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INSURANCE CONTRACTS ACT 1984 - SECT 18 Insurable interest not required

INSURANCE CONTRACTS ACT 1984 - SECT 18

Insurable interest not required

  (1)   This section applies to:

  (a)   a contract of life insurance; or

  (b)   a contract that provides for the payment of money on the death of a person by sickness or accident.

  (2)   A contract to which this section applies is not void by reason only that the insured did not have, at the time when the contract was entered into, an interest in the subject - matter of the contract.