Commentary on Sections Structure of Chapters Overview Section 542: Replacement of qualifying policies
2129.This section treats a qualifying policy and another qualifying policy which it replaces as a single policy for the purposes of certain sections in this Chapter (the general rules for when chargeable events occur and how gains are calculated). The commonest circumstance in which this section applies is where a life is added to or removed from a policy on marriage or divorce. It is based on paragraph 20 of Schedule 15 to ICTA.
2130.See also section 546 (table of provisions subject to special rules for older policies and contracts).