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Interpretation.
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7. In the construction and for the purposes of this Act the expression “policy of life assurance” or “policy” shall mean any instrument by which the payment of monies by or out of the funds of an assurance company, on the happening of any contingency depending on the duration of human life, is assured or secured; and the expression “assurance company” shall mean and include every corporation, association, society, or company now or hereafter carrying on the business of assuring lives, or survivorships, either alone or in conjunction with any other object or objects.
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