FIRE INSURANCE
PREMIUMS AND PAYMENTS. AMENDMENT SOUGHT. Per Press Association. WELINGTON, Sept. 27. Introducing the Fire Insurance Companies’ Liability Bill in the House of Representatives this afternoon, Mr A. M. Samuel said that in the past the contract between the assured and the insurance company had been somewhat one-sided, because the former undertook to pay premiums on the full amount of the cover, whereas insurance companies sometimes paid out no more than 50 per cent, of the cover in the event of fire. This was contrary to the principle adopted in the case of life insurance policies. Under these policies the assured paid the stipulated premiums and there was no doubt as to the amount that would ultimately be paid out by the company. The purpose of the Bill was to provide for something approximating a definite contract between the assured and the fire insurance company. This would be in keeping with the policy laid down in the National Expenditure Adjustment Act, because it would tend to reduce fixed charges in the direction of fire insurance premiums. The Bill was read the first time.
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Bibliographic details
Manawatu Standard, Volume LIII, Issue 258, 28 September 1933, Page 4
Word Count
184FIRE INSURANCE Manawatu Standard, Volume LIII, Issue 258, 28 September 1933, Page 4
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