The Feilding Star. TUESDAY, JULY 23, 1889. Goverrnment Life Insurance

Feilding Star, Volume XI, Issue 16, 23 July 1889, Page 2

The Feilding Star. TUESDAY, JULY 23, 1889. Goverrnment Life Insurance

We have received the Annual Report of the Government Insurance Commissioner, for the year ended 31st December 1888, as presented to Parliament. We make the following extracts : — •' The proposals received and dealt with during 1 the year. numbered 3,933, representing the sum of £1,065,946 1 9/8. The proposals which were completed and became policies were 2,957 insuring £785,092 15/- being £18,140 12/8, in excess of the amount insured in 1887. Three hundred proposals were declined or deferred. The others failed of completion. The policies issued were classified thus : In the General Section, 2,546 assurance policies, amounting to £691,786 15/- and 15 endowment policies tor £1,572 ; in the Temperance Section, 383 assurance policies, representing £91,734. Among the policies issued there were 13 contracts for annuities, the consideration received for which was £2,795 23/7 and the annual payments under them £312 10/8. The new annual premiums payable under the assurance policies amounted to £21,---853 15/1. There was also the sum of £6,889 17/1 received as single premiums and as the price of the annui tiea above specified. Duiiug the year 1,793 policies for £524,830 were added to theJTontine Savings Fund Section, to the inauguration of which reference was made in my last annual report as giving promise of marked success. The number of Tontine policies existing at the end of the year was 2,182, assuring £656,230. These figures show that the popularity expected to attach to this method of insurance, under which the policies of longest , duration will secure fullest benefits, has been fully realised. Death-claims . arose under 216 policies through the decease of 196 insured persons, representing a sum assured, including bonus additions, of £69,435 8/4. Claims on endowment assurance which had reached maturity numbered 24, and the amouut payable including bonus additions, was £6,612 4/. The number of children's endowments and investments matured was 16, covering the sum of £1,193 1/5. Five annuitants, the annual payments to whom were £299 18/10 died during the year. The amount paid as cash-value 1 for reversionary bonuses surrendered was £2,697 10/4. Accidental deaths of assured persons were 33, equal to nearly 17 per cent, of the total mor- ! tality experienced and representing £14.865, exclusive of bonuses, or • nearly 23 per cent, of the total amount of sum assured paid for death-claims. ■ This sum is, of course, included in the gross amount specified in the lastpreceding paragraph. Of the 33 accidental deaths, 9 were caused by drowning and 5 by suicide. The accounts, which are certified by the Controller and Auditor- General, show that the total income for the year was £282,200 15/1, which is an increase, as compared with the income of the preceding year, of £13,820 8/8. Interest on fuads invested amounted to £73,421 7d, which is £7,040 19/6 more than than the interest for the 1 previous year. The average rate of interest on the funds is £5 5/7 per cent , showing an advance on the rate realised in the previous year, and an increase of 5/10 on the percentage obtained in 1886.