(1)This Chapter applies to—
(a)policies of life insurance,
(b)contracts for life annuities, and
(c)capital redemption policies.
(2)In this Chapter—
“capital redemption policy” means a contract made in the course of a capital redemption business, as defined in section 458(3) of ICTA, and
“life annuity” means—
an annuity that—
is a purchased life annuity for the purposes of Chapter 7 of this Part (see section 423), and
is not specified in section 718 (annuities excluded from the exemption for part of purchased life annuity payments under section 717), or
an annuity to which section 656 of ICTA (as read with section 657 of that Act) applies.
(3)Subsection (1) is subject to—
section 478 (exclusion of mortgage repayment policies),
section 479 (exclusion of pension policies),
section 480 (exclusion of excepted group life policies), and
section 483 (exclusion of credit union group life policies).