CHAPTER 45. An Ordinance respecting Insurance for the benefit of 1. In this Ordinance "maturity of the policy" or "maturity Interpretation of the contract," means the happening of the event or the expiration of the term at which the benefit under the policy or contract accrues due. N.W.T., c. 49, s. 1. benefit of wife 2. Any person may insure his life for the whole term Husband may thereof or for any definite period for the benefit of his wife insure for and children or of his wife and some one of his children or or children. of his children only or of some one of them and where the insurance is effected for the benefit of more than one he may apportion the amount of the insurance money as he deems proper. N.W.T., c. 49, s. 2. or trustee. 3. The insurance may be effected either in the name of May be in the person whose life is insured or in the name of his wife name of wife or of any other person (with the assent of such other person) as trustee. N.W.T., c. 49, s. 3. may be 4. In case a policy or written contract of life insurance ef- Insurance fected by a man on his life, is expressed upon the face of it declared for to be for the benefit of his wife or his wife and children or benefit of wife or children. any of them or in case he has heretofore indorsed or may hereafter indorse or by any writing identifying the policy by its number or otherwise has made or may hereafter make a declaration that the policy is for the benefit of his wife or of his wife and children or any of them such policy shall enure and be deemed a trust for the benefit of his wife for her separate use and of his children or any of them according to the intent so expressed or declared and so long as any object of the trust remains, the money payable under the policy shall not be subject to the control of the husband or his creditors or form part of his estate when the sum secured by the policy or written contract becomes payable but this shall not be held to interefere with any pledge of the policy to any person prior to such declaration. (2.) In the case of a policy or written contract of life insur- Antenuptial ance effected before marriage a declaration under this section policy. shall be and be deemed to have been as valid and effectual as if such policy or contract had been effected after marriage but nothing herein contained shall affect any action or proceeding now pending. N.W.T., c. 49, s. 4. Apportion ment may be varied. Apportion ment by will. Provision where no apportionment. Surrender or assignment of policy. Apportioned policy. 5. The insured may by an instrument in writing attached to or indorsed on or identifying the policy by its number or otherwise, vary an apportionment previously made so as to extend the benefits of the policy to the wife or the children. to one or more of them although the policy is expressed to be for the benefit of the wife alone or the child or children alone or although a prior declaration was so restricted; and he may also apportion the insurance money among the persons intended to be benefitted; and may from time to time. by an instrument in writing attached to or indorsed on the policy or referring to the same alter the apportionment as he deems proper; he may also by his will make or alter the apportionment of the insurance money; and an apportionment made by his will shall prevail over any other made before the date of the will except so far as such other apportionment has been acted on before notice of the apportionment by the will. (2.) This section applies to policies heretofore issued as well as to future policies. N.W.T., c. 49, s. 5. 6. Where no apportionment is made all persons entitled to be benefitted by the insurance shall be held to share equally in the same; and where it is stated in the policy or declaration that the insurance is for the benefit of the wife and children generally or of the children generally without specifying the names of the children the word children means all the children of the insured living at the maturity of the policy whether by his then or any former wife and the wife to benefit by the policy shall be the wife living at the maturity thereof. N.W.T., c. 49, s. 6. 7. Any such policy may be surrendered or assigned: or (b) Where the policy is for the benefit of both a wife S. Where an apportionment as in sections 2 and 5 hereof provided for has been made if one or more of the persons in whose favour the apportionment has been made die in the lifetime of the insured the insured may by an instrument in writing attached to or indorsed on or otherwise referring to and identifying the policy of insurance declare that the share Death of formerly apportioned to the person so dying shall be for the before person beneficiary benefit of such other person or persons as he names in that insured. behalf not being other than the wife and children of the insured and in default of any such declaration the share of the person so dying shall be the property of the insured and may be dealt with and disposed of by him as he sees fit and shall at his death form part of his estate. N.W.T., c. 49, s. 8. ment. 9. Where no apportionment as in sections 2 and 5 hereof No apportionprovided for has been made if one or more of the persons en- Death of titled to the benefit of the insurance die in the lifetime of the beneficiary. insured and no apportionment is subsequently made by the insured the insurance shall be for the benefit of the survivor or of the survivors of such persons in equal shares if more than one; and if all the persons so entitled die in the lifetime of the insured the policy and the insurance money shall form part of the estate of the insured; or after the death of all the persons entitled to such benefit the insured may by an instrument executed as aforesaid make a declaration that the policy shall be for the benefit of his then or any future wife or children or some one of them. N.W.T., c. 49, s. 9. insurance money. 10. When the insurance money becomes due and payable Payment of it shall be paid according to the terms of the policy or of any declaration or instrument as aforesaid as the case may be free from the claims of any creditors of the insured except as herein provided. N.W.T., c. 49, s. 10. children. adduced. 11. Where the insurance money or part thereof is for the Insurance for benefit in whole or in part of the children of the insured and the children are mentioned as a class and not by their Proof to be individual names the money shall not be payable to the children until reasonable proof is furnished to the company of the number, names and ages of the children. N.W.T., c. 49, s. 11. 