No insurable interest, person under the age of 16 years
139(1)Subject to subsection (2), where at the time a contract would otherwise take effect the insured has no insurable interest, the contract is void.
139(2)A contract is not void for lack of insurable interest
(a)
if it is a contract of group insurance, or
(b)
if the person whose life is insured has consented in writing to the insurance being placed on his life.
139(3)Where the person whose life is insured is under the age of sixteen years, consent to insurance being placed on his life may be given by one of his parents or by a person standing in loco parentis to him.