s 17 Avoidance
(1) A contract of insurance to which this section applies is of no effect in so far as it purports, whether directly or indirectly, to avoid or terminate the contract or alter the rights of the parties under it in the event of the insured— (a) becoming a relevant person, or (b) dying insolvent (within the meaning given by section 5(2)). (2) A contract of insurance is one to which this section applies if the insured's rights under it are capable of being transferred under section 1.