Part IX Miscellaneous
Other miscellaneous provisions
99 Insurance of lives of children under 10.
1
Subject to the following provisions of this section, if—
a
after this section comes into force a friendly society or registered branch or an industrial assurance company enters into a contract of insurance under which benefit in excess of £800 is payable on the death of any person; and
b
that person dies under the age of 10,
the obligation of the society, branch or company as to payment of benefit is only to pay £800 (without prejudice to any person’s right to recover part of the premiums paid).
2
Subsection (1) above does not apply where the benefit is payable to a person who has an interest in the life of the person on whose death it is payable.
3
The Commission may, with the consent of the Treasury, by order substitute some other sum for the sum for the time being specified in subsection (1) above.
4
In the application of this section to Northern Ireland the references to industrial assurance companies shall be omitted.