Page 16 Advertisements Column 1

New Zealand Tablet, Volume II, Issue 154, 14 April 1876, Page 16

"VJ"EW ZEALAND GOVERNMENT LIFE ASSURANCE -*-^ ON THE MUTUAL OE PARTICIPATING- PEINCIPLE.

1. The Government Life Insurance Department issues all forms o ! Policies, and the Payment of every Policy is Guaranteed by the Colony. 2. Division of Profits. — The surplus or profit is ordered by law to be divided among policy-holders only, and is to be ascertained every fifth year. The first investigation with a view to division of profits is to be made as at 30th June, 1880. 3. Premium Rates are Lower than the participating rates o Private Companies to an extent which is equivalent to a bonus in advance of from 15 to 20 percent. 4. Payment of Premiums. — The payments may be made during whole term of Life, or during a limited period only, at an invariable annual, half-yearly, quarterly, or weekly premium, or by a single pre- I mium. Weekly premiums can only be paid on policies issued in the Industrial Branch of the Department. , 5. Thirty Days of Grace are allowed on all Renewal Premiums, i and no Policy is absolutely forfeited for non-payment of Premium | unless the premium remains unpaid for twelve months. Such policies ! may be renewed provided the premiums in arrear and interest are I paid, and the Insured is in unimpaired health. j 6. Liberal Condiuons as to Travelling, Residence, &c. : — I (1.) Policy-holders may travel without license or payment of extra Premium, or reside in any part of the world, except within 25 degrees of the equator. (2.) Policy-holders may change their occupation without license or payment of extra Premium. (3.) Death by suicide (except within twelve months of the date of the policy), by duelling, or by the hands of j Justice, does not void any Policy. j (4.) No Policy becomes void by any act of the assuied so far | as regards the interest of any thiid persons, provided such act is done without their knowledge, and that they pay the additional premium required, if any, as soon as such act comes to their knowledge. 7. All policies, afte- five years' duration, are Indisputable and Unchallengeable on any ground whatever connected with the statements on which the assurance was based provided the age of the Insured has been admitted. 8. All policies, after fire years' duration, are Freed from all Conditions except the pa} mci t of premiur", provided the age of the Insured ' has been admitted, and lie lim« attained thirty years of age, and he has resided continuously within the o-dinnry limits from the date of the policy. Holders of such policies can voyage or reside in anj part of the world without license or payment of any extra premium. 9. Proof of Aj£e. — Age wall be admitted at any tmie on a policy or production of either a Certificate of Birth or Baptism ; or, failing these, the best proof that can be procured, such a«, for instance, an entry in a Family Bible, or a statutary declaration from a relation or friend stating belief as to age and grounds of such belief. 10. All Policies are non-ForfL-itable after three years to the full extent of their value so long as the surrender value of the policy is not less than the premiums in arrear together with intp-p»t at tix per cent. per annum, thus giving to every policy-holder v i'u'l equivalent for every premium paid. Such policies may be revived even within twelve months after exhaustion of surrender value on proof of unimpaired health, and payment of arrears and fine. 11. Absolute Security from Loss. — Insurers, af;er having paid three full anuual premiums, are guaranteed a cash surrender value of about 40 per cent, of the paid-up premiums j and if for any reason the premiums are not paid when due, a paid-up policy will be granted for an amount generally greater than the paid-up premiums. The following illustration shows the practical working of clauses 10 and 11 : — A person aged 30, insured for £100, p&Ting°an annual premium of £2 03 6d, whose policy has been in force for three years, and failing to pay the next premium, the surrender value of £26* Id would be applied by tho Office to keep the policy in force for a pe-'iod of twelve months, duiing which time the policy can be revived as stated in the preceding clause No. 10, unless he should desire to cunctl the policy, in which case he could eiiher receive the suneuder value in cash, or a policy free of all future premiums of £b" 6s 7d, being an amount slightly exceeding the premiums he has paid. 12. Loan 9on Policies. — Policy-holders can borrow on the security of their policies at 7 per cent, per annum to the extunt of 90 per cent. of the cash surrender value. 13. Notices of Assignments are only received at the Head Office, "Wellington. See Section 22 of " The Government Insurance and Auuunies Act, 1874." 14. Policies Protected from Bankruptcy. — An assurance policy effected by the insured bona fide on his own life is protected from bankruptcy or insolvency laws to a certain amount, which increases with its duration. Thus, after it has enduied for two years, it is protected to the extent of £200 ; After five years , to £500