(1) A person who has concluded a contract for an individual life insurance policy is entitled to cancel the policy by giving notice of cancellation to the undertaking within the period of 30 days beginning after the date on which the person is informed that the contract has been concluded.
(2) The giving of notice of cancellation by a person shall have the effect of releasing the person from any future obligation arising from the contract.
(3) The other legal effects and the conditions of cancellation shall be determined by the law applicable to the contract, particularly as regards the arrangements for informing a person that the contract has been concluded.
(4) For this purpose, where the law of the State is applicable to the contract -
(a) a person shall be deemed to be informed that a contract has been concluded when the policy is delivered to the person who submitted the proposal for the insurance or, if the policy is sent directly to that person by post, the date on which the pol
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