SCHEDULES

C1C2SCHEDULE 15 QUALIFYING POLICIES

Annotations:
Modifications etc. (not altering text)

PART I QUALIFYING CONDITIONS

Other special provisions

(viii) Substituitions and variations

18

1

M1 Subject to paragraph 19 below and to the provisions of this paragraph, where the terms of a policy are varied, the question whether the policy after the variation is a qualifying policy shall be determined in accordance with the rules in paragraph 17 above, with references in those rules to the new policy and the old policy construed for that purpose as references respectively to the policy after the variation and the policy before the variation, and with any other necessary modifications.

2

In applying any of those rules by virtue of this paragraph, the question whether a policy after a variation would be a qualifying policy apart from the rule shall be determined as if any reference in paragraphs F11, 2, 3(5) to (11), 4 to 9, 12 and 13 above to the making of an insurance, or to a policy’s term, were a reference to the taking effect of the variation or, as the case may be, to the term of the policy as from the variation.

3

This paragraph does not apply by reason of—

a

any variation which, whether or not of a purely formal character, does not affect the terms of a policy in any significant respect, or

b

any variation effected before the end of the year 1968 for the sole purpose of converting into a qualifying policy any policy issued (but not one treated, by virtue of paragraph 8(1) and (2) of Schedule 14, as issued) in respect of an insurance made after 19th March 1968,F2 or

c

any variation so as to increase the benefits secured or reduce the premiums payable which is effected—

P1i

on or after such day as the Board may by order appoint, and

ii

in consideration of a change in the method of payment of premiums from collection by a person collecting premiums from house to house to payment by a different methodF3, or

d

any variation which alters the method for calculating the benefits secured by the policy.

F44

For the purposes of this paragraph there is no variation in the terms of a policy where—

a

an amount of premium chargeable on the grounds that an exceptional risk of death or disability is involved becomes or ceases to be payable, or

b

the policy is amended by the insertion, variation or removal of a provision under which, on those grounds, any sum may become chargeable as a debt against the capital sum guaranteed by the policy on death or disability.