Page 31 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE

mortgage as the transfer of an interest in specific immovable

property as security for the repayment of a debt.

A policy of life insurance, though it is movable property, is an

actionable claim, the transfer of which is regulated by Section

38 (Assignment) of the Insurance Act.

A loan within the surrender value of the policy is an

investment approved ,under Section 27A of the Insurance Act,

1938.

The Constitution gives exclusive power to make laws to

 Parliament with respect to any of the matters

enumerated in the "Union List-

 Legislature of a State in respect of matters enumerated

in the "State List"

 Both - Parliament and State Legislatures in respect of

matters enumerated in the Concurrent List