The Southland Times. FRIDAY, MARCH 11, 1870.

Southland Times, Issue 1221, 11 March 1870, Page 2

The Southland Times. FRIDAY, MARCH 11, 1870.

In our last issue we directed the attenItion of our readers to the subject of Government Assurance, and especially recommended it to the consideration of persons of moderate means, and those depending for the support of themselves and families upon the wa^es of their labor. Contrary to the usual custom, the " Order in Council*' legalising the regulations for the conduct of the business did not mention the date when the j Act was to be put in operation, arid we ! were left in the dark as to whether the benefits of the measure Were to be immediately available, or indefinitely postponed. Since then, however, doubt on this point has been dispelled by a notice issued by the head of the department — which appears in' our other columns — to the effect that the scheme was fairly launched on the first of the present month, and also giving a list of the offices where insurances may be effected. Having already entered pretty fully into the merits of the plan, and shown that it was one deserving of the support of the people, being fraught with incalculable good to themselves, we propose now simply to embrace a few of the leading regulations. It is, perhaps, not out of place to suggest that the name attached to the advertisement is one which should secure the confidence of every colonist. Mr Gisborne, by a long and faithful public service, has earned the unqualified approbation of all classes of the community. The substitution of his name for that of the politician whom rumor first pointed to as commissioner, will be observed with very general satisfaction. At the head of a department so dependent on popularity for its successful working, we want not mere "smartness," but ability conjointly with experience, and the habit of careful and constant application, all of which Mr Q-isboenb possesses in a more than ordinary degree. The following are the main features of the regulations : — Iksttbance or Lives. 2. At the offices appointed for such purposes by the G-overnment Annuities Commissioner, proposals shall be received i for the insurance of lives — (1 .) By payment of a single premium. (2.) By payment of a premium annually, or once in every six months, or once in every three months (that is, on the 31st March, 30th June, 3Qth* September, and 31st December in each year), throughout the life of the person insured. (3.) By payment of a premium annually (that is, on the 31st December in each year), until the person insured shall have attained the age of sixty years. (4.) By payment of a premium once in six months, or once in three # months, until the insured person shall have attained the' age of sixty years ; but no such proposal shall be received from or on behalf of any person under the age of sixteen years, or over the age of sixty years. After the form of proposal which is given at length, the following is stated as the declaration which has to ba signed by the proposer : — I do hereby declare that the foregoing statements made by me are true to the best of my knowledge and belief, and that I have not withheld or concealed any circumstance " with regard to which information has been required from me. I agree that the foregoing statements, and those which I shall make to the medical referee of the Government Annuities Commissioner, shall be the basis of the proposed contract for an insurance on my life ; and that if it shall hereafter appear that I* have wilfully made any untrue statement, or have fraudulently concealed any circumstance which J. ought to have made known, then all the premiums which shall have been paid under the said contract shall be forfeited, and the contract rendered absolutely null and void. Clauses 4 and 5 refer to the preliminary medical examination. The six th provides for an accidental error as to age not being held a breach of the contract, and clause 7 reads : — ... 7. If the said Commissioner shall think fit to enter into a contract for the insurance of the proposer's life, he shall require the proposer to pay according to age the premiums fixed by the tables framed under the authority of "The Government Annuities Act, 1869," unless he be made aware of any circum- 1 stances connected with the health or habits of the proposer which may tend to shorten the proposer's life, or unless the proposer shall at the date of his proposal follow any occupation which shall seem likely to be attended by special risk to life, in which case the said Commissioner shall, if he think fit, require him to pay such additional premiums as shall appear sufficient to cover the additional risk. Then follow copies of the forms of the contract deed for Insurances by single or periodical payments, which differ very

