Designation of beneficiary

(1) The provisions of this section and of sections 112 to 121, subject to anything to the contrary contained in those sections, apply in respect of policies whether taken out before or after the commencement of this Act. (2) A policyholder may at the time the policy is taken out or at any time thereafter designate his personal representative or a named person, to be the beneficiary under his policy and may, subject to section 112, alter or revoke the designation by declaration in writing. (3) A designation in favour of “heirs”, “next of kin”, “estate” or similar designation shall be deemed to be a designation of the personal representative of the policyholder.