500Events treated as part surrendersU.K.
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The following events are treated for the purposes of this Chapter as a surrender of a part of the rights under the policy or contract in question—
(a)the falling due of a sum payable as a result of a right under a policy or contract to participate in profits where further rights remain under it,
(b)in the case of a contract for a life annuity which provides for a capital sum to be taken as an alternative in part to the annuity payments, taking the capital sum,
(c)the making of a loan to which section 501 applies, and
(d)the making of a payment to which section 504 applies (payments by insurers under guaranteed income bonds etc.).