Industrial Assurance Act 1923 (repealed )

SCHEDULES

Section 8.

FIRST SCHEDULE E+W+S Sections of Act to be contained in the rules of Collecting Societies

Modifications etc. (not altering text)

C1 Sch. 1 amended by Industrial Assurance and Friendly Societies Act 1948 (c. 39), s. 11(1)(2)

Section 5. Prohibition on issue of illegal policies.

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Textual Amendments

F1 Entries repealed by Industrial Assurance and Friendly Societies Act 1948 (c. 39), Sch. 6 Pt. II

Section 15. Balance sheets and audit.

Section 18. Provisions as to valuations.

Section 19. General meetings.

Section 20. Provisions as to proposals for policies.

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Textual Amendments

F2 Entry repealed by Companies Act 1967 (c. 81), Sch. 7

Section 22. Return of policies and premium receipt books after inspection.

Section 23. Notice before forfeiture.

Section 24. Provisions as to forfeited policies.

Section 25. Substitution of policies.

Section 26. Transfers from one society or company to another.

Section 27. Payment of claims.

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Section 31. Saving for certain policies issued before 3rd December, 1909.

Section 32. Disputes.

Section 34. Restriction on employment of persons to procure new business.

Section 40. Penalties for falsification.

Section 41. Notices.

F3 F3 SECOND SCHEDULE E+W+S

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Textual Amendments

F3 Sch. 2 repealed by Companies Act 1967 (c. 81), s. 100(c)

F4 F4 THIRD SCHEDULE E+W+S

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Textual Amendments

F4 Ss. 9, 21, 28, Sch. 3 repealed by Industrial Assurance and Friendly Societies Act 1948 (c. 39), Sch. 6 Pt. II

Sections 24, 25, 29.

FOURTH SCHEDULE E+W+S Rules for Valuing Policies

Modifications etc. (not altering text)

C2 Sch. 4 modified by S.I. 1977/1144, Sch. 3 para. 2 and by 1980/1948, Sch. para. 2

1 The value of the policy is to be the difference between the present value of the reversion in the sum assured according to the contingency upon which it is payable, including any bonus added thereto, and the present value of the future net premiums.

2 The net premium is to be such premium as according to the assumed rate of interest and rate of mortality and the age of the person whose life is assured at his birthday next following the date of the policy is sufficient to provide for the risk incurred by the company or society in issuing the policy, exclusive of any addition thereto for office expenses and other charges:

Provided that—

(a) In the case of a policy other than a policy for the whole term of life issued before the person whose life is assured attained the age of ten years, the date of the policy may be assumed to be one year after the actual date, and, if it is so assumed, the term of the policy may be assumed to be one year less than the actual term:

(b) In the case of a policy for the whole term of life issued before the person whose life is assured attained the age of ten years, no account shall be taken of any period for which the policy was in force before the anniversary of the date of the issue of the policy next preceding the date on which the age of eleven years was attained:

(c) In the case of a substituted policy, the net premium shall be calculated with reference to such sum as, according to the practice of the society or company for the time being, would have been assured by the premiums payable if the person upon whose life the substituted policy is issued had not been assured with the society or company before the issue of that policy

Rule for Ascertaining the Amount of a Free Paid-up Policy

The amount of a free paid-up policy is to be a sum bearing the same proportion to seventy-five per cent. of the value of the policy as the sum of one pound bears to the value of the reversion in the sum of one pound according to the contingency upon which the sum assured under the original policy was payable.

General Rules applicable both for valuing Policies and for ascertaining the amount of a Free Paid-up Policy

1 Interest is to be assumed at the rate of four per centum per annum.

2 The rate of mortality is to be assumed according to the table contained in the Sixth column of Table G. in the Supplement to the Sixty-fifth Annual Report of the Registrar-General.

3 The age of the person whose life is assured shall be obtained by adding to the age attained by him at his birthday next after the date of the issue of the policy, the duration of the policy in completed years at the date as at which the value of the policy is required to be ascertained.

4 In the case of a policy issued for a term other than the whole term of life, the remaining term at the date at which the value of the policy is required to be ascertained shall be obtained by deducting from the original term of the policy the duration of the policy in completed years at that date.

F5 F5 FIFTH SCHEDULE E+W+S

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Textual Amendments

F5 Ss. 17(4), 30(3), 35(2), 46(3)(4), Sch. 5 repealed by Statute Law Revision Act 1950 (c. 6)