Omaha daily bee., 1906-08-12

ment were very low and were not framed
to provide bonuses. But even these low
rates produced surpluses from the begin
ming, and when IL was found necessary to
provide bonuses In order to compete with
the private companies the rates we're
raised. The premium now charged on an
endowment policy for $500 taken out at the
age of 80 years and payable at death or
the age OF 80 is sll yearly; in thirty years,
SIS in twenty years. $22, Extra premiums
are not charged for women nor for any
occupation other than that of engaging in
the manufacture or sale of Intoxicating
liquors. Under-average lives are accepted
at increased rates, or the proposer, instead
OF paying an increased premium, may
agree that deduction shall be made from
the sum assured In the event Of death
within a certain period. ..- r
The liquor question is always alive and
extremely vigorous in New Zealand, and
therefore 1t was found advisable to start
a temperance branch, which contains only
policies on the lives of total abstainers.
The accounts OF this branch are 40 kept
that II there are any profits arising from
superior vitality they may be enjoyed ex-
clusively by those who have earned them.
The bonuses in the two sections do not
differ materially. sometimes one and some
times the other being a tribe the larger.
Board of Investments.
The investments OF the insurance depart
ment are controlled by a board consisting
of the colonial treasurer, the surveyor gem
eral, the commissioner of taxes and the IN
surance commissioner. The investments
are mainly confined to New Zealand gov
eminent securities and to loans to local
bodies and policyhoiders and on real es-
tate. Its assets are s1S.s00,OOo. Its income
for 1904, from new premiums, renewals and
interest, amounted to nearly 32,5OOO0O. and
its expenses were 20 per cent Of the pre-
MUM income. Since its inception it has
paid As6O000 I'm claims. During the last
fifteen years there has been an increase OF
81 per cent in the humber of policies in
force, of 70 per cent in the sum assured,
Of sS5 per cent in the bonuses. Of 7es per
cent In the annuities,' Of 81 per cont in the
income, Of 1872 per cent In the accumulated
funds, and decrease Of per cent in the
expenses OF management and of 80 per
cent in the ratio OF total expenses to total
income.
An accident insurance branch was opened
in 1901, mainly for the purpose OF covering
the liabilities of employers OF abor, which
had been much increased by the workers
for accidents act passed the
previous year. Personal accident policies
are also issued. The costs Of conducting
the business are carried entirely by the
accident branch and the life funds are in
no case liable
A combined insurance and annuity scheme
has been in operation since 1898 In return
for monthly deductions amounting 20 about
33 annually for every $500 OF salary the
insurance department contracts to give a
uniform initial insurance OF $500, increasing
with the salary. until the age Of 20 Is
reached, and after that an annuity varying
with the age al entry. These policies are
ps ced in a separate table but are merged
in the general business and share in the
distribution Of profits The scheme is com
pulsory upon all civil servants who do not
insure OF their own wish, But more than
% per cent OF the government employees
have taken out their insurance OF their own
initiative. They may insure in whatever
company they choose.
Fire Insurance.
A little more than a year ago a FIRE in
surance department was established in com
pliance with a strong popular demand. The
FIRE insurance companies had kept rates at
an exorbitant figure. and. as the life insur-
snce department had proved so successful,
the people all over the colony demanded
that the government should go into the
business and establish fair rates and a more
liberal policy
The department opened it's doors WITH
Fat reduction Of 10 per cent in al ciasses OF
business. The private companies met this.
and then cut under stu further bys reduce
ton Of 80 rs per cent on dweilings-the w
OF insurance clGssiicstion-and the govern