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Life Insurance

Volume 181: debated on Monday 19 August 1907

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I beg to ask the President of the Board of Trade whether he is aware that some of the agents of certain insurance companies encourage working people to take out policies on the lives of others, and that, when the policies mature, the head offices refuse to pay on the ground that the holder of the policy had no assurable interest therein; and whether he will communicate with the insurance companies, pointing out the illegality of such policies, or take other steps to stop the practice.

The Board of Trade have received no complaints on this subject, but if the hon. Member has any definite information that he can furnish they will be glad to consider it. At present they have nothing before them which would lead them to suppose that insurance companies are not fully aware of the illegality of issuing policies on lives in which the insurer has no insurable interest.

Will the Board undertake, if cases in point are sent in, that the Director of Public Prosecutions shall be instructed to move?

MR. J. MACVEAGH : I have sent you dozens of cases.