NEW ZEALAND GOVERNMENT INSURANCE DEPARTMENT.

Poverty Bay Standard, Volume XI, Issue 1264, 1 February 1883, Page 2

NEW ZEALAND GOVERNMENT INSURANCE DEPARTMENT.

The alterations in the New Zealand Insurance Department are important to insurer, and as there are many in Poverty Bay we publish the following circular: — New Zealand Government Insurance Department. Wellington, Jan. 29, 1883, Dear Sir, —1 beg to enclose copy of the new prospectus of the Government Insurance Department, which enumerates additional special advan tages offered to assurers who desire to avail themselves of the Government scheme of life assurance. Various restrictions, common to life insurance contracts, now no longer exist in this Department. Policies, after age is admitted, are now rendered indisputable and unehallengable from the date of issue, unless for fraud Extra rates for license to travel’, &c , are now abolished, as are also extra charges occupations, excepting such as are connected with the liquor traffic.

A new feature <>f the scheme is the contingent, debt system, by which the option is given to under-average lives either to pay the extra rate, or to be accepted at par, subject to a debt on the policy, equivalent to the extra rate, which debt becomes cancelled if the average expectation of life is attained by the assur. d. The mode of payment of premiums by order on Post Office Savings Bank deposits, and by pos’age stamps, and the inves ment aud endowment taples for children and others, are changes which, toge/her with the temperance see:ion and the industrial branch recently established, offer valuable facilities to the public in addition to the obvious advantages which the inviolable security of the colony bestows

Among other improvements are the deferred bonus tables, which are ba«ed on the sound principle of charging the very loiveat rates of premiums, at d allocating profits when accumulated premiums, and interest thereon have reached the, amount assured. Comparison of rates is respectfully invited.

Finally, the system of surrender values now established by this department, and the extension of time for maintaining policies in force are exceptionally liberal, and are unique in the history and practice of Life Insurance t Himes,

1 am gratified to be able to state that the business of the Department continues to make satisfactory progress. —I am, etc. D. M. Lcckte, Commissioner.