Minors

(1) A minor who has attained the age of ten years but has not attained the age of sixteen years may, with the written consent of his parent or of a person standing in loco parentis to the minor– (a) effect a policy upon his own life or upon another life in which he has an insurable interest; or 136 (b) take an assignment of a policy. (2) A minor who has attained the age of sixteen years may– (a) effect a policy upon his own life or upon another life in which he has an insurable interest; or (b) take an assignment of a policy, and, subject to sub-section (3), is as competent in all respects to have and exercise the powers and privileges of a policyholder in relation to a policy of which he is the holder as he would be if he were of full age. (3) A minor who has attained the age of sixteen years may assign or mortgage a policy with the prior consent in writing of his parent or of a person standing in loco parentis to the minor.