Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Act:
(a) a life company issues a policy when the company enters into the contract that constitutes the policy; and
(b) a policy is issued to the person with whom the life company enters into the contract.
(2) For the purposes of this Act, the owner of a policy is:
(a) the person to whom the policy is issued; or
(b) if the rights of that person under the policy have been assigned under this Act or transferred by the operation of the policy, the person who has those rights.