Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.