34
Item 35
App. IIA]
Life Assurance Act 1774
[1987 Ed.
or would have happened in case this Act had not been made; and that no further or other sum shall be paid or payable for the interest of any sum of money whatsoever than such interest shall amount unto for the true number of natural days for which the principal sum bearing such interest shall continue due and unpaid; and that no person or persons whatsoever shall be deemed or taken to have attained the said age of one and twenty years, or any other such age as aforesaid, or to have completed the time of any such service as aforesaid, until the full number of years and days shall be elapsed on which such person or persons respectively would have attained such age or would have completed the time of such service as aforesaid in case this Act had not been made, any thing herein before contained to the contrary thereof in anywise notwithstanding.
Item 37
THE LIFE ASSURANCE ACT 1774
(14 Geo. 3 c. 48)
[Extracted from Halsbury's Statutes of England (2nd edition), Vol. 13, p. 71
An 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.
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:
[1.] No insurance to be made on lives, etc., by persons having no interest, etc.-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 that every assurance made contrary to the true intent and meaning hereof shall be null and void to all intents and purposes whatsoever.
2. No policies on lives without inserting the names of persons interested, etc.--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.
3. How much may be recovered where the insured hath interest in lives.-And.... in all cases where the insured hath interest in such life or lives, event or events, no greater sum shall be recovered or
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Page 36
34
Item 35
App. IIA]
Life Assurance Act 1774
[1987 Ed.
or would have happened in case this Act had not been made; and that no further or other sum shall be paid or payable for the interest of any sum of money whatsoever than such interest shall amount unto for the true number of natural days for which the principal sum bearing such interest shall continue due and unpaid; and that no person or persons whatsoever shall be deemed or taken to have attained the said age of one and twenty years, or any other such age as aforesaid, or to have completed the time of any such service as aforesaid, until the full number of years and days shall be elapsed on which such person or persons respectively would have attained such age or would have completed the time of such service as aforesaid in case this Act had not been made, any thing herein before contained to the contrary thereof in anywise notwithstanding.
Item 37
THE LIFE ASSURANCE ACT 1774
(14 Geo. 3 c. 48)
[Extracted from Halsbury's Statutes of England (2nd edition), Vol. 13, p. 71
An 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.
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:
[1.] No insurance to be made on lives, etc., by persons having no interest, etc.-From and after the passing of this Act no insurance shall be made by any person or persons, bodies politick or corpo- rate, 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 that every assurance made contrary to the true intent and meaning hereof shall be null and void to all intents and purposes whatsoever.
2. No policies on lives without inserting the names of persons interested, etc.--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.
3.
How much may be recovered where the insured hath interest in lives.-And.... in all cases where the insured hath interest in such life or lives, event or events, no greater sum shall be recovered or
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