NZUSA profit

By Tony Jaques

N.Z.U.S.A. has more than $1,000 "unbudgetted profit" from the controversial Student Insurance Scheme.

Sixty-two policies have been taken out by students since the adoption of the sch Council last August. The policies resulted in a brokerage fee of $3,165—one third comprised commission for N.Z.U.S.A.

Of the 62 policies in the new life insurance plan as at February 30. 1968, 32 were taken out by students at Canterbury where Professor Carrington of the Accountancy Department investigated the scheme. He found it to be the best available to students.

In Auckland the local executive refused to adopt the plan but the Auckland Students' Association distributed N.Z.U.S.A. publicity pamphlets. The result— six policies have been taken out by Auckland students.

N.Z.U.S.A. President, John McGrath, said he hoped income from insurance commission might eventually total $3,500 annually.