Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 223 (2) of the Act, the net claim value of a policy:
(a) that has matured; or
(b) under which the life insured has died;
is the amount payable in respect of the claim on the happening of the contingency, less the amount of any debt owed to the relevant life company under, or secured by, the policy, at that time.
(2) For the purposes of that subsection, the net claim value of a policy, other than a policy described in subregulation (1), at a particular time, is the amount payable in respect of the claim as if the policy had voluntarily been terminated at that time, less the amount of any debt owed to the relevant life company under, or secured by, the policy, at that time.