Marginal note:Insurance contract

3. Where it is stated in an insurance contract or in a declaration in respect thereof that the insurance contract is for the benefit of the spouse and children or of the children of the insured, without specifying their names, then the word "children" means all the children of the insured living at the time of his death.

Marginal note:Superintendent of Financial Institutions

4. This Act shall be administered by the Superintendent of Financial Institutions.

Marginal note:Who may insure

5. The Minister may contract with a person appointed to a permanent position in any branch of the federal public administration, whether civil or military, for the payment of a certain sum of money to be made on the death of the person.

Marginal note:Apportionment of insurance if the insured is a married man

6. Where the insured is a married man or a widower with children, the insurance contract shall be for the benefit of his wife, or of his wife and children, or of his wife and some one or more of his children, or of his children only, or of some one or more of them, and where the insurance contract is effected for the benefit of more than one, the insured may apportion the insurance money among them as he deems proper.

Marginal note:If the insured is unmarried

7. Where the insured is an unmarried man, the insurance contract shall be for the benefit of his future wife, or of his future wife and children, and the insured may apportion the insurance money among them in such manner as he sees fit, but if, at the maturity of the contract, he is still unmarried, or is a widower without children, the insurance money shall fall into and become part of his estate.

Marginal note:How evidenced

8. An apportionment under section 6 or 7 may be made in the insurance contract or by a declaration.

Marginal note:Share of person dying before the insured

• 9. (1) Where an apportionment has been made as provided in sections 6 to 8 or in this section, and one or more of the persons in whose favour the apportionment has been made dies in the lifetime of the insured, the insured may by a declaration provide that the shares formerly apportioned to the person or persons so dying shall be for the benefit of the wife and children of the insured, or of one or more of them, as he sees fit.

• Marginal note:If no declaration

  (2) In default of such declaration the shares of the persons so dying shall be for the benefit of the survivor, or survivors of the persons in whose favour the apportionment was made, in equal shares if more than one.

• Marginal note:If all the beneficiaries die

  (3) Where an apportionment has been made as provided in sections 6 to 8 or in this section and all the persons in whose favour the apportionment has been made die in the lifetime of the insured, the insured may by a declaration provide that the insurance money shall be for the benefit of the wife and children of the insured, or of one or more of them, in such proportions as he sees fit, and in default of such declaration, the insurance money shall be for the benefit of his wife and his children, in equal shares.

• Marginal note:If insured survives wife, etc.

  (4) If the insured survives his wife and all his children the insurance money shall fall into and become part of the estate of the insured.