Section 84
Section 84
(1)
Where a life policy, has been in force, in the case of an ordinary policy, for 3
years or more, the policy owner may by notice in writing to the insurer surrender the policy and shall thereupon become entitled to receive the surrender value thereof, determined in accordance with the terms and conditions applicable to the policy (but subject to any deduction for sums due under the policy or under an agreement charging them on the policy).
(2)
Where a life policy has been in force for 3 years or more, the policy shall not lapse or be forfeited by reason of the non-payment of premiums, but shall have effect subject to such modifications as to the period for which it is to be in force or the benefits receivable thereunder or both as may be determined in accordance with any of the terms and conditions applicable to the policy.
(3)
Where a life policy has been in force for 3 years or more, the policy owner may by notice in writing to the insurer elect to exchange the policy for a paid-up policy, which shall be a non-participating policy for an amount determined in by the insurer.
(4)
A policy issued in place of an earlier policy shall for the purposes of this section
(including this subsection) be treated as having been in force since the earlier policy began to be in force.
(5)
Subsections (1) to (3) shall not apply –
(a)
to a policy securing the grant of an annuity for a term dependent upon human life; or
(b)
to a policy under which no policy moneys are necessarily payable, not being a policy which provides for the payment of policy moneys on a death after a specified period.
(6)
The rights conferred by this section shall be in addition to, and not in derogation of, any other rights available to the policy owner under the terms of the policy or otherwise;
but this section shall not be taken to confer on a policy owner any rights except against the insurer as such.
Incorporating amendments until S 1/2016
(Clean copy) NANI/H.AFIF/fiqah _ as of 3rd July 2020
79
BLUV as at 14th January 2016
(7)
This section shall apply to policies whenever issued; and subject to subsection
(5)
, shall extend to any Brunei Darussalam policy.