A Neglected Policy

Horowhenua Chronicle, 7 January 1914, Page 4

A Neglected Policy

Many examples of the length of time policies have been kept in force out of their surrender value have been given in previous issues of this magazine. Unfortunately, although they speak well for the liberality of the Department and the absolute justice with which its business is administered they form a sad record of carelessness in regard to insurance. Many consider they have, done their duty and miUle ample provision for their families when they effect a small insurance and systematically borrow as much of the surrender value as the Uepartment will advance. Policy No. 20,880 which matured recently belongs to this class. It was issued in 1882 for £200, payable at the end of thirty - years or at death during that period. Advances were

made against the surrender value in 1889, 1893,1895, and 1901, and the premiums became overdue in 1904. No interest was paid, | and nothing further was heard of the policy-holder for the next eight years. The policy, however, was kept in force out of the ( surrender yalue, and it eventually 1 matured in December, 1912. The policy holder expressed great surprise on finding that the contract j was still in force, "as he had looked upon it as lapsed long- ago." but the value of the insurance was N of course sadly diminished by the loans and accumulated arrears of 1 premium, although lie received a substantial sum at settlement, notwithstanding his neglect of the policy.—N.Z. Government Insurance Record. >