1164                             LAWS OF MARYLAND                        [CH. 553

368.    Change of Interest on Death—Property Insurance.

A change of interest on the death of the insured shall not avoid
an insurance of property, and the insurance shall pass to the person
taking the interest of the deceased in the thing insured.

369.    Assessable Life Insurance Policies Prohibited.

No life insurer shall issue or deliver in this State any life insur-
ance policy or any annuity contract which provides for the payment
of any assessment by any policyholder or member in addition to the
premium stated in the policy to be charged for such insurance or
annuity; nor shall any such insurer have power to levy or collect any
such assessment.

370.    Power to Contract; Purchase of Insurance by Minors.

(a)   Any person of competent legal capacity may contract for
insurance.

(b)   A minor not less than fifteen (15) years of age at his nearest
birthday may, notwithstanding such minority, contract for annuities
and for life or health insurance on his own life or body, or on the
person of another in whom the minor has an insurable interest, and
may exercise all rights and powers with respect to or under the con-
tract for annuity or for insurance upon his own life or body, or any
contract such minor effected on the person of another issued to the
minor as above described as though of full legal age, and may sur-
render his interest therein and give a valid discharge for any benefit
accruing or money payable thereunder. The minor shall not by
reason of his minority, be entitled to rescind, avoid, or repudiate the
contract, or any exercise of a right or privilege thereunder; except
that such minor, not otherwise emancipated, shall not be bound by
any unperformed agreement to pay, by promissory note or other-
wise, any premium on any such insurance contract.

(c)   If any minor mentioned in subsection (b) above, is possessed
of an estate that is being administered by a guardian, no such con-
tract shall be binding upon the estate as to payment of premiums,
except as and when consented to by the guardian and approved by
the Orphans' Court of the county in which the administration of the
estate is pending, and such consent and approval shall be required
as to each annual premium payment.

(d)   Any annuity contract or policy of life or health insurance
procured by a minor under subsection (b) above, shall be made pay-
able either to the minor or to his estate, or to a person having an
insurable interest in the life of the minor.

(e)   The provisions of subsection (b) above shall also be appli-
cable with respect to property, casualty, and surety insurance con-
tracted for by any such minor upon his own property, liabilities, or
other interests.

371.    Application Required—Life and Health Insurance.

(a) No life or health insurance contract upon an individual, except
a contract of group life insurance or of group or blanket health insur-
ance shall be made or effectuated unless at the time of the making
of the contract the individual insured, being of competent legal ca-