RESUSCITATED.

Dominion, Volume 4, Issue 1153, 14 June 1911, Page 4

RESUSCITATED.

« THE INSURANCE INSTITUTE. PRESIDENT'S ADDRESS. AIMS AND OBJECTS DEFINED. The first meeting nf the Insurance Institute of Wellington, since its revival, v.ms held last night in the Underwriters' Rooms, when there was a good attendance. The president (Mr. R. J. White) was in the chair, and, after the business of adopting the rules had been dealt with, lie delivered an interesting address upon the aims and objects of the institute, the chief reasons for which it has been revived, and the work which it intends to do in the immediate future. The Address. The objects of the institute, he said, would be the dissemination of professional knowledge and the inculcation of sound insurance practice by the reading of papers anil by other means. The chief, anil almost only, reason for the resuscitation of tho Insurance Institute of New Zealand, after suspension for some five years, was contained in.these "objects." They all felt that some exchange of views, some instruction in their work, and the means of obtaining these ends could well be fulfilled by the functions, of this body. To become a successful insurance man two finalities were essential. They were loyalty to his companv and a duo regard to what lie owed to himself. The president inclined to the opinion that there were some reasons why tho staff of an insurance company should bo especially enthusiastic for its prosperity and "its welfare, and should have a pride in the good name of its company. Was it not a fact that the integrity of insurance offices was tho guarantee behind the credit under which the ' J of tiio world's business was conducted The onlv way for a man to be best loval to his company was by doing the work entrusted to him with the utmost intelligence that could Ijo brought to bear upon it. "Yon can only bo most true to yourself by taking advantage of every opportunity which offers for the development of that intelligence, added the speaker. Life Insurance. Beyond supplying tho grand benefits claimed for it in its routine of work, life insurance was one of the greatest bonefactious existing to-day, he continued, if onlv because it encouraged thrift and direcoed the thoughts of tho careless and improvidcut into channels leading to worthy aspirations. Many a life insurance man would tell them that his chat With a prosnectivo "case" has set tno "case" thinking of his higher responsibilities and duties of life, and had considerably improved the nature of that man, even though no policy was, for the time being, completed. But life insurance was not only a benefaction; it was as much a necessity as was marine, lire, or accident business in the commercial and social lifo of to-day. It had made strides ahead each year. Its advance would appear to follow education. Tho time would shortly come when it would be hard to find a healthy man without a lifo policy. Education disclosed our responsibilities to each other, mid life insm-niico materially assisted us in meeting our responsibilities, not only to those nearest and dearc-st to us, but -to the community generally. It did this.,too, in a way that cost us nothing but a little self-sacrifice, for life insurance was a good investment. Generally sneaking, the i insured .obtained as well as the cover of life insurance 'to, ft specified amount; interest oil his payments, equivalent to .3 per cent, "compound interest. And ho-was amply secured all through, for the best life offices were probably as stable as tho Bank of England. Fire Insurance. ■ , Fire insurance was on quite a different footing. It dealt with property and not with human life—except in so far. as it offered piotoetion to the public from actual loss of property, and from the consequences of loss of 'property,thereby relieving individuals from considerable, mental and physical strain. . Fire insurance, coupled with marine and other branches, formed a great guaraiuetV for the credit of trading concerns, and it was to-day a positive necessity in commercial life. But it was also callable of pel forming higher duties than" simply providing a necessity. It was no part of the duties of fire insurance* comnanies, as such, to assist the conimunitv in preventing (lie spread and lisk of fires. Yet they_ did a very great deal of such preventive work. Nothing would improve the construction of the buildings in the cities so much as little extra yremium for inferior-work. ■ Lot local civic councils do their best to frame by-laws—tho man would be found who will skimn them to save a few pounds sterling. But when lie considered his fire insurance premium, lie wanted to know how he could save on that— Ills building was more truly built. This enriched the city and lessened the chances of disaster _ to its wealth, and also to the life of Us citizens. Marine Insurance. Marine insurance did for property at sea what fire insurance did on land. 'It very largely guaranteed that vessels should be properly and truly built. It often prevented disaster by" prohibiting certain voyages being made under ils policies. I travelled from England to Australia. in a sailing vessel (continued tho speaker). V, e ran down our "easting" in good style, but might have done better, with more risk to the ship, had we gone further south. The captain couldn't take tho extra risk. It would have voided the insurances. I have also had some experience in marine surveying, and know tile way in which vessels' are dunnaged and stowed when under the eye of the underwriters' surveyor." Accident Business. Accident business had the sentiment of life insurance attached to it, but not-to the same extent. That department of it which was known as "Personal Accident" or "Personal Accident and Sickness," and which was availed of by prudent men wishing to proyido for themselves and their families in the event of physical disaster, must be productive of * good thoughts and actions. In indemnifying employers from their liability under Workers' Compensation Acts, accident companies filled at once a monetary sphere, and they served a commercial purpose, in that they saved their customer iroiii financial, and possibly, therefore, physical ruin when he was liable for heavy disaster.

After urging upon his audience (he necessity of acquiring knowledge of their work (so that whilst now (hey might only be paid for their labour, they would later on bo able to demand payment for their knowledge), the president, dealt with each of the principal branches of insurance in a more detailed way, and indicated the various directions in which the ambitious could become specialists, and benefit not only themselves but insuraiico men generally. The institute was intended to help those who wanted to push on. Tlicy had the nucleus of a library, but they wanted a very much better one, and it was intended to call for special donations to assist to achieve requirements in this respect. They wanted to renew their affiliation with the Institute of Great Britain and Ireland, which would enable fhr-ni to obtain (heir publications at a price within (lie reach of all. They wanted to obtain the -ervioes of honorary lee-tim-i-s on the and political sides of all tin- depnrliiienisof their business. After (lie bctures it was intended to hold examinations in Ihe subjects discussed, and issue diplomas to the successful candidates. These diplomas would only count for good to those who secured them; for whilst ilie pulsing of an examination did not ucei s-arily mean brilliance, it indi-e-itril diligence, application, and gril— qualities not ever despised."