sec.363Rate of insurance duty—life insurance

### sec.363 Rate of insurance duty—life insurance The rate of insurance duty imposed on a contract of life insurance that effects temporary or term insurance is 5% of the first year’s premium. The rate of insurance duty imposed on another contract of life insurance is— if the sum insured is not more than $2,000—.05% of the sum insured; or if the sum insured is more than $2,000— .05% of the first $2,000; and .1% of the balance of the sum insured. (sec.363-ssec.1) The rate of insurance duty imposed on a contract of life insurance that effects temporary or term insurance is 5% of the first year’s premium. (sec.363-ssec.2) The rate of insurance duty imposed on another contract of life insurance is— if the sum insured is not more than $2,000—.05% of the sum insured; or if the sum insured is more than $2,000— .05% of the first $2,000; and .1% of the balance of the sum insured. - (a) if the sum insured is not more than $2,000—.05% of the sum insured; or - (b) if the sum insured is more than $2,000— (i) .05% of the first $2,000; and (ii) .1% of the balance of the sum insured. - (i) .05% of the first $2,000; and - (ii) .1% of the balance of the sum insured. - (i) .05% of the first $2,000; and - (ii) .1% of the balance of the sum insured.