long-term care insurance contract

8(in accordance with article 1 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2003) a contract of insurance in respect of which the following conditions are met:11

1. (a) the purpose (or one of the purposes) of the policy is to protect the policyholder against the risk of becoming unable to live independently without assistance in consequence of a deterioration of mental or physical health, injury, sickness or other infirmity;11
1. (b) benefits under the contract are payable in respect of:11
   1. (i) services,11which are (or which is) necessary or desirable due to a deterioration of mental or physical health, injury, sickness or other infirmity;11
   1. (ii) accommodation, or11
   1. (iii) goods,11
1. (c) the contract is expressed to be in effect until the death of the policyholder (except that the contract may give the policyholder the option to surrender the policy); and11
1. (d) the benefits under the contract are capable of being paid throughout the life of the policyholder.11