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INSURANCE CONTRACTS REGULATIONS 1985 - REG 20
Minimum amounts
- (1)
- Where the insured has expressly agreed that no amount is to be payable
under the contract of insurance in particular circumstances, then, for the
purposes of this regulation, the contract shall be read as though it specified
an amount to be payable in those circumstances.
- (2)
- Where a contract of insurance provides that an amount is payable by
reference to a period other than a day, then, for the purposes of this
regulation, the contract shall be read as though it specified as the daily
amount an amount ascertained by dividing the amount payable for that period by
the number of days in that period.
- (3)
- Subject to these Regulations, for the purposes of section 34 of the Act,
the minimum amount in respect of a claim made under a contract referred to in
regulation 17, being a claim that arises as mentioned in Column 1 of the
following Table, is declared to be the amount ascertained in accordance with
Column 2 of the Table in relation to that claim, reduced by an amount equal to
the amount so payable in respect of the first 14 days of the period during
which the insured person is disabled.
Table
Column 1
Description of claim
|
Column 2
Minimum amount
|
1
|
A claim that arises out of the death of the insured person
|
The amount specified in the contract as the amount payable under the contract
in respect of the death of the insured person or, where no amount is so
specified, $25,000
|
2
|
A claim that arises out of the total disablement of the insured person
|
Where:
(a) a daily amount is specified in the contract in respect of the
total disablement of the insured person — that amount multiplied by
the number of days during which the insured person is so disabled; or
(b)
where no amount is so specified — an amount equal to the amount of
income lost by the insured person by reason of the disablement
|
3
|
A claim that arises out of the partial disablement of the insured person
|
Where:
(a) a daily amount is specified in the contract in respect of the
partial disablement of the insured person — that amount multiplied
by the number of days during which the insured person is so disabled; or
(b)
where no amount is so specified — an amount equal to the amount of
income lost by the insured person by reason of the disablement
|
INSURANCE CONTRACTS REGULATIONS 1985
Division 5 Consumer credit insurance
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