Life Insurance.

Chap. 13.—The 29 V., c. 17, and 32 V., c. 21 are repealed except in so far as past assignments and acquired rights on proceedings pending are concerned. A husband may insure his life for the benefit of his wife, or for her and his, or her children or the children of both or any of them, or any parent may insure his or her life for the benefit of his or her children, and either for lite or a fixed period, with premiums payable for the whole period or one limited. Or a husband, father or mother may appropriate a policy drawn in his or her name to the benefit of his wife, or his or her children, by a declaration endorsed on or attached to such a policy,—a duplicate being filed with the Co.; the Co. to note this on the policy or the declaration. The mother may do this without her husband's authorization. Where the appropriation is in favour of more than one, the party apportions the amount at discretion, but where no apportionment is made, when the appropriation is for wife and children, she takes one-half and they divide the other equally. And if in favour of children alone, they divide equally. If a child entitled under an apportionment dies before the policy falls in, its heirs succeed; if there be no apportionment the part of the mother and child so dying falls by accretion to the others named. A party may revoke the appropriation by policy or declaration, or limit or change it from several to one, or from one or more to other or others of the parties named above, in a similar manner to the apportionment by declaration. Unless the Co. receive notice it may pay to the parties originally named. When any child to whom shares have been apportioned dies without issue, or the wife dies, the share reverts to the husband or father insured. The amount of the policy may be made payable directly to the parties in whose favour it is appropriated, or to trustees in their behalf. These trustees may be appointed by a subsequent instrument notified to the Co. as an appropriation, or by will, copy of which must be filled with the Co. on the testator's death. If there be no trustees then payment for minors &c. is made to the executors who are trustees; or if the party die intestate to tutors or curators or the parties; and if trustees refuse to act in case of persons who have attained majority then directly to them. The Co. is then discharged and is not bound to see to the investment of the moneys, or liable for its misapplication. Trustees, curators, &c., for minors and others not possessed of fill legal rights invest the moneys in Government or Municipal securities or first hypothecs. Trustees for others fulfil the conditions of trust or pay directly if there be none. In the case of minors &c., the revenue from investments is used for the support of the parties and the surplus, if any, re-invested till the minor comes of age, or such other party regains full legal rights, when all is transferred to them, or if they die meantime, to their heirs. Or, if thought best, the investments may be realized in order to settle such minor in business, or to marry her, if a girl. If the party insured cannot meet the premiums, he may surrender it and take a paid up policy for the amount earned In favour of the same parties. If the Insurance be with profits, insured may dispose of them as he will. The insured may borrow, if he finds It necessary, moneys necessary to keen up the premiums, on the security or the policy, and these loans being notified to the Co. it must retain the amount for the creditor unless an acquittance is meantime filed with it. Policies so made or appropriated or the moneys while in the hands of the Co. may not be attached for the debts of the insured The acceptance of Insurance moneys is not to be construed as the acceptance of a succession or com- page 111 munity. If premiums are paid when insured is insolvent, in fraud of creditors, they may recover the amount so paid, reducing the insurance moneys to be paid to the parties named. Rights under previous laws are not to be interfered with; nor does this Act apply to insurances made in favour of or transferred to a wife under her marriage contract.