Commonwealth Numbered Regulations

INSURANCE CONTRACTS REGULATIONS 2017 (F2017L01658) - REG 26

             (1)  If the insured has expressly agreed that no amount is to be payable under the contract of insurance in particular circumstances, then, for the purposes of this section, the contract must be read as though it specified an amount to be payable in those circumstances.

             (2)  If a contract of insurance provides that an amount is payable by reference to a period other than a day, then, for the purposes of this section, the contract must be read as though it specified as the daily amount an amount ascertained by dividing the amount payable for that period by the number of days in that period.

             (3)  The minimum amount in respect of a claim made under a contract referred to in subsection 24(1), being a claim that arises as mentioned in column 1 of an item of the following table, is declared to be the amount ascertained in accordance with column 2 of that item, reduced by an amount equal to the amount so payable in respect of the first 14 days of the period during which the insured person is disabled.