Insurable interest

(1) For the purposes of this Act, but without restricting the meaning of the expression “insurable interest”, an insurable interest shall be deemed to be had by– (a) a parent of a child under twenty-one years of age, or a person in loco parentis to such a child - in the life of the child; (b) a husband - in the life of his wife; (c) a wife - in the life of her husband; (d) any person - in the life of another upon whom he is wholly or in part dependent for support or education; (e) a company or other person - in the life of an officer or employee thereof; and 137 (f) a person who has a pecuniary interest in the duration of the life of another person - in the life of that person. (2) This section shall apply to policies whether effected before or after the commencement of this Act. (3) For the purposes of this section, the expression - “child”, in relation to any person, includes, (a) an adopted child; (b) a step child; and (c) any other child, whether legitimate or not, living with that person and wholly or mainly maintained by that person.