1933.This section and the next are based on ESC A96. See Change 89 in Annex 1.
1934.The disregard applies where a policy which is at least 20 years old is effectively made paid-up by the insurer. A chargeable event which might have arisen afterwards as a result of that variation is disregarded if the changes made to the policy would not themselves give rise to a chargeable event.
1935.Subsection (3) extends the disregard to a replacement policy issued by the insurer in lieu of the old, where the issue of such a policy is what the insurer does to give effect to the alteration of the original policy’s terms.
Commentary on Sections Structure of Chapters Overview Section 488: Disregard of some events after alterations of life insurance policy terms