44-372. Life insurance; annuity; nonpayment of premium; effect.

Any policy containing a provision for a deferred annuity on the life of the insured only, unless paid for by a single premium, shall provide that in the event of the nonpayment of any premium after three full years' premium shall have been paid, the annuity shall automatically become converted into a paid-up annuity for such proportion of the original annuity as the number of completed years' premiums paid bears to the total number of premiums required under the contract.

Source:Laws 1913, c. 154, § 146, p. 469; R.S.1913, § 3283; Laws 1919, c. 190, tit. V, art. XI, § 11, p. 651; C.S.1922, § 7890; C.S.1929, § 44-1111; R.S.1943, § 44-372.