INSURANCE. 1835

1922, ch. 492, sec. 82.

85. Valuation of Securities. All bonds and other evidences of debt
held by any life insurance corporation authorized to do business in this
state, may, if amply secured and not in default as to principal or interest,
be valued for any and all purposes for which valuation may be made, or
is required to be made under the laws of this state, as follows:

If purchased at par, at the par value;

If purchased above or below par, on the basis of ,the purchase price ad-
justed so as to bring the value to par at maturity, and so as to yield mean-
time the effective rate of interest at which the purchase was made; pro-
vided, that the purchase price shall in no case be taken at a higher figure
than the actual market value at the time of purchase; and provided, fur-
ther, that the commissioner shall have full discretion in. determining the
method of calculating values according to the foregoing rule, and the
values found by him in accordance with such method shall be final and
binding; provided also, that any such corporation may return such bonds
or other evidences of debt at their market value or their book value, but
in no event, at an aggregate value exceeding the foregoing rules; and pro-
vided further, that all securities, except those having a fixed term and
rate and not in default as to principal or interest, shall be valued accord-
ing to the provisions of the laws of this state, or the established practice
in this state existing at the time of the passage of this act. But this act
shall not be construed to apply to any insurance corporation authorized
to do business in this state which shall not elect to value its bonds and
other evidences of debt by amortization as herein provided.

1922, ch. 492, sec. 83.

86. Insurance for Wife's Sole Use. Any married woman by herself
and in her name, or in the name of any other person, with his assent, as
her trustee, may insure in any life insurance company formed under the
provisions of this article, for her sole use, the life of her husband for any
definite period or for the term of his natural life; and in case she shall
survive her husband, the sum or net amount of the insurance becoming
due and payable by the terms of the policy shall be payable to her and for
her own use, free from the claims of the representatives of the husband or
of any of his creditors; and in case of the death of the wife before the
decease of the husband, the amount of the insurance may be made payable,
after death, to her children for their use, and to their guardian if under
age.

See art. 45, sec. 8, et seq.

1922, ch. 492, sec. 84.

87. Misrepresentation in Application. Whenever the application for
a policy of life insurance contains a clause of warranty of the truth of
the answers therein contained, no misrepresentation or untrue statement
in such application, made in good faith by the applicant, shall effect a
forfeiture or be a ground of defense in any suit brought upon any policy