This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
Number OF INSTALMENTS STIPULATES
10 and under
Cash Values. - Subject to the release of any existing assignment of this Policy, the foregoing Special Provisions shall, on written request and suitable endorsement hereon by the Company, apply to the net proceeds payable as the cash surrender value hereof.
Monthly Installments. - Upon written request and suitable endorsement hereon the annual payment due under any of the foregoing Special Provisions will be made in semi-annual, quarterly or monthly installments as directed, the first such installment to be paid on the date on which the annual payment is due. The amount of such installments shall be the following percentages of the annual payment, to wit: Semi-Annual, 50.37 per cent.; Quarterly, 25.28 per cent.; Monthly, 8.45 per cent.
NOTE - Designations, revocations, changes, etc., of beneficiaries after issue hereof must be duly made in writing and filed with the Home Office of the Company, accompanied by this Policy for suitable endorsement by the Company, as provided herein. No other entries will be recognized.
See references under Sec. 3870.