(1) A minor who has attained the age of 10 years but has not attained the age of 16 years may, with the written consent of his or her parent or of a person standing in loco parentis—
(a) effect a policy upon his or her own life or upon another life in which he or she has an insurable interest; or
(b) take an assignment of a policy.
(2) A minor who has attained the age of 16 years—
(a) may effect a policy upon his or her own life or upon another life in which he or she has an insurable interest; or
(b) may take an assignment or a policy; and
(c) subject to subsection (3), is as competent in all respects to have and exercise the powers and privileges of a policy holder in relation to a policy of which he or she is the holder as he or she would had he or she been of full age.
(3) A minor who has attained the age of 16 years may assign or mortgage a policy with the prior consent in writing of his or her parent or of a person standing in loco parentis.
(4) This section does not—
(a) impose on a minor any liability to which, but for this section, he or she would not be subject;
(b) confer on a minor any power or capacity which, but for this section, he or she would not have;
(c) validate a receipt, a discharge or a surrender of, or security over a policy given by a minor, if, but for this section, that receipt, discharge, surrender or security would not be valid; or
(d) validate any assignment of a policy which, but for this section, would not be valid.