xl   DEPARTMENT OF FINANCE—INSURANCE BRANCH.

death, or for the benefit of the wife, and in case of her death during the life of the insured, then for the child or children or any of therm, or for the benefit of any one or more of the above-mentioned persons for life, and after his or their decease for the benefit of any one or more of the survivors, 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 endorsed 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.

9. (1.) Where no apportionment is made, all persons entitled to be henetitted lay 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" shall be held to mean 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.

(2.) Any such policy may be surrendered or assigned,

1. When the policy is for the benefit of the children only, and the children surviving are all of the full age of twenty-one years, if the person insured and all such surviving children agree to so surrender or assign ; or

2. Where the policy is for the benefit of both a wife and children, and the surviving children are all of the full age of twenty-one years, if the person insured, and his then wife if any) and all such surviving children agree to so surrender or assign ; or

(co) Where the policy is for the benefit of a wife only, or of a wife and children, and there are no child' en living, if the person insured and his then wife agree to so surrender or assign.

10. Where an apportionment as in sections 4, S and S pro' ided 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 nay by an instrument in writing, attached to or endorsed on or otherwise referring to and identifying the policy of insurance, declare that the share formerly apportioned to the person so dying shall be for the benefit of such other person or persons as he may name in that behalf, not being other than the wife and children of the insured or one or ntore of thee' : 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 may see fit, and shall at his death form part of his estate.

11. Where no apportionment, as in sections 4, .i and S provided for, has been made, if one or more of the persons entitled to the benefit of the insurance die in the lifetime of the insured, and no apportionment is subsequently made by the insured, the insurance shall be for the benefit of the survivor, or 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 or one of them.

12. (1). -Wlien a contract of life insurance is effected by an unmarried man or a widower for the benefit of his future wife, or future wife and children, but the contract does not designate by names or otherwise clearly ascertain a specific person as such intended wife, the contract (not being within the intent of subsections (2) and (3) of this section) shall be construed according to the provisions of section 9 of this Act,

2. When a contract of life insurance is effected as in subsection 1 of this section, but at the maturity of the contract the insured is still unmarried, or is a widower without issue, the insurance money shall fall into and become part of the estate of the insured.

3. When a contract of life insurance is effected by an unmarried man or widower for the benefit of his future wife,°or future wife and children, and the intended wife is designated by name, or is otherwise clearly ascertained in the contract of life insurance, but the intended marriage does not take place, all questions arising on such contract shall be determined as if this Act had not been passed.

13. (1.) A policy or written contract of life insurance effected by any woman on her own life, or on the life of her husband, and expressed to be for the benefit of her husband and children. or of either husband or children or any of them, shall lee deemed a trust in favour of the objects therein named, and the moneys payable under such policy shall not, so long as any object of the trust remains unperformed, form part of the estate of the deceased, or be subject to her debts.

(2. ).Whatever ender this Act a man may lawfully do, in respect of insurance effected upon his life, may also, under the like circumstances, be done by a woman in respect of insurance effected upon her life, or effected by her on the life of her husband, and the like rules of construction shall prevail.

14. (1.) When insurance money becomes due and payable 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.

(2.) Where the insurance money or part thereof is for the benefit, in whole or in part, of the children of the insured, and the children are mentioned as a class and not by their individual names, the money shall not be payable to the children until reasonable proof is furnished to the company of the number, names, and age of the children entitled.

]b. The insured may, by the policy or by his will or by any writing under his hand, appoint a trustee or trustees of the money payable under the policy, and may from time to time revoke such