Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For subparagraph 761G(5)(b)(v) of the Act, a consumer credit insurance product is a contract or part of a contract that has the following characteristics:
(a) the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of:
(i) the death of the insured person; or
(ii) the insured person contracting a sickness or disease; or
(iii) the insured person sustaining an injury; or
(iv) the insured person becoming unemployed;
(b) the amount of the liability of the insurer under the contract is to be ascertained by reference to a liability of the insured person under a specified agreement to which the insured person is a party.
(2) A consumer credit insurance product does not include:
(a) insurance to or in relation to which the Marine Insurance Act 1909 applies; or
(b) insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:
(ii) compulsory third party compensation.