THE NEW ZEALAND GAZETTE. 751

Notice of acceptance to be sent to Proposer.
17. If the Commissioner shall elect to accept the
proposal, he shall determine the premium payable in
respect of the proposed transaction, and he shall forth-
with cause notice thereof to be given to the person
making the same, by posting to the address of such
person, as given in the proposal, a notice to that effect.

Thirty days allowed for completion of proposal.
18. Within thirty days after the issue of such
notice, the Proposer shall pay or cause to be paid the
premium payable in respect of the proposed trans-
action; and if he shall fail to do so, then the said pro-
posal shall be deemed to have been abandoned, and all
moneys paid thereunder forfeited.

Policy to be issued.
19. Upon payment of the premium payable in respect
of any accepted proposal, the Commissioner shall cause
to be issued and delivered to the Proposer a policy in
the form applicable to the particular contract.

Conditions of policies to be indorsed.
20. Life insurance policies shall be subject to the
following conditions, which shall be indorsed on all
such policies issued by the Commissioner :-

Policies shall become void if the statements of the
Proposer, as set forth in the proposal, or of the person
or persons examined by the Medical Officer, as set
forth in the medical examination, or any of such state-
ments 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 important particular.

Policies shall become void if payment of the annual
or other premium be not made within thirty days from
the date stipulated in the policy; but such policies may
be revived at any period not exceeding twelve calendar
months after their expiration, or after their surrender
value has been exhausted in payment of the current
premium, on satisfactory proof being given of the un-
impaired health of the Insured, and on payment of the
premiums then in arrear, together with a fine not
exceeding one-half per centum on the sum assured :

Provided that no policy which shall have been in
force for three years shall be absolutely forfeited by
reason of such non-payment of premium so long as the
surrender value of the policy at the date of such non-
payment of premium is not less than the amount of pre-
miums in arrear, together with interest at six pounds
per centum per annum, and such policy may be revived
on payment of such arrears of premium and interest as
aforesaid. Such policy may also be revived at any
period not exceeding twelve calendar months after
the exhaustion of the surrender value, on satisfactory
proof being given of the unimpaired health of the
Insured, and on payment of the premiums in arrear and
interest at the rate aforesaid:

The sum assured under any policy will be paid in
case of the death of the person whose life is assured
during the periods of grace defined in the two last pre-
ceding paragraphs, notwithstanding the non-payment of
the premium; but the amount of premium remaining
unpaid, with a fine or interest as aforesaid, shall be
deducted from the sum assured before payment.

Provided also that no policy which shall have been
in force for three years shall be wholly forfeited by such
non-payment of premium, if the Assured shall within
three months after such policy has lapsed, make appli-
cation for a paid-up policy; and upon such application
the Commissioner shall issue a paid-up policy equivalent
to the surrender value of the original policy at the date
of such non-payment of premium: Provided further that
such paid-up policy, when due, shall be subject to all
the terms, conditions, and liabilities of the original
policy.

Policies shall become void if the Insured shall reside
in any part of the globe within the twenty-fifth parallels
of North and South latitude, without having obtained
the written consent of the Commissioner to reside
within the said parallels of latitude: Provided that no
policy shall become void by any such residence, so far
as regards the interest therein of any person other than
the Insured, if the Insured shall have done any such
act as aforesaid without the knowledge of such other
person, and if the person or one of the persons bene-
ficially interested therein shall give notice to the
Commissioner of such act as soon as it comes to his
knowledge, and shall thereupon pay the additional pre-
miums that could have been required for his consent to
such act.

Policies shall become void if the Insured shall die by
suicide, whether sane or insane, within twelve months
from the date of the policy.

Policies (provided the age of the Insured shall have
been admitted by the Commissioner) shall, upon the ex-
piration of five years from the date of the policy, and
upon the Insured having attained the age of thirty years,
be exempt from forfeiture in all cases except fraud and
non-payment of premium, unless previously to the ex-
piration of such five years any misstatement, error,
mistake, omission, or suppression shall be ascertained
by the Commissioner, and notified in writing to the
person in whose name such policy shall have been
granted.

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 the Insured, notice in writing of such
death shall be immediately given to the Commissioner.

The sum assured shall not be payable until the
expiration of one calendar month from the time that the
proofs of identity and death of the Insured shall have
been supplied to the satisfaction of the Commissioner,
and until the policy, duly discharged, shall have been
delivered to the Commissioner or other duly appointed
officer.

Policy not in force until payment of premium.
21. No policy made under the provisions of the said
Act is to be in force as against the Commissioner until
the first premium payable thereunder by or on behalf
of the Assured shall have been actually paid.

Annuity instalment.
22. 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 or endowment claims.
23. Before any moneys payable in respect of any
deferred annuity or endowment will be paid under any
policy in that behalf, the Commissioner may require
satisfactory evidence of the age, identity, and survival
of the person on whose life the policy shall have been
effected.

Net value of policy.
24. The net value of any life insurance policy shall
be ascertained according to the rate of mortality of
either of those Tables known as "The Combined Ex-
perience" 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.