Mealey's (December 19, 2016, 2:34 PM EST) -- SAN FRANCISCO — An insurer may not charge compound interest on loans secured by life insurance policies without a signed agreement pursuant to an initiative measure passed by California voters in 1918, called the “1918 Initiative,” two policyholders argue in a Sept. 15 appellant reply brief filed in the Ninth Circuit U.S. Court of Appeals (Brenda G. Martin, et al. v. Metropolitan Life Insurance Company, No. 16-15690, 9th Cir.)....