488Disregard of some events after alterations of life insurance policy termsU.K.
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(1)This section applies if—
(a)the terms of a policy of life insurance are altered,
(b)the alteration is not itself a chargeable event, and
(c)the conditions specified in section 489 are met.
(2)After the alteration a chargeable event is only treated as occurring in relation to the policy if one would have been treated as occurring had the alteration not occurred.
(3)If the alteration results in the policy being regarded as replaced by another, this section and section 489 apply as if they were a single policy.