Division 6 Insurance—life, fire and other
14 George III c 48—The Life
Assurance Act 1774.
22 Existing insurances not affected by this
This Division does not apply to insurances made before the
commencement of this Act.
23 Insurable interest
(1) No insurance shall be made by any person on the life of any person
or on any other event whatsoever wherein the person for whose use or benefit
or on whose account the policy is made has no interest, or by way of gaming or
wagering; and every assurance made contrary to this subsection shall be
(2) It shall not be lawful to make any policy on the life of any
person, or on any other event whatsoever, wherein the person effecting the
policy has no interest, without inserting in such policy the names of the
persons interested therein, or for whose use or benefit or on whose account
such policy was made.
(3) In all cases where there is an interest in such life or other
event, no greater sum shall be recovered or received from the insurer than the
amount or value of the interest.
(4) Nothing in this Division shall extend to insurance made by any
person on ships or goods, or to contracts of indemnity against loss by fire or
loss by other events whatsoever.