# The Industrial Assurance (Life Assurance Premium Relief) Regulations 1977, Paragraph 2


In its application to the valuation of a policy of which the sum assured or guaranteed has been increased under regulations 5 or 6, Schedule 4 to the Industrial Assurance Act 1923 shall have effect subject to the following modifications—
(a) The value of the policy shall be the aggregate of the value of the sum assured or guaranteed by the policy immediately before the increase and of the value of the increase in the sum assured or guaranteed.
(b) For the purpose of the valuation of the increase in the sum assured or guaranteed, paragraphs 1 and 2 of Schedule 4 shall have effect as if the increase had been assured by a policy effected on the next anniversary date of the policy after 6th April 1979 for the then unexpired term of the policy.

---
Source: https://www.legislation.gov.uk/uksi/1977/1144/schedule/3/paragraph/2 (the official version)
Page: https://openlegislation.uk/industrial-assurance-life-assurance-premium-relief-regulations-1977/schedule-3/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.