Commonwealth Consolidated Acts

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LIFE INSURANCE ACT 1995 - SECT 9

Life policy

  (1)   Subject to subsection   (2), each of the following constitutes a life policy for the purposes of this Act:

  (a)   a contract of insurance that provides for the payment of money on the death of a person or on the happening of a contingency dependent on the termination or continuance of human life;

  (b)   a contract of insurance that is subject to payment of premiums for a term dependent on the termination or continuance of human life;

  (c)   a contract of insurance that provides for the payment of an annuity for a term dependent on the continuance of human life;

  (d)   a contract that provides for the payment of an annuity for a term not dependent on the continuance of human life but exceeding the term prescribed by the regulations for the purposes of this paragraph;

  (e)   a continuous disability policy;

  (f)   a contract (whether or not it is a contract of insurance) that constitutes an investment account contract;

  (g)   a contract (whether or not it is a contract of insurance) that constitutes an investment - linked contract.

  (2)   A contract that provides for the payment of money on the death of a person is not a life policy if:

  (a)   by the terms of the contract, the duration of the contract is to be not more than one year; and

  (b)   payment is only to be made in the event of:

  (i)   death by accident; or

  (ii)   death resulting from a specified sickness.


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