What is a requirement of the Life Assurance Act 1774 for a life insurance policy to be valid?

The Life Assurance Act 1774 introduced several key principles regarding the validity of life insurance policies. One of the essential requirements established by this act is that the name of the person effecting the policy must be shown on the policy document. This stipulation ensures clarity regarding who is insuring the life and helps to prevent potential fraud, as it requires the legitimate parties to be identified.

Laying out the names involved in the policy also provides transparency regarding responsibilities and rights in the life insurance contract. This requirement is fundamental to maintaining the integrity of life insurance transactions and fosters trust within the insurance industry.

Other options presented pertain to concepts such as reasonable expectation of interest, issuance of certificates, and insurable interest at the time of a claim, which, while integral to the general understanding of insurance contracts, do not address the specifics required under the Life Assurance Act 1774 for a policy to be considered valid.