The act being debated was to subrogate the rights of men and women, meaning all men and women were declared dead, lost at sea/beyond the sea. (back then operating in Admiralty law, the law of the sea, so lost at sea).
Understanding Cestui Que Vie Act 1666 (.pdf)
SOURCE:
https://www.legislation.gov.uk/aep/Cha2/18-19/11