Section 67 and 70
(1) Every free paid-up policy shall assure on the events on which the sums assured by the surrendered policy were payable, payment of sums bearing the same proportion to the said sums assured by the surrendered policy (including any addition by way of bonus) as the amount of the premiums actually paid under the surrendered policy bears to the amount of all of the premiums which would have been payable under the surrendered policy had the full number of premiums become payable and been paid thereunder.
(2) The date of a policy of industrial assurance may be assumed to be one year after the actual date thereof, and, if it is so assumed, the amount of the premiums assumed under the next preceding sub-paragraph of this paragraph to have been paid, and the full number of premiums payable thereunder may be calculated from the assumed date of the policy.
2. Where the surrendered policy provided for the payment of a sum by way of return of premium on a specified event, the
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