Page 2 Advertisements Column 6

Clutha Leader, Volume II, Issue 108, 4 August 1876, Page 2

Hew Advertisement IVTEW ZEALAND GOVERNMENT LIFE ASSURANCE. ON THE MUTUAL on PARTICIPATING PRINCIPLED .1. The Government Life Insurance Deparfc--ment issues all forms of policies, and the Payment of every Policy is Guaranteed by the Colony. 2. Division of Profits.- The surplus or profit ia ordered by law to be divided among policyholders only, and is to be ascertained every fifth year. The first investigation wifch a view to division of profits is to be made as at 30th June, 1880. As showing the wonderful progress of the Department, it may be mentioned that out of 100 of the oldest and best offices in Groat Britain, the New Zealand Government Life Insurance Office came fourth on the list for amount of business done during the last three years, having insured ovor half a million per annum during that time ; that during the first five years of its existence, there was a clear profit of £12,000, and this in addition to all the expenses incidental to establishing one of the largest and mosfc beneficial institutions of the Colony. This other fact may also be mentioned,— viz., that taking fifty insurance offices in Great Britain of an average of ten years' standing, their annual expenses on new business was nearly 50 percent., whereas the expense of the Government Insurance, of only five years' standing, was only 18 per cent. 3. Premium Rates are Lower than the participating rates of Private Companies to an extent which is equivalent to a bonus in advance of from 15 to 20 per cent. 4. Payment of Premiums.— The payments may be made during whole term of life, or during a limited period only, at an invariable annual, halfyearly, quarterly, or weekly premium, or by a single premium. _ Weekly premiums can only be paid on policies issused in the Industrial Branch of the Department. 5. Thirty Days of Grace are allowed on all Renewal Premiums, 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 arrears and interest are paid, and the Insured is in unimpaired health. 6. Liberal Conditions as to Travelling, Residence, &©. : — (3.) 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 justice does not void any policy. (4.) No policy becomes void by any act of tho assured so far as regards the interest of any third person, provided such act is done without the knowledge, and that they pay the additional premium required, if any, as soon as such acfc comes to their knowledge. 7. All Policies, after five years' duration, are Indisputable and Unchallengeable on any grounds whatever connected with the-statemonts on which the assurance was based, provided the age of the Insured has been admitted. 8. All Policies, after five years' duration, are Freed from all Conditions, except the payment of premium, provided the age of the Insured has been admitted, and he has attained thirty years of age, and. he has resided continuously within the ordinary limits from fche date of the policy. Holders of such policies can voyage or reside in any part of the world without license or payment of any extra premium. _9. Proof of Age.— Age will be admitted at any time on a policy or production of either a Certificate of Birth or Baptism - or, failing these, the besfc proof that can be procured, such as, for instance, an entry in a family Bible, or a statutory declaration from a relation or friend stating belief as to age and grounds of such belief. 10. All Policies are non-Forf eitable 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 interest at six per cent, per annum, thus giving to every policy.holdtr a full 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 fines. 11. The Absolute Security from Loss — Insurers after having paid three full annual premiums, are guaranteed a cash surrender value of amount of 40 per cent, of the paid-up premiums • 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 followiug illustration shows the practical working of clauses 10 and 11 :— A person aged 30, insured for £100, paying an annual' premium of £2 0s 6d, whose policy has been in force for three years, and failing to pay the next premium, the surrender value of £2 6s ld would be applied by the Office to keep the policy in force for. a peried of twelve months, during which time the policy can be revived, as stated in the preceding clause No. 10, unless he should desire to cancel the policy, iv which case he could either receive the surrender value in cash, or a policy free ot all future premiums, of £6 6s 7d, being an amount slightly exceeding the premiums he has paid. 12. Loans on Policies.— Policy-holders can borrow on the securities of their policies at 7 per cent, per annum to the extent of 90 per cent, of the cash surrender value. 13. Notice of Assignments are only received at the Head Oflice, Wellington. See 'section 22 of " The Government Insurance and Annuities Act, 1874." 14. Policies Protected from Bankruptcy.— An insurance policy effected by tho insured bona fide on his ovn life is protected from bankruptcy or insolvency laws to a certain amount, which increases with its duration. Thus, after it has endured for two years, it is protected to the exteut of £200 • After five years to £500 After seven years to £1000 After ten years to £2000 This protection applies only in favour of the personal representatives of tho Insured. 15. Married womeu may effect policies, dispose of the money by will as if single, and their policies are protected fiom the debts of their husbands, according to duration, to amounts similar to those stated above. 16. Settlement Policies. — Policies effected for the benefit of the wife and children of the Insured are from the date of issue absolutely protected from the claims of creditors to the extent of £2000, provided that the premiums are payable during life, or any period not less than seven years. 17. A Policy-holder may at any time nominate his wife, brother, child, or sister to receive the sum assured at his death, provided it does not exceed £200. . 18. Probates, &c, dispensed with.— When a claim under policy does not exceed £200, the Commissioner may dispense with tho production of probate or letters of administration, thus saving great expense to the representatives of tho Insured. ' ' 19. No Policy or Medical Fees charged. — Assurances are granted on a single life to the extent of £3000. 20. Claims are paid in full as soon as death is proved and the representatives of the deceased aie able to discharge the policy. Note. — Printed copies of the Annual Reports and Accounts of the Department, together with Forms of Application and full particulars, may be obtained at any Money Ordor Post Office in the Colony, , T. M'DONOGH, a 27- ' Chief Agent, Ofcago District. I