Broadly, a policy is related to another policy if under the
terminology of
ICTA88/SCH15/PARA17 they are ‘old’ and
‘new’ policies in relation to a termination of one
policy and its substitution by another, see
IPTM7515 for more details. Typically
this refers to a maturity option where one policy matures and the
proceeds are applied as premium for a new policy.
References to ‘policy’ in the definitions of
total benefits,
total deductions and previous gains include any
related policies. Previous gains mean those arising on
‘calculation events’ - see
IPTM3510 and
IPTM3555.
| Further reference and feedback | IPTM1013 |