12. The insured may by the policy or by his will or by Appointment any writing under his hand appoint a trustee or trustees of of trustees. the money payable under the policy and may from time to time revoke such appointment in like manner and appoint a new trustee or new trustees and make provision for the appointment of a new trustee or trustees and for the investment of the money payable under the policy. Payment made to such trustee or trustees shall discharge the company. N.W.T., c. 49, s. 12. where no trustees. 13. If no trustee is named in the policy or appointed as Payment mentioned in section 12 hereof to receive the shares to which infants are entitled their shares may be paid to the executors of the last will and testament of the insured or to a guardian 25-Y. O Investment by trustees. Security by guardian. Payment of insurance money into court where of the infants duly appointed by the Territorial Court of the Yukon Territory or a judge thereof upon the application of the wife or of the infants or their guardian and such payment shall be a good discharge to the insurance company. N.W.T., c. 49, s. 13. 14. Any trustee named as provided for in the next preceding two sections and any executor or guardian may invest the money received in government securities or municipal or school debentures or in mortgages of real estate or in any other manner authorised by the will of the insured and may from time to time alter, vary and transpose the investments and apply all or any part of the annual income arising from the share or presumptive share of each of the children in or towards his or her maintenance and education in such manner as the trustee, executor or guardian thinks fit and may also advance to and for any of the children notwithstanding his or her minority the whole or any part of the share of the child of and in the money for the advancement or preferment in the world or on the marriage of such child. N.W.T., c. 49, s. 14. 15. A guardian appointed as provided in section 13 hereof shall give security to the satisfaction of the Court or judge for the faithful performance of his duty as guardian and for the proper application of the money which he may receive. Where the amount of the insurance money payable to a guardian of infants does not exceed $400 and probate is sought in respect of a will for the sole purpose of obtaining insurance money to an amount not exceeding $400 the fees payable on the appointment of such guardian or executor shall be $4 and no more and such fees shall be regulated in the manner prescribed. N.W.T., c. 49, s. 15. 16. If there is no trustee, executor or guardian competent to receive the share of any infant in the insurance money and the insurance company admits the claim or any part no trustee, etc. thereof the company at any time after the expiration of two Order for payment of insurance moneys. months from the date of their admission of the claim or part thereof may obtain an order from the Territorial Court of the Yukon Territory, or a judge thereof for the payment of the share of the infant into court; and in such case the costs of the application shall be paid out of the share (unless the Court or judge otherwise directs) and the residue shall be paid into Court pursuant to the order; and such payment shall be a sufficient discharge to the company for the money paid; and the money shall be dealt with as the Court or judge directs. (2) If the company does not within four months from the time the claim is admitted either pay the same to some person competent to receive the money under this Ordinance or pay the same into the Territorial Court the said Court or judge thereof may upon application made by some one competent to receive the said money or by some other person on behalf of the infant order the insurance money or any part thereof to be paid to any trustee, executor or guardian competent to receive the same or to be paid into court to be dealt with as the Court or judge directs and any such payment shall be a good discharge to the company. (3) The Court or judge may order the costs of the applica- Costs, tion and any costs incidental to establishing the authority of the party applying for the order to be paid out of such moneys or by the company or otherwise as seems just and the Court or judge may also order the costs of and incidental to obtaining out of Court moneys voluntarily paid in by a company to be paid out of such moneys. N.W.T., c. 49, s, 16. 17. If a person who has heretofore effected or who hereafter effects an insurance for the purposes contemplated by this Ordinance whether the purpose appears by the terms of the policy or by indorsement thereon or by an instrument referring to and identifying the policy finds himself unable to continue to meet the premiums he may surrender the policy of the company and accept in lieu thereof a paid up policy for such sum as the premiums paid would represent payable at death or at the endowment age or otherwise (as the case may be) in the same manner as the money insured by the original policy if not surrendered, would have been payable; and the company may accept the surrender and grant the paid up policy notwithstanding any declaration or direction in favour of the wife and children or any of them. N.W.T., c. 49, s. 17. Surrender of policy for paid up policy. 18. The person insured may from time to time borrow Borrowing for from the company insuring or from any other company or payment of premiums. person on the security of the policy such sums as are necessary and the same shall be applied to keep the policy in force on such terms and conditions as are agreed on; and the sums so borrowed together with such lawful interest thereon as is agreed upon shall so long as the policy remains in force be a first lien on the policy and on all moneys payable thereunder notwithstanding any declaration or direction in favour of the wife or children or any or either of them. N.W.T., c. 49, s. 18.0 19. Any person insured under the provisions of this Bonuses and Ordinance may in writing require the insurance company profits. to pay the bonuses or profits accruing under the policy or portions of the same to the insured; or to apply the same in the reduction of the annual premiums payable by the insured in such way as he directs; or to add the said bonuses or profits to the policy; and the company shall pay 25-Y. O. |