CORPORATIONS ACT 2001 - SECT 985A Meaning of contract of insurance and insured

CORPORATIONS ACT 2001 - SECT 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.

  (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.