon shall remain the property of the Company, except as sereinafter provided. The mode of premium payments may be hanged, on any anniversary of the policy, from Annual to SemiAnnual or Quarterly, or vice versa, at rates now in use; but the ayment of any premium shall not maintain the policy in force beyond the date on which the next payment is due.

GRACE IN PAYMENT.-A grace of thirty-one days, during which the policy shall remain in full force, will be allowed for the payment of any premium, after the first; and if death occurs within the thirty-one days of grace, the unpaid portion of the then current year's premium shall be deducted from the amount payable hereunder.

REINSTATEMENT.-This Policy, if not previously surrender may be reinstated at any time within five years after date of fault in premium payment, upon furnishing evidence satisfacto to the Company of the insurability of the insured, together with 1 payment of all premium arrears, with interest at not to exceed per cent per annum, and the payment or reinstatement of all debtedness existing against the policy, at the time of such fault, with accumulated interest at not to exceed six per cent annum.

A

1

ASSIGNMENTS.-No assignment of this policy shall be bindi upon the Company until the original or a duplicate thereof sh be filed at its Home Office; but in no case will the Company responsible for the sufficiency or validity of any assignment. claim against the Company, arising under this policy, made by assignee, shall be subject to satisfactory proof of interest, and any indebtedness to the Company hereon.

DIVIDENDS AND HOW APPLIED.-Upon payment of the seco annual premium, and annually thereafter, this policy shall, at t end of each year to which premiums have been fully paid, be cre ited with a dividend as apportioned by the Company from the si plus to policies of the same age and class.

Dividends, at the option of the owner of this policy, may

either

1st. 2nd. 3rd.

Applied to purchase paid-up additions to the policy,
Applied to the payment of any premium or premiums,
Paid in cash, or,

4th. Left to accumulate to the credit of the policy, with co pound interest at the rate of not less than three and one-half I cent per annum, as determined by the Company, and payable the maturity of the policy, but withdrawable at any time.

Unless the owner of this policy shall elect otherwise, with one month after any dividend is due, the dividend shall be paid cash, or applied under such other automatic option as may be 1 quired by the laws of the State in which this policy is delivere Apportionment of dividends, as above, shall include the allott surplus arising from paid-up additions while this policy is kept full force, but not otherwise. Paid-up additions may be surrender for their net value at any time.

PAID-UP AND ENDOWMENT OPTIONS.-On written request a return of this policy for endorsement, any existing dividend ad tions hereon may, upon proper release, be used to convert th policy into a fully paid-up participating policy for its face amour when the reserve on this policy and on such dividend addition equals the net single premium at the attained age of the insure (on the reserve basis of this policy) for such a fully paid-1 policy of the same kind and amount. Any indebtedness to t Company, existing against this policy, will continue as a li against the paid-up policy. When the reserve on this policy, ar on any existing dividend additions, equals the face amount of th policy, the Company will, upon due surrender of this policy ar release of such dividend additions, pay the face amount of th policy, less any existing indebtedness to the Company thereon.

PRIVILEGE TO CHANGE TO OTHER FORMS.-At any time, upc legal surrender while in full force, this policy may be exchange without medical re-examination, for a participating policy of th same amount, bearing the same date and based upon the san age, on any plan (except the Continuous Monthly Income) now i sued by the Company at a higher premium rate. The payment 1 the Company for such exchange shall be the difference betwee the premiums paid on this policy and those required for the ne policy, at the Company's present rate, with compound interest not to exceed six per cent per annum, and with adjustment of co: responding dividends.

OPTIONS OF SETTLEMENT.

Whenever this policy becomes due and payable either by maturity, surrender, or the death of the insured, and there be no exIsting assignment, the insured, or the beneficiary after the death of the insured, in case the insured shall not have otherwise directed, may, by written notice to the Company and due surrender of this policy at its Home Office, elect to have the net proceeds of this policy paid in cash in one sum, or applied in one or more of the methods described in the following options, provided the amount to be applied under any one of such options is not less than $1,000.

GUARANTEED INCOME.-1.-The payment of interest at the rate of three per cent of the amount left with the Company as a principal sum, payable at the end of each year during the lifetime of the payee, and the payment, upon the death of the payee, of said principal sum together with any accrued interest for the then current year, unless otherwise directed in said notice, to the payee's executors, administrators or assigns.

LIMITED INSTALLMENTS.-2.-The payment of a specified number of equal annual installments, the first being payable immediately, and subsequent installments on the anniversary of the first— the amount of each installment to be in conformity with the amount stated in Table "B" herein set forth for each $1,000 to be applied under this option, corresponding with the number of installments so to be paid.

CONTINUOUS INSTALLMENTS.-3.-The payment of equal annual Installments for 10, 15, 20 or 25 years certain, and continued thereEfter so long as the payee shall live, the first installment being payable immediately, and subsequent installments on the anniversary of the first-the amount of each installment to be in conformity with the amount stated in Table "B," herein set forth for each $1,000 to be applied under this option, corresponding with the attained ge of the payee when this policy becomes payable, and the specied number of years certain.

PARTICIPATING SUPPLEMENTARY CONTRACT ISSUED.-A supplementary contract shall be issued for each option elected, which stall provide that the Guaranteed Income under Option 1; and the stallments under Option 2, or for the specified number of years ertain under Option 3, on each anniversary after the payment of the first installment; shall be increased by such annual dividends as may be apportioned by the Company.

SURRENDER OF SUPPLEMENTARY CONTRACT.-Any installments ayable for the specified years certain under Options 2 or 3, remaining unpaid at the death of the payee, shall, on due surrender of the supplementary contract, be commuted at the rate of three per centum per annum compound interest and paid in one sum to the executors, administrators or assigns of such payee, unless otherwise provided by the insured in the written notice of direction for ettlement.

Unless otherwise specified in said notice, the payee may, at any me, surrender any contract issued under Option 1, and withdraw the principal sum and accrued interest thereon; and may, at any time, surrender any contract issued under Option 2 and receive the commuted value of the installments yet to be paid, computed upon the basis above specified. A contract issued under Option 3 Cannot be surrendered for a commuted value except after the death of the payee, occurring within the specified years certain, as above required.

TABLE B.

Installments for each thousand dollars of net proceeds to be applied.

Under Option 3.

CONTINUOUS INSTALLMENTS

Amount of Annual Installm'ts

Amount of Annual Installı

election,

settleme

If so requested in the written notice of under any of the above options will be made in semi-annual, qua terly or monthly installments of the same aggregate annu amount, provided the amount of each installment will be at lea ten dollars.

25 years