Made insurances on the lives of persons or events (ships or merchandise excepted) null and void if the person benefiting had no interest. It also made it unlawful to issue policies without naming the person for whose benefit the policy is issued. It further provided that no greater amount than the value of the interest could be recovered under the policy meaning the amount of interest at inception not the time of claim. See INSURABLE INTEREST.

Enables a life insurance company, unable to obtain a satisfactory discharge for the policy proceeds, to pay them into court.

the individual on whose death or survival the death benefit under a life assurance policy becomes payable; may not be the same as the assured meaning the holder of the policy.
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The person whose life is insured under a life insurance.

The borrowing of money from the capital market through the sale of bonds by a special purpose vehicle. The bonds are secured against the anticipated surplus from a portfolio of life insurance or pensions policies. The surplus will be used wholly or partly, depending on whether there are shortfalls in the anticipated surplus, to meet repayment and interest obligations. The SPV arranges reinsurance to provide liquidity where the surpluses are not adequate to pay the bondholder. See SECURITISATION.