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pure protection contract

  1. (1) a 51 long-term insurance contract 51 in respect of which the following conditions are met:
    1. (a) the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
    2. (b) 51[deleted]51
    3. (c) the contract has no surrender value, or the consideration consists of a single premium and the surrender value does not exceed that premium; and
    4. (d) the contract makes no provision for its conversion or extension in a manner which would result in it ceasing to comply with 51(a)51 or (c); or
    5. (e) [deleted]35
  2. (2) a reinsurance contract covering all or part of a risk to which a person is exposed under a long-term insurance contract.35