Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection (2), this section applies to every child's advancement policy, whether effected before or after the commencement of this Act.
(2) This section does not apply to a child's advancement policy effected by a parent, or a person who stands in the place of a parent, of a child in which it is expressly provided that this section does not apply to it.
(3) Subject to section 220 and unless and until the child reaches the vesting age:
(a) the policy is the absolute property, both at law and in equity, of the person effecting the policy or his or her assigns; and
(b) that person or his or her assigns:
(i) in the case of a policy effected after the commencement of the Life Insurance Act 1945 and before the commencement of this Act--is taken to have had the power to assign, mortgage, charge, surrender, vary or otherwise deal with the policy; or
(ii) in any other case--may assign, mortgage, charge, surrender, vary or otherwise deal with the policy.
(4) If a child whose life is insured under a child's advancement policy reaches the vesting age, the policy is taken, from the day on which the child reaches that age, to be the absolute property of the child, both at law and in equity, subject:
(a) to any debt owing to the company under, or secured by, the policy; and
(b) to any dealing done by the policy owner before the child
reaches the vesting age.