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Paragraph 19

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Any payment received under an insurance policy, taken out to insure against the risk of being unable to maintain repayments on a loan to acquire or retain an interest in a dwelling occupied as the home, or for repairs and improvements to the dwelling, and used to meet such repayments, to the extent that it does not exceed the aggregate of—

(a)

the amount payable, calculated on a weekly basis, of any interest on the loan;

(b)

the amount of any payment, calculated on a weekly basis, due on the loan attributable to the repayment of capital; and

(c)

the amount, calculated on a weekly basis, of the premium due on that policy.