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Additional purposes for which industrial assurance policies may be issued.
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50.—(1) Amongst the purposes for which industrial assurance companies may issue policies of industrial assurance there shall be included—
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(a) the insuring of money to be paid for the reasonable expenses in connection with the death and funeral of any of the following persons, that is to say:—
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(i) of a parent, son, daughter, grandparent, grandchild, step-parent, step-son, step-daughter, brother or sister of the person effecting the policy, or
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(ii) of an uncle or aunt of the person effecting the policy, where such uncle or aunt at the time when the policy is effected resides with the person effecting the policy, or
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(iii) of a nephew or niece of the person effecting the policy, where such person at the time when the policy is effected resides with such nephew or niece;
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(b) subject to the provisions of the next following sub-section of this section, the insuring of money to be paid on the duration for a specified period of the life of a parent, son, daughter, grandparent, grandchild, step-parent, step-son, step-daughter, brother, or sister, or the insuring of money to be paid on the duration for a specified period of the life of an uncle, aunt, nephew, or niece of the person effecting the policy, who resides with such person or with whom such person resides, and in either case either with or without the payment of money in the event of the death of such person before the expiration of such period.
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(2) No industrial assurance company shall insure on a policy issued under paragraph (b) of the next preceding sub-section of this section on the death of any person any sum exceeding a reasonable amount for expenses in connection with the death and funeral of such person, but in calculating such sum no account shall be taken of any repayment on such death of premiums paid in respect of an endowment or endowment assurance policy.
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(3) Every person who effects a policy of industrial assurance under and in accordance with this section shall be deemed to have an insurable interest in the life of the person in relation to whom such policy was effected and no such policy shall be deemed to be an indemnity policy.
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(4) Nothing in this section shall permit or extend to permit the assurance, whether by an industrial assurance company or any other person, of the life of any person under the age of ten years.
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(5) Whenever the sum assured under a policy of industrial assurance (issued for a purpose for which industrial assurance companies may issue policies of industrial assurance under this section) does not exceed the sum of twenty-five pounds such sum shall be presumed to be reasonable.
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