Modified Tontine Policy.
GORE, May 10. A case of considerable Interest to life insurance policyholder* was decided at Clinton yesterday, when Mr Cruickshank, S.M., granted a rehearing of the case Irving v. the Colonial Mutual Life Assurance Society, and gave judgment, for the plaintitV for j£"J5 ■is. Irving had a modified tontine policy, which expired during hi;; absence in England. Before leaving the colony, he notified the company of his intention to return more than thirty days after the policy matured, lie requested payment, but the company would only pay the surrender value of the whole life policy, as Le did not exercise the option to accept tho value ot tho tontino within thirty days. Irving claimed tho difference between tho amount received and the value of tho tontino on the expiry of tho tontine period, on the ground that he accepted the lesser amount tendered under a mistake. Tho magistrate decided in favor of the plaintiff.
A\.V.& a,*-
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Bibliographic details
Manawatu Standard, Volume XLI, Issue 8192, 18 May 1906, Page 2
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159Modified Tontine Policy. Manawatu Standard, Volume XLI, Issue 8192, 18 May 1906, Page 2
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