Corporations Act 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS  

Note: This Chapter applies to a CCIV in a modified form: see Division 4 of Part 8B.7 .

PART 7.8 - OTHER PROVISIONS RELATING TO CONDUCT ETC. CONNECTED WITH FINANCIAL PRODUCTS AND FINANCIAL SERVICES, OTHER THAN FINANCIAL PRODUCT DISCLOSURE  

Division 4 - Special provisions relating to insurance  

SECTION 985A   MEANING OF CONTRACT OF INSURANCE AND INSURED  

985A(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.

985A(2)    
For the purposes of this Division, if:

(a)    

a life policy 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.