Section 80
Section 80
(1)
A life policy insuring the life of anyone, other than the person effecting the insurance or a person connected with him as mentioned in subsection (2), shall be void unless the person effecting the insurance has an insurable interest in that life at the time the insurance is effected; and policy moneys paid under such a policy shall not exceed the amount of that insurable interest at that time.
(2)
The lives expected from subsection (1), besides that of the person effecting the insurance, are those of the person’s wife or husband, of the person’s child or ward being the age of majority at the time the insurance is effected, and of anyone on whom that person is that time wholly or partly dependent.
(3)
In so far as in the case of any life policy the policy moneys do not consist wholly of a cash payment due on the death in question, the limit under this section on the amount to be paid shall be applied by reference to the value of the right to the policy moneys immediately after the death or on the happening before the death of any event on which they become payable.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
77
BLUV as at 14th January 2016
(4)
In this section, “insuring the life” of a person means insuring the payment of money (or the equivalent) on the person’s death or on the happening of any contingency dependent on the termination or continuance of that person’s life, and includes granting an annuity to commence on that death or at a time to be determined by reference thereto or to any such contingency.
Capacity of infant to insure.