THE NEW ZEALAND GAZETTE. 367

such statements respectively, be untrue; or if any
other paper or statement furnished by the proposer,
or at his instance, on the faith of which the policy
may have been issued, shall at any time be found to
contain any wilfully untrue statement; or if there
shall at any time be or have been any fraudulent
concealment from the Commissioner of any import-
ant particular.

Policies shall become void if payment of the
annual or other premium be not made within twenty-
one days from the date stipulated in the policy; but
such policies may be revived at any period not ex-
ceeding six calendar months after their expiration, on
satisfactory proof being given of the unimpaired
health of the person whose life is assured, and on
payment of the premiums then in arrear, together
with a fine not exceeding one-half per centum on the
sum assured.

The sum assured under the policy will be paid in
case of the death of the person whose life is assured
during the days of grace (twenty-one days) notwith-
standing the non-payment of the premium; but the
amount so remaining unpaid shall be deducted from
the sum assured at settlement.

Policies shall become void if the person whose life
is assured shall go on the high seas in a vessel not
whole decked or seaworthy, or less than fifty tons
register, or shall proceed to any part of the globe
within thirty-one degrees south of the equator or
within thirty-three degrees north of the equator
(except in passing or repassing direct by sea only, in
time of peace, between any part of the Australasian
Colonies and any part of Europe), or shall during
actual warfare go beyond the limits of the Austral-
asian Colonies: Provided that there shall be no
forfeiture on account of residence if the person
whose life is assured shall reside in any part of the
Australasian Colonies distant not less than twenty-
five degrees south of the equator, or in any place
expressly sanctioned by the Commissioner. The
term "Australasian Colonies," where used in this
condition, shall include Tasmania and New Zealand.

Policies shall become void if the person whose life
is assured shall be actually employed in any military
or naval service whatever, except such as may for
the time being be in the employment of the Govern-
ment of the Colony, or shall engage in any seafaring
occupation unless special permission shall in any of
the said cases have been granted by the Commis-
sioner, which permission may be obtained on pay-
ment of such extra premium as the Commissioner
may deem adequate to the risk incurred.

If the person whose life is assured shall go beyond
the limits allowed, or become a seafaring person, or
engage in any military or naval service other than
aforesaid, before notice thereof shall have been given
to the Commissioner, the policy shall not become
void if the person or one of the persons beneficially
interested therein shall give notice to the Commis-
sioner of such fact as soon as it comes to his
knowledge, and shall pay the additional premium
that would have been required if such fact had been
made known to the Commissioner at the time it had
occurred.

Policies shall become void if the person whose life
is assured shall die by his own hand, or by duelling,
or by the hands of justice; but the Commissioner
shall be bound in these cases to pay such sum as
would have been paid as the surrender value on the
day previous to the decease of the life assured.

Neither policies which have been bona fide assigned
to third parties for valuable consideration, and of
which assignments notice shall have been given to
the Commissioner not less than one month previous
to death, nor policies effected by one person on the
life of another, shall be subject to such forfeiture.

On claims being made, reasonable proof of the
time of birth shall be required, unless age shall
already have been admitted by the Commissioner.

On the death of any person whose life is assured,
notice in writing of such death shall be immediately
given to the Commissioner, and the amount assured
shall not be payable until proofs of identity and death
of the person or persons upon whose life or lives
the assurance has been effected shall have been sup-
plied to the satisfaction of the Commissioner, and
until the policy, duly discharged, shall have been
delivered to the Commissioner or other duly ap-
pointed officer.

Policy not in force until payment of a premium.
22. No policy made under the provisions of the
said Acts is to be in force as against the Commis-
sioner until the first premium payable thereunder, by
or on behalf of the Assured, shall have been actually
paid.

Annuity instalment.
23. In every case, before payment of any
instalment of an annuity, the Annuitant shall
furnish such proofs of identity and survival as the
Commissioner shall require.

Deferred annuity-endowment claims.
24. Before any moneys payable in respect of any
deferred annuity or endowment will be paid under
any policy in that behalf, the Commissioner may re-
quire satisfactory evidence of the age, identity, and
survival of the person on whose life the policy shall
have been effected.

Net value of policy.
25. The net value of any life insurance policy
shall be ascertained according to the rate of mor-
tality of either of those Tables known as "The Com-
bined Experience" and "The Institute of Actuaries"
Tables, with interest at the rate of four per centum
per annum. Not less than four-fifths of the net
value so ascertained shall be allowed as the surrender
value on any life insurance policy.

Policy may be surrendered after three years' duration.
26. Any life insurance policy which has existed
for three years may be surrendered either as to the
whole or any part of the interest of the Assured in
such policy. The Commissioner shall thereupon pay
to the person entitled the then surrender value; or,
at the option of the person or persons entitled to
make such surrender, shall grant to such person
a paid-up policy (that is, a policy exempted from any
future payments) equivalent to the then surrender
value.

Non-forfeiture of policy.
27. Any life insurance policy which has existed
for one year and which may thereafter have become
void shall not be absolutely forfeited by the non-
payment of premium thereon until the expiration of
a term to be calculated as follows:-
The surrender value of the policy, when the
premium becomes due and is not paid, shall be con-
sidered as a net single premium of temporary in-
surance; and the term for which it will insure shall
be determined according to the age of the Insured,
together with the extra years, if any, added to the
life of the Insured when the insurance was effected,
at the time of the lapse of the premium, and the
rates of mortality and interest aforesaid.
If the Insured die within the term of temporary
insurance so determined, then the Commissioner shall
be bound, anything in the policy to the contrary
notwithstanding, to pay the sum insured under the
policy, less the amount of the premiums that are
unpaid and due at the time of the death of the
Insured, with interest thereon at the rate of six per
centum per annum : Provided that no condition of