slightly- in the wording, and to which, the following conditions are attached : — But this contract is made subject to the following provisos : — Ist. It shall be void, and the ..payment made by the assured under| it shaU.be forfeited, if the statements contain j d in the aforesaid proposal and declaration, of the statements made by the .assured to the medical Examiner, or either or any. of them, be untrue, or if the assured has wilfully withheld any of the_information required from him. ..,.,.. . • 2nd.. It shall be void, and the paymenj; made under it by the assured shall be forfeited, if the assured shall, without the license of the said Commissioner, go on the high seas, except in time of peace, in passing from one part of the Colony to Europe, or to any part of the Colony of NewZealand,to the Colonies of Tasmania, South Australia, Victoria, New South] Wales, and Queensland. " 3rd. It shall be void, and the payment made under it by the assured shall be forfeited, if the assured shall, without license from the said Commissioner, take up and follow the occupation of 4fch. It shalK.be void, and all the payments made under it shall be forfeited, if the assured shall die by his own hands within twelve months, or by the hands of justice. . ■-'.'... In the conditions to the contract tby periodical payments; the fourth is altered to make the contract void, and the premiums forfeited, should the assured die by his own hands at anytime. Regulation 9 states the time at which' the assured may demand his policy, 'V&.y on payment of first premium, and that if. he wishes to make his payments at a different office to that at which he insured, he cau do so by giving notice. Rules 11 to 15 inclusive, are all important, referring to default, renewal, surrender, assignment, and payment at death. They are as follows : — Default of payment. 11. The premiums due annually must in every case be paid by the contractors within three weeks after the day appointed by the contracts for such; pay-, ments. .The premiums due more,' ( fjr^ quently than once in "each year un^er contracts for the insurance o¥ lives must, in every case be paid by the contractors within two- weeks after such payments shall fall due. And any contractor who shall omit to pay his premiums within the time limited for the payment of su[ch premiums, shall be held to have made default of payment. ' V In default of payment, contract may be renewed. 12. If any contractor for an insurance on his life shall thus make deiault in payment, the contract for the insurance ; of his life shall be null and void ; and if he shall desire to renew the said contract, ; he must make application accordingly to the Government Annuities Commissioner within four weeks from the date on which the default of payment shall occur. On receipt of the said application, the said t Commissioner ' shall, if he think fit, but not otherwise, renew the contract with the defaulting contractor, and BhaUi las a condition of : such renewal of th*e ! contract; require the defaulting contractor to pay any arrears of premium from ,isie date of default which shall be due from him, and shall also, if he think fit, require the defaulting contractor to pay a fine for default, not exceeding the amount of the premium. Contract may be surrendered after five years' payment. 13. If any contractor for an insurance on his life, after having paid the premiums due under the contract with him, for <a period of not less than fi\ r e years, shall desire to surrender the said contract, or shall make default in the payments due under that contract, the said Commissioner, on the application .of the person beneficially interested in the said contract, on a form to be obtained at any Money Order Office, shall pay, to I such person such sum of money, jiQt being less than oue-thir;d rt o,f thp premiums! which shall have bean paid by himy-a&n shall be fixed by any regulations wjhich^ may be framed for the purpose under the authority of " The G-overnment Annuities, Act, 1869," or shall grant to such person such a paid-up contract of assurance as shall be equivalent in value to the said sum of money. " T Contracts may be assigned after fire years' pay? ment. 14. If any contractor for an insurance on his life, after having paid for five years or upwards the premiums due under the; contract with him, shall desire to assign to some other person his right and interest in the said contract, he shall notify such desire to the said com mis--' 1 sioner, on a form to be obtained at any. Money Order Office, and shall pay such fee and conform to such conditions asshall be required by the said commissioned; under the regulations which shall be framed for the purpose. The assignee of sujjh contract shall take, both at law and in equity, all such right and interest therein, iucluding rights to sue, if any, as was possessed by the assignor, but no other or greater right or interest. On proof of death, the Commissioner to issue warrant for payment. 15. On the death of any contractor for an insurance on his life, and on production to the said commissioner of probate of the mil of the said contractor, or of letters of administration to the effects 6t the said contractor, or of an assignment of the contract with the said contractor made under such conditions as shall here-' after be prescribed by the regulation^ and on production of a certificate of a sve, death or a certificate of the burial of; U tafti said contractor, together. jyith S statutory declaration made before a Justice of the Peace by some person not beneficially interested in the contract, of the Identity of the contractor with the person named, in the certificate of death or certificate ■ q£ burial, and on production of such other evidence of death and identity as the said commissioner shall see fit to require,' the said commissioner shall issue to theexecutor; administrator, or assignee 6f the said contractor a warrant for' the sum

due under the con^raot-, which wirrant shall be payable forthwith, upon delivery of the contract at such one of the offices appointed for the purpose as the executor, administrator, .of -assignee shall select.