The law which governs life assurance contracts, their formation and their execution is, to a very large extent, the same law as that which governs mercantile contracts generally. The titles to life policies are affected by the law of contract, of mortgage, of partnership, and so on. There are, however, some legal principles and statutory provisions which affect life assurance alone, and among them are the following sections in the Married Women's Property Acts, 1870 and 1882.
Married Women's Property Act, 1870, Section 10.
A married woman may effect a policy of insurance upon her own life or the life of her husband for her separate use, and the same and all benefit thereof, if expressed on the face of it to be so effected, shall enure accordingly, and the contract in such policy shall be as valid as if made with an unmarried woman.