Section 29 Value of policies.
England, Wales and Scotland
(1)
Where for the purposes of this Act the value of a policy (including an illegal policy and a policy beyond the legal powers of a collecting society or industrial assurance company) has to be ascertained, the value of the policy shall be calculated in accordance with the rules set out in the Fourth Schedule to this Act.
(2)
The surrender value of such a policy shall be an amount equal to seventy-five per cent. of the value of the policy so calculated.
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by 2000 c. 8, ss. 416(1)(a), 432(3), Sch. 22; S.I. 2001/3538, art. 2(1) (with savings in S.I. 2001/3647, arts. 3(1)(3), 6, Sch. 1 Pts. I, III as amended (3.7.2002) by S.I. 2002/1555, art. 2)