Section 85: Return for failure of consideration.

(1) Where the consideration for the payment of the premium totally fails, and there has been no fraud or illegality on the part of the assured or his agents, the premium shall thereupon be returned to the assured.
(2) Where the consideration for the payment of the premium is apportionable and there is a total failure of any apportionable part of the consideration, a proportionate part of the premium shall, under the like conditions be returned to the assured.
(3) In particular-
(a) where a policy is void, or is avoided by the insurer as from the commencement of the risk, the premium shall be returnable, provided that there has been no fraud or illegality on the part of the assured; but if the risk is not apportionable, and has once attached, the premium shall not be returnable;
(b) where the subject matter insured, or part thereof, has never been imperilled, the premium, or, as the case may be, a proportionate part thereof, shall be returnable:
Provided that where the subject matter has been insured "lost or not lost" and has arrived in safety at the time when the contract is concluded, the premium shall not be returnable unless, at such time, the insurer knew of the safe arrival;
(c) where the assured has no insurable interest throughout the currency of the risk, the premium shall be returnable, but nothing in this paragraph shall be construed to apply to a policy effected by way of gaming or wagering;
(d) where the assured has a defeasible interest which is terminated during the currency of the risk, the premium shall not be returnable;
(e) where the assured has over-insured under an unvalued policy, a proportionate part of the premium shall be returnable.
(4) Subject to the foregoing provisions of this section, where the assured has over-insured by double insurance, a proportionate part of the several premiums shall be returnable:
Provided that, if the policies are effected at different times, and any earlier policy has at any time borne the entire risk, or if a claim has been paid on the policy in respect of the full sum insured thereby, no premium shall be returnable in respect of that policy, and when the double insurance is effected knowingly by the assured no premium shall be returnable.