Life insurance limit on children to rise
PA Wellington Limits on the life insurance value of children would be increased under the Insurance Law Reform Bill (No. 2), which has introduced in Parliament by the Government. The law limits the payout to the cost of premiums, plus interest and $l2 if the child is under the age of five, or? 20 if the child is aged between five and 10. The bill’ increases the amount to $lOOO. It also makes changes to the insurance of houses after they are sold but be-
fore the new owner takes possession. It was substantially the same bill introduced by the National Government last year, said the Minister of Justice, Mr Palmer. Some of the changes agreed to by the Statutes Revision Committee, which had completed its deliberations on the bill when Parliament was dissolved earlier this year, had been included. The bill was supported by the Opposition and referred to the Commerce and Energy Select Committee.
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Press, 8 November 1984, Page 6
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163Life insurance limit on children to rise Press, 8 November 1984, Page 6
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