# Industrial Assurance and Friendly Societies Act 1929 (repealed 1.1.1994), Paragraph 1

Extent: E+W+S

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.

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Source: https://www.legislation.gov.uk/ukpga/Geo5/19-20/28/schedule/paragraph/1 (the official version)
Page: https://openlegislation.uk/industrial-assurance-and-friendly-societies-act-1929-repealed-111994/schedule/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.