Commonwealth Numbered Regulations

1994 No. 327 INSURANCE CONTRACTS REGULATIONS (AMENDMENT) - REG 8

8.1 Add at the end:
                             SCHEDULE 2                 Regulation 34

CONSUMER CREDIT INSURANCE
IMPORTANT INFORMATION ABOUT
CONSUMER CREDIT INSURANCE Provided at the request of the Insurance and
Superannuation Commission, the Federal Government Agency which has
responsibility for supervision of the insurance industry. 1. Before you buy a
consumer credit insurance (CCI) policy, you should:

* find out what the policy covers and what it does not cover. Carefully read
the Table below and ask the seller if you do not understand it;

* be aware that if you are unable to make your loan repayment due to a medical
condition or disability that you knew about at the time you took out the
policy, the insurer may not pay your claim;

* read the policy carefully to understand when the policy will cover your loan
repayment and when it will not. Table: Some important benefit limits on your
policy
Unemployment Maximum number of claims Benefit limit.........
(e.g. insurer will meet
instalments for .... months
per claim)
  Disability    Maximum number of claims  Benefit limit ............

(e.g. insurer will meet
instalments for .... months
per claim)
  Death         Cover Available/Not Available
2. If you decide to buy CCI, you must:

* answer all questions on the application form truthfully and accurately; and

* tell the insurer everything which you know about that may increase the
likelihood of your making a CCI claim in the future.
(If you don't do that, the insurer may not have to pay claims under your
policy) 3. Be aware that you may be able to arrange CCI through a different
insurer. Note also CCI may only be available as part of a loan package. 4.
Some of your insurance premium (..%) and/or (nature of other benefit) is paid
to the seller of the policy as commission. 5. Cooling-off period. After you
buy CCI you will receive a letter confirming you have purchased the policy. If
you change your mind you will then have ... days to cancel the policy and
obtain a full refund. DECLARATION
I/we understand  )   Please confirm by

that I/we cannot )   signing here:

be required to   )      _________________       ...../..../......

buy this insurance )   _________________       ...../..../......

                       (signature(s))                     (date)