Section 60: Assignee of life policies may sue in his own name.

A person who-(a)
is entitled by assignment or other derivative title to a policy of insurance; and
(b) has, at the time when action is brought on the policy, the right in equity to receive and to give an effectual discharge to the insurer liable under such policy for money thereby assured or secured, shall be entitled to sue in the name of such person to recover such money, but the assignee shall not have a better title than the insured.