(1) For the purposes of section 5 of the Act, the assessable portion of a prescribed premium for an insurance policy of a class specified in Column 2 of Schedule 1 is the proportion (expressed as a percentage) referred to in Column 3 of that Schedule that corresponds to that class.
(2) For the purposes of section 5 of the Act, the classes of policy in relation to which prescribed premiums are payable are those specified in Column 2 of Schedule 1.