INSURANCE CONTRACTS REGULATIONS 1985 - REG 24 Minimum amounts

Commonwealth Consolidated Regulations

Minimum amounts

(1): A reference in this regulation to the amount falling due under an agreement in respect of a day is a reference to the amount ascertained by dividing the amount of the payment that next falls due after that day under the agreement (excluding any arrears) by the number of days in the period commencing on the day on which the immediately previous payment under the agreement fell due and ending on the day on which that next payment falls due.

(2): 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 21, 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 due at the date of death (excluding any arrears) under the agreement specified in the contract
2	A claim that arises out of the total disablement of the insured person	The sum of the amounts falling due under the agreement specified in the contract in respect of each day during the period during which the insured person is so disabled
3	A claim that arises out of the insured person becoming unemployed	The sum of the amounts falling due under the agreement specified in the contract in respect of each day during the period during which the insured person is unemployed