International Styles

Installment Policies

Any of the usual plans of insurance may assume the form of a so-called installment policy, the installment feature merely providing that the proceeds of the policy at death or on maturity as an endowment shall be paid in a series of installments, annually, semi-annually, quarterly or monthly, instead of in one lump sum. To illustrate, a whole-life policy may stipulate that in the event of the insured^ death its face value of $10,000 shall be payable in ten annual installments of $1,000 each, or the arrangement may be for fifteen payments of $666.67, twenty payments of $500, twenty-five payments of $400, etc. Or there may be a further stipulation to the effect that after the company has paid $1,000 at the beginning of each year for ten years if the beneficiary be still alive, the same annual payments shall be continued for that amount throughout the beneficiary's lifetime. Numerous special arrangements, however, can be made to suit almost any set of conditions which the insured may have in mind when considering the purchase of such a policy.

Sections in Chapter 9.

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