3 108 Beneficiary For Value
Life Insurance Contracts In Canada © 1902
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CHAPTER XVI.
BENEFICIARY FOR VALUE.
Synopsis.
A beneficiary for value must now be so named in the policy,
and from such a one the insured cannot divert the policy moneys.
But this is limited to beneficiaries so named in the policy,
i.e., the contract of insurance.
The statutory provisions affecting these beneficiaries are as
follows:P.S.O. 1897, e. 203, s. 151, s.-s. 3, as amended by
1 Edw. VII., c. 21, s. 2, s.-s. 5.
” The assured may . . . alter or revoke the benefits
or trusts . . . or divert the insurance money wholly
or in part to himself or his estate.
” Provided that the assured shall not alter, or revoke, or
divert the benefit of any person who is a beneficiary for
value.
” But a beneficiary shall only he deemed a beneficiary
for value when he is expressly said to be so in the policy.”
And s. 160, s.-s. 2 (proviso) as amended by 1 Edw. VTI., c.
21, s. 2, s.-s. 6
” Provided that the assured shall not by virtue of the
preceding sub-sections be authorized to divert the said
moneys, or benefits from all of the said class to a person
not of the said class, or to the assured himself, or to his
estate : or to divert the said insurance moneys or benefits
or any part thereof, from the original beneficiary where the
policy expressly states that the beneficiary was a beneficiary
for value.
” But no beneficiary shall be deemed to oe a beneficiary
for value unless in the policy expressly stated to be so.”
