It is settled law that all contracts are presumed to have been executed in the light of existing law. Schiro v. W.E. Gould Co., 18 Ill.2d 538, 544, 165 N.E.2d 286 (1960); Jinnette v. Guest, 35 Ill. App.2d 434, 440, 183 N.E.2d 194 (1962). Thus, the construction of Country Mutual's policy must be made in the light of section 143a as it existed in 1963 — prior to the 1967 Amendatory Act.