Page 4 Advertisements Column 3

Bruce Herald, Volume IX, Issue 828, 15 August 1876, Page 4

■VTEW ZEALAND GOVERNMENT JJN LIFE ASSURANCE, ON THE Mutual oe Participating Peinoipib. 1. The Government Life Insurance Department issues all forms of nolicies, and the Payment of every Policy is Guaranteed by the Colony. 2. Division of Profits.— The surplus or profit is ordered by law to be divided among policyholders only, and is to be ascertained every fifth year. The first investigation with a view to j division of profits is to be made as at 30t.h June, 1880. As showing the wonderful progress of the Department, it may bo mentioned that out of one hundred of the oldest and best offices in Great Britain, the New Zealand Government Life Insurance Office came fourth on the list for amount of business done during the last three years, having insured over Half a Million per annum during that time. That during the first five years of its existence there was a clear profit in favor of the policy-holders of £12,000, and this, in addition to all the expenses incidental to establishing one of the largest and most beneficial institutions of the Colony. This other fact may also be mentioned, viz : — That taking fifty insurance offices in Great Britain of an average of ten years standing, their annual expenses on new business was nearly fifty per cent ; whereas the expense of the Government Insurance, of only five years standing, was only eighteen per cent. 3. Premium Bates are Lower than the participating rates of Private Companies to an extent which is equivalent to a bonus in advance of 15 to 20 per cent. 4. Payment of Premiums. — The pajment may bo made during the whole term of life, or during a limited period only, at an invariable annual, half-yearly, quarterly, or weekly premium, or by a single premium. Weekly premiums can only be paid on policies issued in the Industrial Branch of the Department. 5. Thirty days of grace are allowed on all Renewal Premiums, and no policy is absolutely forfeited for non-payment of premium, unless tho premium remains unpaid for twelve months. Such policies may be renewed, provided the premiums in arrears and interest are paid, and the insured is in unimpaired health. 6. Liberal conditions as to Travelling, Residence, &c : — (1.) Policy-holders may travel without license or payment of extra premium, or reside in any part of the world, except within 25 degrees of tho equator. (2.) Policy-holdeis may change their occupation without license or payment of extra premium. (3.) Death by suicide (except within twelve months of the date of the policy), by duelling, or by the hands of Justice docs not void any policy. (4.) No policy becomesjvoid by any act of the assured so far as regards the interest of any third person, provided such act is done without the knowledge, and that they pay the additional premium required, if any, as soon as such act comes to their knowledge. 7- All Policies, after five years' duration, arc Indisputable and Unchallengeable on any grounds whatever connected with the statements on which the assurance was based, provided the age of the Insured has been admitted. 8. All Policies, after five years' duration, are Freed from all Conditions, except the payment of premium, provided the age of the Insured has been admitted, and he has attained thirty years of age, and he has resided continuously within the ordinary limits from the date of the policy. Holders of such policies can voyage or reside in auy part of the world without license or payment of any extra premium. 9. Proof of Age. — Age will be admitted at any time on a policy on production of either a Certificate of Birth or Baptism : or, '/ailing these, the best proof that can be procured, such as, for instance, an entry iv a family Eible, or a statutory declaration from a relation or friend stating belief as to ago, and grounds of such belief. 10. All policies are non-forfeitablo after three years to the full i-iLent of their value, so long as the surrender value of the policy is not less than the premiums iv arrcar together with interest at six per cent, per annum, thus giving to every policy-holder a full equivalent for every premium paid. Such policies may be revived even within twelve months after exhaustion of surrender value on proof of unimpaired health and payment of arrears and fines. 11. Tlic Absolute Security from Lose — Insurers after having paid three full anLual premiums ; are guaranteed a cash surrender value of amount of 40 per cent, of the paid-up premiums ; and if for any reason the premiums are not paid when due, a paid-up policy will be granted for an amount generally greater than the paid-up premiums. The following illustration shows the practical working of clauses 10 and 11 : — A person aged 30, insured for £100, paying an annual premium of £2 0s 6d, whose policy has been in force for three years, and failing to pay the next premium, the surrender value of £2 6s Id would be applied by the Office to keep the policy in force for a period of twelve months, during which time the policy can be revived, as stated in the proceeding clause No. 10 unless he should desire to cancel the policy, in which case he could either l-eceive the surrender value in cash, or a j>olicy free of all future premiums, of £6 Gs 7d, being an amount slightly exceeding the premiums he has paid. 12. Loans on Policies. — Policy-holders can borrow on the security of their policies at 7 per cent, per annum to the extent of .9o per cent, of the cash surrender value. 13. Notice of Assignments are only received at the Head Office Wellington. See section 22 of " The Government Insurance and Annuities Act 1574." 11. Protected from Bankruptcy. — An insurance policy effected by the insured boua fide on his own life is protected from bankruptcy or insolvency laws to a certain amount, which increases with its duration. Thus, after it has endured for two years, it is protected to the extent of £200 ; After five years ... ... to £500 After seven years to £1000 After ten years to £2000 This protection applies only in favor of the personal representatives of the Insured. 15. Married women may effect policies, dispose of the money by will as if single, and their policies are protected from the debts of their husbands, according to duration, to amounts similar to tho9e stated above. 16. Settlement Policies. — Policies effected for the benefit of the wife and children of the Insured are from the date of issue absolutely protected from tlve claims of creditors to the extent of £2000, provided that the premiums are payable during life, or any period not less than seven years. 17. A policy-holder may at any time nominate his wife, brother, child, or sister to receive the sum assured at his death, provided it does not exceed £200. 18. Probates, &c., dispensed with. — When a claim under policy does not exceed £200, the Commissioners may dispense with the production of probate or, letters of administration, thus saving great expense to the representatives of the Insured. 19. No Policy or Medical Fees charged. — Assurances are granted on a single life to the extent of £3000. 20. Claims are paid in full as soon as death is proved and the representatives of the deceased are able to discharge the policy. Note. — Printed copies of the Annual Reports and accounts of the Department, together with Forms of Application and full particulars, may be obtained at any Money Order Post Office in the Colony. T. M'DONOGH, Chief Agent Otttgo District.