Recovering sums due in respect of antecedent recoveries such as excessive pension contributions, misfeasance of directors, voidable dispositions and transactions defrauding creditors
A policy may lapse without a surrender value if the premiums are not paid. However, the assurance company may instead treat the policy as “paid up”. This often results in the monies paid to the beneficiary being reduced in order to pay the outstanding premiums. The policy would then be considered to be lapsed or dormant. An assurance company may pay the full surrender value on a “paid up” policy once the outstanding premiums have been paid (this is generally known a ‘reinstatement’).
Technical guidance for Official Receivers 33. Monetary assets
retrieved:
Recovering sums due in respect of antecedent recoveries such as excessive pension contributions, misfeasance of directors, voidable dispositions and transactions defrauding creditors
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