Where, for the purposes of this Order, the value of a policyF1 of industrial assurance (including an illegal policy and a policy beyond the legal powers of a collecting society or industrial assurance companyF1 or the person who effected it) has to be ascertained, the value of the policy shall be calculated in accordance with the rules set out in Schedule 6.

The surrender value of such a policy shall be an amount equal to 75 per cent. of the value of the policy so calculated.