(1) In this section and in section 720 -
"average", in relation to 2 amounts, means 50 per cent of the aggregate of those 2 amounts;
"closing", in relation to an accounting period, means the position at the end of the valuation period which coincides with that accounting period or in which that accounting period falls;
"foreign life assurance fund" has the same meaning as in section 718;
"investment reserve", in relation to an assurance company, means the excess of the value of the assets of the company's life business fund over the liabilities of the life business;
"life business fund" means the fund or funds maintained by an assurance company in respect of its life business;
"linked assets" means assets of an assurance company identified in its records as assets by reference to the value of which benefits provided for under a policy or contract are to be determined;
"linked liabilities" means liabilities in respect of benefits to be determined by reference to the value of linked
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