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  • PART I ADMINISTRATION OF THE GOVERNMENT
  • TITLE XXII CORPORATIONS
  • CHAPTER 175 INSURANCE
  • Section 145 Cash surrender value of policies of industrial life insurance

Section 145. On policies of industrial insurance issued on or before December thirty-first, nineteen hundred and eleven, by a domestic life company on which premiums are paid weekly and are not more than fifty cents each, the surrender value shall in all cases be payable in cash, which shall be a legal claim for not more than two years from the date of lapse, and be payable within sixty days after the demand therefor. Within ninety days after the lapse of any policy which has a surrender value and upon which a settlement has not been made, the company shall send a notice thereof to the last known address of the holder of said policy, which shall state the amount of the surrender value of said policy. The affidavit of any officer, clerk or agent of the company, or any one authorized to mail such notice, that the notice required herein has been duly mailed by the company, shall be prima facie evidence that such notice was duly given.