560
THE NEW ZEALAND GAZETTE.

1. For the payment of money at the death of the
   party whose life is insured-
   (a.) By payment of Premiums during the whole
   term of life.
   (b.) By payment of premiums for a specified
   number of years.
   (c.) On death occurring within one or seven
   years, by payment of Annual Premiums.
2. For the payment of money on death or attaining
   a specified age, whichever may first happen-
   (a.) By payment of Premiums until death or
   until the specified age is attained.
3. For the payment of money on the death of
   either of two lives.
4. For the payment of money upon the death of
   one life, provided another be then living.
   The tables before referred to show the Premiums
   payable in each separate case.

It is intended, for the present, to confine transac-
tions in the nature of Endowments to Endowments
for a wife or children, to be effected either by the
payment of one sum or of annual, half-yearly, or
quarterly Premiums, according to the tables annexed.
Contracts of this nature may be made conditioned--

1. Without return of Premiums, in case death
   happens before the specified age.
2. With return of Premiums in such case.

In the case of any Insurance for the payment of a
fixed sum of money at death, the person insuring may,
during his life, direct that the sum so payable shall
at his death be commuted for an Annuity, according
to the then tabular value, in favour of some person to
be at the same time nominated.

The following advantages are secured by special
provisions in the Acts to persons contracting under
them:--

1. All money received and paid by the Govern-
   ment under the Acts is kept in a separate account,
   the particulars of which must be annually laid before
   the General Assembly.
2. In case the funds held by the Government
   under the Acts shall be insufficient to meet the lia-
   bilities, the deficiency is to be met out of the Consoli-
   dated Revenue.
   Insurers are thus not only enabled to obtain autho-
   ritative information of the exact position in each year
   of the transactions effected under the Acts, but have
   also the security of the Consolidated Revenue for the
   performance of the Commissioner's contracts.
3. Annuities payable under the Act are exempted
   from all taxation.
4. Policies, powers of attorney authorizing the
   receipt of moneys, and receipts for moneys payable
   under the Acts are exempted from stamp duty.
5. The following transactions, subject to the limi-
   tations noted below, are exempted from liability to
   the law of bankruptcy, and from seizure under pro-
   cess of execution, namely-
   (a.) A Policy of Assurance bonâ fide effected by
   the Assured upon the life of himself.
   (b.) A policy for a future Endowment for the
   wife or any child of the Assured.
   (c.) Any purchase of an Annuity for the wife or
   any child of the Assured.
   In the cases (a) and (b), however, no policy or
   the contributions made towards the same is protected
   until it has endured for at least two years, in which
   case the protection extends to the sum of £200;
   After five years to £500;
   After seven years to £1000; and
   After ten years to £2000.
   In the case (c), the Annuity and the contributions
   towards it are only protected-
   (1.) When payments on behalf of the Annuity
   have extended over six years; or
   (2.) When it has been purchased at least six years
   before the commencement of the Annuity; and
   (3.) When the Annuity does not exceed £100
   per annum.
   Further, the protection applies, in the case of an
   Assurance Policy, only in favour of the personal
   representative of the Assured; in the case of an
   Endowment Policy only in favour of the nominee;
   and, in the case of an Annuity, only in favour of the
   actual Annuitant, and then to such parts only of the
   Annuity as shall be payable after the Annuitant attains
   the age of fifty years.
6. Married women may effect policies and dispose
   of the money assured by will, as if single; and policies
   effected by married women are, subject to the follow-
   ing restrictions, freed from the debts or control of
   their husbands. The restrictions are-
   (a.) That a policy or contract for a payment to
   be made on death or otherwise, or for a Life
   Assurance or Endowment held by any married
   woman shall not be protected against the
   debts of her husband, unless it has endured
   for two years and then only to the extent of
   £200;
   If for five years, £500;
   If for seven years, £1000;
   If for ten years, £2000.
   (b.) That an Annuity shall not be so protected
   unless the payments made on account thereof
   have been made at annual or more frequent
   intervals during a period of at least six years,
   or unless purchased more than six years prior
   to the commencement of the Annuity, and
   that such Annuity shall not exceed £104 per
   annum.
7. Insurances may be effected by way of settlement
   for the benefit of the wife and children of the Assured,
   with power to apportion the amount; and such In-
   surance may be effected either in the name of the
   Assurer or of his wife, or of a third person as trustee,
   with his consent.
   The premiums may be payable during life, or any
   less period not under seven years, and, in any case,
   yearly, half-yearly, or quarterly, at the option of
   the Assured.
   Existing policies may be indorsed so as to operate
   as settlements, but notice of any such indorsement
   is to be given.
   When no apportionment is made on such policy in
   favour of children specially, all the children of the
   Assured living at his death share equally.
   To the extent of £2000, the money payable under
   any such policy is to be free from the claims of
   creditors.
8. Proof of age once received, is sufficient for
   further transactions.

In addition to the foregoing advantages, which are
specially provided in the Acts themselves, the follow-
ing additional advantages are secured by the Regula-
tions promulgated under their authority :--
(1.) Transactions are effected without any charge
to the Assured.
(2.) Premiums are received in most cases either
yearly, half-yearly, or quarterly, at the option
of the Assured.
(3.) Surrender values are granted after a con-
tract has existed for five years, and may
extend to the whole or part of a contract.
(4.) Residence is permitted in any part of the
Australasian Colonies and in Europe.
(5.) Premiums may be paid at any Money Order
Office in Great Britain, Ireland, or the
Australian Colonies, on the due dates.
(6.) Days of grace are allowed for payment of
premiums; and in case of death whilst any
premium is in abeyance, the amount in arrears