Commentary

I9.481 Life assurance policies

IHT, trusts and estates

I9.481 Life assurance policies

I9.481 Life assurance policies

Policies not under seal

The situs of life assurance policies not issued under seal is governed by the same principle applied to simple contract debts, ie they are situated at the place where they are primarily payable1. Accordingly if the policy stipulates payment at a particular place, the policy will be situated there, provided that:

  1.  

    (a)     the company has a residence there (as opposed to a mere agency or branch), and

  2.  

    (b)     the debt is solely or primarily payable there.

If, on the other hand, the policy stipulates payment may be made either at the head office

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