Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 218

  (1)   In this Division:

"child's advancement policy" means a policy issued, before a child has reached full age, by a person other than the child, which contains one or both of the following:

  (a)   provision for payment of a sum to the executors, administrators or assigns of the child on the child's death after the child reaches the vesting age; or

  (b)   provision for payment of a sum to the child or his or her assigns on the child reaching an age that is at least the vesting age.

"full age" means:

  (a)   in relation to a policy issued before 18   May 1989--the age of 21 years; and

  (b)   in relation to a policy issued on or after 18   May 1989 but before the commencement of this Act--the age of 18 years; and

  (c)   in relation to a policy issued after the commencement of this Act--the age of 16 years.

"vesting age" , in relation to a child and a policy, means:

  (a)   an age of 10 years or more specified in the policy for the purpose of defining the time at which money becomes payable under the policy; or

  (b)   the age of 25 years;

whichever is the earlier.

  (2)   For the purposes of the definition of vesting age in subsection   (1), if a policy specifies a date without specifying the age of the child at that date, the policy is to be taken to specify the age that is the age of the child at that date.