Enforcement of payments by beneficiary and trustee

A beneficiary, may enforce for his own benefit, and a trustee appointed pursuant to section 114 may, in accordance with the terms of the contract or declaration, as the case may be, enforce payment of moneys payable under a policy even though there is no privity of contract, but the insurance company may invoke against the beneficiary or trustee any defence available against the policy holder or his personal representative. 140