s 151 No insurance to be made unless insurer has interest and no policy without inserting names (UK Life Assurance Act 1774)
151.—(1) An insurance must not be made by any person on any event wherein the person for whose use or benefit or on whose account the policy is made has no interest, or by way of gaming or wagering; and every assurance made contrary to this subsection is void. (2) It shall not be lawful to make any policy on any event without inserting in such policy the names of the persons interested therein, or for whose use or benefit or on whose account such policy was made. (3) In all cases where there is an interest in such event, no greater sum may be recovered or received from the insurer than the amount or value of the interest. (4) Nothing in this section extends to insurance made by any person on ships or goods, or to contracts of indemnity against loss by fire or loss by other events whatsoever.[62