NO DEFINITE CONTRACT
INSURANCE FOR FIRE A MEN DM ENT FKOFOSED (Per Press Association.) WELLINGTON, last night. in introducing the Eire Insurance Companies Liability Bill in (he House of Representatives today, Mr. A. M. Samuel (Coal. Thames), said that m tlic past the contract between the assured and the insured company had lioeii somewhat one sided., because the former undertook to pay premiums on the full amount of the cover, whereas the insurance companies sometimes paid out no more than ot) per cent, ol t lie cover in the event ol a lire. This was contrary to the principle adopted in the ease of life insurance policies. Under ' these policies, the assured paid stipulated premiums, and there was no doubt sis to the amount that would ultimately he paid out by the company. The purpose of the hill was to provide for something approximating a definite contract between the assured and the lire 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 lire insurance premiums. The bill was read a tirst time.
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Bibliographic details
Poverty Bay Herald, Volume LX, Issue 18205, 28 September 1933, Page 4
Word Count
193NO DEFINITE CONTRACT Poverty Bay Herald, Volume LX, Issue 18205, 28 September 1933, Page 4
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