Paragraph 1
England, Wales and Scotland
The free paid-up policy shall assure payment on the events on which the sums assured by the surrendered policy were payable, of sums bearing the same proportion to those sums (including any addition by way of bonus) as the amount of the premiums actually paid under the surrendered policy bears to the amount of the premiums which would have been payable under the surrendered policy had the full number of premiums become payable thereunder:
Provided that, where any sum has been paid by the society or company under the surrendered policy, before the surrender thereof, the sums assured by the free paid-up policy shall be computed on such basis as may be approved by the Industrial Assurance Commissioner.
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.1.1994) by 1992 c. 40, s. 120(2), Sch. 22 Pt.I (with ss. 7(5), 93(4)); S.I. 1993/2213, art. 2(1), Sch. 6,Appendix.
Notes on Schedule
Modifications
- C1
Sch. modified by S.I. 1977/1143, Sch. 3 paras. 1–3; 1977/1144, Sch. 3 paras. 3–5; 1980/1947, Sch. paras. 1, 2 and by 1980/1948, Sch. paras. 3, 4