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This version of this statute is extracted from the UK Statute Law Database (SLD). It is not in the form in which it was originally enacted but is a revised version, which means that subsequent amendments to the text and other effects are incorporated with annotations.
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X1An Act for regulating Insurances upon Lives, and for prohibiting all such Insurances except in cases where the Persons insuring shall have an Interest in the Life or Death of the Persons insured.
Preamble.
Whereas it hath been found by experience that the making insurances on lives or other events wherein the assured shall have no interest hath introduced a mischievous kind of gaming:
C1Short title given by Short Titles Act 1896 (c. 14)
C2Act explained by (E.W.) (S.) Children Act 1958 (c. 65), s. 9 and (E.W.) Adoption Act 1976 (c. 36), ss. 37(2), 74(2) and (S.) Adoption (Scotland) Act 1978 (c. 28), ss. 37(2), 67(2) and Foster Children Act 1980 (c. 6, SIF 21), ss. 19, 24(2) and (S.) Foster Children (Scotland) Act 1984 (c. 56, SIF 20), s. 18
C3Act excluded by (E.W.) Local Government Act 1972 (c. 70), s. 140(3), (S.) Local Government (Scotland) Act 1973 (c. 65), s. 86(3) and (E.W.) Land Drainage Act 1976 (c. 70), s. 35(3)
C4Act amended (E.W.)(14.10.1991) by Children Act 1989 (c. 41, SIF 20), ss. 66(5), 108(6), Sch. 8 para. 11, Sch. 14 para. 1(1); S.I.1991/828, art. 3(2)
C5Act excluded (E.W.)(1.12.1991) by Water Resources Act 1991 (c. 57, SIF 130), ss. 1(6), 225(2), Sch. 1, para. 2(4)(with ss. 16(6), 105(4), 113(4), 179, 222(3), 224(1), 225(4), Sch. 22 paras. 1, 2 and 4).
C6Act excluded (E.W.)(1.12.1991) by Land Drainage Act 1991 (c. 59, SIF 73:1), ss. 1(5), 76(2), Sch. 2 para.1 (with ss. 67(3)(5)(8), 72(6)(8), 74(3)(4)).
Act excluded (E.W.) (21.3.1997) by 1997 c.45, ss. 2(3), 4(2)
Act excluded (1.4.1998) by S.I. 1998/633, art. k4(3)
I1Act wholly in force at Royal Assent.
X1This Act is not necessarily in the form in which it has effect in Northern Ireland
From and after the passing of this Act no insurance shall be made by any person or persons, bodies politick or corporate, on the life or lives of any person, or persons, or on any other event or events whatsoever, wherein the person or persons for whose use, benefit, or on whose account such policy or policies shall be made, shall have no interest, or by way of gaming or wagering; and every assurance made contrary to the true intent and meaning hereof shall be null and void to all intents and purposes whatsoever.
And it shall not be lawful to make any policy or policies on the life or lives of any person or persons, or other event or events, without inserting in such policy or policies the person or persons name or names interested therein, or for whose use, benefit, or on whose account such policy is so made or underwrote.
C1S.2 amended retrospectively by Insurance Companies Amendment Act 1973 (c. 58), s. 50
And in all cases where the insured hath interest in such life or lives, event or events, no greater sum shall be recovered or received from the insurer or insurers than the amount of value of the interest of the insured in such life or lives, or other event or events.
Provided always, that nothing herein contained shall extend or be construed to extend to insurances bona fide made by any person or persons on ships, goods, or merchandises, but every such insurance shall be as valid and effectual in the law as if this Act had not been made.
Life Assurance Act 1774