(1) Policies of life insurance, other than a temporary or term insurance
policy or trauma or disability insurance The amount of duty chargeable on a
policy of life insurance, other than a temporary or term insurance policy, a
trauma policy, a TPD policy or a disability income policy is--
(a) on the
first $2,000, or part of $2,000, of the sum insured--$1, and
(b) for every
$200, or part of $200, in excess of the first $2,000--20 cents.
(2) Temporary
or term insurance policies The amount of duty chargeable on a temporary or
term insurance policy, other than a group term insurance policy, is 5% of the
first year's premium on the policy.
(a) 5% of the
first year's premium on the policy, and
(b) 5% of the amount of the premium
(if any) payable in any succeeding year in respect of each additional life
covered by the insurance policy (that is, each life that was not covered
during the previous year).
(3) Life insurance riders The amount of duty
chargeable on a life insurance rider is 5% of the first year's premium on the
life insurance rider.
"disability income policy" means a policy of insurance under which an amount
is payable as a replacement of income in the event of the disablement of the
insured by accident or sickness.
"group term insurance policy" means a term insurance policy that applies in
respect of the lives of a specified group of persons, being a group the
membership of which may change during the term of the policy.
"TPD policy" means a policy of insurance under which an amount is payable in
the event of the total and permanent disablement of the insured by accident or
sickness.
"trauma policy" means a policy of insurance under which an amount is payable
in the event of the insured being found to have a stated condition or disease.