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Life Assurance Act 1774.
This made insurance on the
lives of persons or events (other than insurances on
ships or merchandise) null and void if the person benefiting
from it had no interest.
It also made it unlawful to
issue policies without the name of the person for whose
benefit the policy is issued appearing in the policy.
It further provided that no greater amount than the
value of the interest could be recovered under the policy.
Case law has shown this to be the amount of the interest
at the time of making the contract not making the claim.
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