Prudential Assurance Company (War-Bond Policies).

Oral Answers to Questions — Transport. – in the House of Commons on 23rd May 1922.

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Photo of Mr Thomas Myers Mr Thomas Myers , Spen Valley

85.

asked the President of the Board of Trade if he is able to say whether the 442,662 War Bond policies issued by the Prudential Assurance Company, and classified as not taken up, had any deposits or premiums paid upon them; if so, to what amount; whether such deposits or premiums have been returned to the people concerned; whether he is able to state the amount of premiums paid upon 279,788 War Bond policies issued by the same company, and which have lapsed; and whether his Department is able to take any action that will enable the premiums so paid to be recovered?

Photo of Sir William Mitchell-Thomson Sir William Mitchell-Thomson , Glasgow Maryhill

A report has been furnished by the Prudential Assurance Company, Limited, from which it appears that no payments have been received from the proposers in respect of the 442,662 War Bond policies not taken up. With regard to the 279,788 lapsed policies, the holders of a large number of such policies have since obtained surrender values, or such policies have been revived without payment of the arrears by the assured on the terms that the policies have been extended over a period equal to the term for which the premiums had fallen into arrear. The company is not in a position to give the amount of the premiums received in respect of the lapsed policies which have not been surrendered or revived, but the average number of monthly premiums received in respect of such lapsed policies is approximately three.