Texas Attorney General Opinion: V-279 Page: 3 of 10
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oaorable George o - Butler - Page 3 V-279
ily Group Life P0liW , Year Pay," hereinafter
called life policy.
The health policy calls for an advance pre-
mium payment by the first insured of dollars
and a like amount on the day off ___ thereafter
for a period of 20 consect'IW years from date of issue0
The Service agrees to create and maintain an amount not
to exceed dollars as a 20 year participating
reserve. The certificate contains provisions concern-
in the manner of establishing the value of the reserve
and further provides under "conditions and Privileges"
for extended insurance, a schedule of 20 year pay par-
ticipating reserve,and the manner in which the assured
may withdraw the amount of the participating reserve,
The funds of this reserve may be withdrawn in a lump
sum at any time while the policy is in force, or extend-
ed as retirement 5nooe for a period of 120 months, The
sum withdr4wa is less indebtedness, which according to
the policy shall include any obligation of the insured
on the policy or reserve; all benefits paid during the
term of the polity; all premium payments made by the Ser-
vice on behalf of the assured for extended insurance; and
all unpaid due premiums. Another feature contained in
this policy is that after the expiration of 20 years, if
continuous premiums have been paid by the insured, the
policy may remain in force with a further premium payment
of $1.00 per year If the assured withdraws the cash in
the participating reserve fund, it shall be in lieu of
all other benefits and all liability of the Service shall
cease, This policy further provides that no extra as-
sessments will be made upon the assured, and that the polN
icyholder's liability is to the extent of the premium
rates shown on the face of the policy
The life policy form calls first for the pay-
ment of an advanced premium and a like amount on or be-
fore day of each month thereafter for full
years and a further payment of $1.00 a year thereafter
so long as the policy is in force. The policyholder's
1iab111ty for.premiums is the same as that contained in
the health policy. This policy carries provisions re-
lating to settlement; cash withdrawal value; loan value;
cash value of the reserve, and extended insurance. Con-
corning cash withdrawal value, the company agrees to pay
in cash not later than 60 days after legal surrender of
the policy, the matured reserve shown under "Schedule of
Cash Value of the Reserve" less indebtedness (not de
fined by this policy). This payment is made subject to
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Texas. Attorney-General's Office. Texas Attorney General Opinion: V-279, text, June 30, 1947; (https://texashistory.unt.edu/ark:/67531/metapth265100/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.