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When interest in assurance policy becomes interest in possession.
[CATA 1976 s32]
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41.—(1) For the purposes of this Act, an interest in a policy of assurance on human life is deemed to become an interest in possession when either—
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(b) prior to the maturing of the policy, the policy is surrendered to the insurer for a consideration in money or money's worth, but if during the currency of the policy the insurer makes a payment of money or money's worth, in full or partial discharge of the policy, the interest is deemed to have come into possession to the extent of such payment.
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