<%@LANGUAGE="VBSCRIPT"%>
<%
option explicit
%>
<%
dim rsArticles, sSQL, gStr
set rsArticles = server.createobject("adodb.recordset")
rsArticles.cursorlocation = 3
sSQL = sSQL & "SELECT TOP 10 Articles.Article_ID, Articles.Article_Title, Articles.Article_Excerpt, "
sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
sSQL = sSQL & "Users.User_Name FROM FB_Users AS Users INNER JOIN (FB_Categories AS Categories "
sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
rsArticles.open sSQL, adoConn
Do While Not rsArticles.EOF
gStr = gStr & "
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rsArticles.MoveNext
Loop
%>
<%=gStr%>
Policies of insurance act 1867
This act regulates the assignments of life insurance polices and states that a person who becomes entitled by assignment can sue in their own name to enforce their rights under the policy. So the assignee can take action against the life policy even though they may not have been party to the original insurance contract. In order for the assignee to use this right they must under section 3 of the act notify the life office of the assignment in writing giving the date and purport of the assignment.
The act says that the date on which the notice is received by the life office shall regulate the priority of claims under any assignment, and payment of a valid claim by the life office prior to such notice is a defence by the life office against such assignment.
The act covers all forms of assignment with the exception of assignment by law (absolute assignment or assignment for value) for example under bankruptcy proceedings. Assignment rules can therefore be stated as ‘priority of notice regulates priority of claim’. However the following exceptions apply to this rule,
- A trustee in bankruptcy takes the debtors property in equity. But if the policy has already been assigned but notice has not been given, then he can not take that right as the property has already been assigned. Wallis & Jenks (1920).
- The rule does not apply where one party is an assignee for value and the other an assignee as gift. In these cases the date of the assignment takes priority.
- The rule does not apply between assignee and assignor since they have equal knowledge of the situation.
- The rule does not apply where there has been wilful blindness. So where a lender takes assignment on a policy to secure the loan he should not take precedence because he is an assignee of value simply because he made no attempt to check that the policy was not already assigned.
- Where an assignment has already given notice but the amount of assignment is not certain. EG an obligation for £x amount plus further sums as may be due, then the further amounts will be tied to the same notice date. The obligation being on any new assignee to make enquiries.