(1) Life insurance may be taken out for the policyholder, or for another person.
(2) Where the life insurance is taken out against the death of another person, and the agreed benefit exceeds normal funeral costs, the written agreement of the other person is necessary for the contract to be effective; this does not apply in the case of life insurance policies in company pension schemes. If the other person has no legal capacity to act, or only limited capacity to act, or if a custodian has been appointed and the policyholder is entitled to represent that person’s interests, he or she may not represent the other person when giving his or her consent thereto.
(3) If one parent takes out the insurance for an under-age child, the child’s consent is only required if, in accordance with the contract, the insurer is to be liable even in the event of the child dying before reaching the age of seven, and the benefit agreed for this event exceeds normal funeral costs.
(4) Insofar as the supervisory body has determined a specific maximum amount for normal funeral costs, this amount prevails.