§ Mr. Hawksleyasked the Chancellor of the Exchequer if he will make a statement on the position of doorstep life assurance contracts entered into by persons prior to midnight on 13 March who may be considering whether or not to exercise their options to cancel the policies during the cooling-off period.
§ Mr. Moore[pursuant to his reply, 19 March 1984, c. 319.]: The question of whether or not a life assurance contract was made before midnight on 13 March is a matter of contract law and every case would have to be considered on its facts. But, in general, an insurance is not legally made until the insurer has notified the individual that it has accepted the risk without qualification. Any individual who entered into arrangements with a life assurance company before midnight on Budget day and who is in doubt about his position should seek clarification from the company concerned.
§ Mr. Alfred Morrisasked the Chancellor of the Exchequer what would be the cost of exempting from his Budget proposal about life assurance policies any policy whose capital value on completion would not exceed the amount of capital disregarded for purposes of entitlement to supplementary benefit.
486W
§ Mr. Lawson[pursuant to his reply, 19 March 1984, c. 319.]: I regret that it is not possible to provide an estimate, but the eventual cost could be considerable.