Commonwealth Consolidated Acts

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Definitions etc.

             (1)  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.

             (2)  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

                     (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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