Theodore R. McKeldin, Governor                     137

(f) A provision that if the age of the person insured, or the age of
any other person considered in determining the premium, has been
misstated, any amount payable or benefit accruing under the policy
shall be such as the premium would have purchased at the correct
age or ages.

(g)  If a participating policy, there shall be a provision that the
insurer shall annually ascertain and apportion any divisible surplus
accruing under the policy and that dividends arising from such ap-
portionment shall be credited annually beginning not later than the
fifth policy year; but any dividends arising from such apportionment
shall not be made contingent upon the payment of any further pre-
mium except that if dividends are allowed on an anniversary of the
policy prior to the third, such dividends may be made subject to the
payment of the succeeding year's premium. The insurer shall state
the manner in which such divisible surplus shall be paid to the policy-
holder. The insurer may elect that such payment be made in any
one of the following ways, the manner to be stated in the policy, or it
may grant the policyholder the right to select the manner of pay-
ment, in one of the following ways:

(1)  payment in cash, or

(2)  applied to the payment of premiums, or

(3) applied to the purchase of paid-up additions, or
(4) left with the insurer to accumulate at interest.

The provision shall not prohibit the payment of additional dividends
on default of payment of premiums or termination of the policy.

(h) The applicable non-forfeiture provisions and requirements in
compliance with Section 189.

(i) A provision that the policy will be reinstated at any time with-
in two years from the date of default, unless the policy has been
surrendered for its cash surrender value, or unless the period of ex-
tended insurance has expired, upon application therefor and the
production of evidence of insurability satisfactory to the insurer
and the payment of all overdue premiums and the payment or rein-
statement of any other indebtedness to the insurer upon said policy
with a specified interest rate not exceeding six per cent, per annum
compounded annually.

(j) A provision that when the policy becomes a claim by the death
of the insured, settlement shall be made within sixty days after
receipt of due proof of death, or, at the option of the insurer, after
receipt of due proof of death and surrender of the policy.

(k) A provision that no agent shall have the power or authority
to waive, change or alter any of the terms or conditions of the policy;
except that, at the option of the insurer, the terms or conditions
may be changed by an endorsement signed by a duly authorized
officer of the insurer.

(I) Each such policy shall have the name of the beneficiary desig-
nated thereon with a reservation of the right to designate or change
the beneficiary after the issuance of the policy. The policy may also
provide that no designation or change of beneficiary shall be binding
on the insurer until endorsed on the policy by the insurer, and that the