IHTM20152 | Life Policies: trusts of life policies: policy settled on its own trusts: conditions required for policy to be comprised in a settlement
From HM Revenue & Customs · Inheritance Tax Manual
A policy is comprised in a settlement if
a beneficiary is given a life interest (IHTM16062), or
it is held for a person absolutely, subject to being defeated, for example
by failure to survive to a given date, or
by failure to survive to a given event, or
by the exercise of a special power of appointment
it is held for persons contingently (IHTM16066), for example
‘for such of the children of Xavier as survive Xavier’.