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Valuation

Volume 888: debated on Monday 10 March 1975

The text on this page has been created from Hansard archive content, it may contain typographical errors.

Amendments made : No. 284, in page 113, line 38, leave out ' 26th' and insert 27th '.

No. 286, in page 114, line 17, leave out 26th ' and insert 27th '.

Division No. 139.]

AYES

[12 midnight

Abse, LeoArcher, PeterAtkins, Ronald (Preston N)
Allaun, FrankAshley, JackAtkinson, Norman
Anderson, DonaldAshton, JoeBagier, Gordon A. T.

No. 288,in page 115, line 33, leave out

'sub-paragraph (2) below ' and insert:
'the following provisions of this paragraph'.

No. 289,line 47, at end, insert:

'(3) Sub-paragraph (1) above does not apply where the policy is one under which the sum assured becomes payable only if the person whose life is insured dies before the expiry of a specified term or both before the expiry of aspecified term and during the life of a specified persor and which, if that specified term ends, or can, under the policy, be extended so as to end, more than three years after the making of the insurance, satisfies the condition that, if neither the person whose life is insured nor the specified person dies before the expiry of he specified term—
  • (a) the premiums are payable during at Is of that term and at yearly ervals ; and
  • (b) the premiums payable in any one lye months are not more than twice the premiums payable in any other such period.
  • (4) where the policy is one under which—
  • (a) the benefit secured is expressed in le of which is published and subject to fluctuation; and
  • (b) the payment of each premium secures to the policy of a specified number of such units ;
  • then if the value, at the time of the transfer of the units allocated to the policy of premiums is less than the aggregate of what the respective values of the units were at the time of allocation, the value to be taken under sub-paragraph (1) above as a minimum shall be reduced by the difference '.—[Mr. Joel Barnett.]