151(1)An insured may in a contract or by a declaration designate his personal representative or a beneficiary to receive insurance money.

151(2)Subject to section 152 the insured may alter or revoke the designation by a declaration.

151(3)A designation in favour of the “heirs”, “next of kin” or “estate” of the insured, or the use of words of like import in a designation shall be deemed to be a designation of the personal representative of the insured.