ACCOUNTANT STUDENTS.

Manawatu Standard, Volume XLVI, Issue 163, 11 June 1926, Page 6

ACCOUNTANT STUDENTS.

“EIRE INSURANCE.”

There was a good attendance at the canal fortnightly meeting of tbo Accountant Students’ Society hold last night. Mr Crozier presided, and the subject, “Fire Insurance,” was in the hands of Mr D. Morrison.

In his opening remarks the speaker explained the elementary rules relating ( to the issue of an insurance policy, lie stated-that this particular factor was the basis of a contract, and it was absolutely essential that all the questions set out in the proposal must bo answered correctly, and that no material facts which might prejudice the acceptance be omitted. It was then explained that the ordinary fire insurance policy did not include loss by fire originating through an earthquake. but a risk including such an incident would be accepted on the payment of a higher premium. The principle of indemnity was also discussed from an historical point. Fire insurance in England dated back to the year IG6O, in which period it was introduced into the country through the instrumentality of the Lombards, and was accepted, at the rate of 5s jier quarter by several organisations transacting business. In those days the insurance companies maintained their own fife brigades, and much rivalry ensued when one department endeavoured to hinder the arrival of the firemen at the scene of the outbreak. In conclusion Mr Morrison dealt with assessment of losses and tho matter or salvage. The speaker was accorded a hearty vote of thanks at the conclusion of his instructive address, and an interesting discussion terminated the gathering. a