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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE    View history reference

Division 4 - Special provisions relating to insurance    View history reference

SECTION 985A  DEFINITIONS ETC.  

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985A(1)  [Definitions]  


In this Division:

contract of insurance includes a contract of life insurance.

Note: Contract of life insurance has a meaning affected by subsection (2).

insured , in relation to a contract of life insurance, means a person (other than the insurer) who is entitled to a benefit under the contract, whether that person is the life insured or some other person.

Note: Intending insured has a corresponding meaning.

985A(2)  [Life policy]  


For the purposes of this Division, if:


(a) a life policy (within the meaning of the Life Insurance Act 1995) would not ordinarily be regarded as a contract of life insurance; and


(b) liability under the policy is borne by a company registered under section 21 of that Act; and
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(c) the policy was entered into after the commencement of section 9D of the Insurance (Agents and Brokers) Act 1984 as in force before the commencement of this Chapter;

the policy is taken to be a contract of life insurance.


 



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