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Prohibition of insuring money to be paid on death of a child under ten. 62.(1) In effecting an insurance for the purpose referred to in paragraph 2(d) of Schedule 1, a registered friendly society or branch thereof shall not insure to be paid to any person on the death of any one of his parents or grandparents any sum which, either taken alone or when added to any sum or sums for the time being insured to be paid to that person on that death under any other relevant insurance or insurances taken out by him, exceeds #30. (2) Where any such insurance has been effected as is mentioned in subsection (1), then, subject to subsection (3), (a)the society or branch shall not, by virtue of or in connection with that insurance, pay to any person any sum which exceeds #30 when taken alone; and (b)the society or branch shall not, by virtue of or in connection with that insurance, pay to the person by whom that insurance was taken out any sum which exceeds #30 when added to any sum or sums paid to him, on the death on which money was thereby insured to be paid, by virtue of or in connection with any other relevant insurance or insurances taken out by him; and (c)if any payment has been made on the death in question by virtue of or in connection with that insurance to the person by whom it was taken out and that payment has not been repaid, the society or branch shall not pay to him on that death, by virtue of or in connection with any other relevant insurance taken out by him, any sum which exceeds #30 when added to the sum so paid and not repaid, or when added to it and to any sum or sums paid to him on that death by virtue of or in connection with any other relevant insurance or insurances taken out by him. (3) For the purposes of subsection (2), there shall be excluded any sum insured to be paid, or paid, (a)by way of bonus, other than a guaranteed bonus; or (b)by way of repayment of premiums; or (c)under a free paid-up policy which was in force as such on 30th June 1948 or had been applied for or claimed before that date. (4) In this section the expression "relevant insurance" means an insurance effected (whether before or after the passing of this Act) by a registered friendly society or branch or by an industrial assurance company in exercise of any power conferred by (a)section 3 of the Industrial Assurance Act (Northern Ireland) 1924 (which has not been operative in the case of insurances on lives of persons resident in the United Kingdom or the Isle of Man since 1949); (b)section 1 of the Industrial Assurance and Friendly Societies Act (Northern Ireland) 1929 (which has similarly not been operative since 1949); (c)section 2(1) of the Industrial Assurance and Friendly Societies Act (Northern Ireland) 1948 (which after the passing of this Act is confined to industrial assurance companies but is otherwise similar to paragraph 2(d) of Schedule 1 to this Act); ... (d)paragraph 2(d) of Schedule 1. (5) References in this section to a payment on a person's death include references to a payment for his funeral expenses and in this section, in section 63 and in paragraph 2(d) of Schedule 1 the expression "parent" includes a stepfather and a stepmother.
© 1970 Crown Copyright
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