CA-5.1.26
For the purposes of Paragraph CA-5.1.24 '
(a) The sum assured at the date of valuation for whole life assurances ;
(b) The sum payable at the end of the contract term for endowment assurance contracts ;
(c) The capitalised value of the annuity at the vesting date (or cash option if greater) for deferred annuities;
(d) The sum assured or the value of the fund for linked long-term contracts whichever is less notwithstanding (a) to (c) above, where the value of the fund means the aggregate of the value allocated to the contract in the form of units or any other measure and the total amount of premiums remaining to be paid over the term of the contract.
excluding in all cases any vested reversionary bonus and any capital sums for temporary assurances.
Amended: January 2007