Document ID: chunk:federal_register_of_legislation:F2018L01496:body:0:p9
Version: federal_register_of_legislation:F2018L01496
Segment Type: other
Provision Reference: 
Character Range: 22079–25041

Expense – where the Life Insured is reimbursed for certain regular business expense including rent, utilities, lease costs or depreciation, as defined in the underlying Policy Contract.
(d)          CCI insurance by Cover Type – distinction is made between the following main sub-categories:
(i)            Death – where a benefit is payable on the death or accidental death of the Life Insured.
(ii)         Incapacity – where a benefit is payable when the Life Insured is deemed disabled or suffers an injury, a pre-defined illness or traumatic event, as defined in the underlying Policy Contract.
(iii)       Involuntary redundancy – where a benefit is payable upon the Life Insured being made redundant at their place of work, in accordance with the provisions of the underlying Policy Contract.
(e)          CCI insurance by credit type – distinction is made between the following main sub-categories:
(i)            Loans – where the contract is to cover for the outstanding loan repayments, as defined in the underlying Policy Contract.
(ii)         Credit Card – where the contract is to cover for the outstanding credit card repayments, as defined in the underlying Policy Contract.
(f)           CCI insurance by benefit frequency – distinction is made between the following main sub-categories:
(i)            Lump Sum – where a single amount is payable when the policy conditions are met.
(ii)         Monthly Benefit – where a regular monthly benefit is payable when the policy conditions are met.
(g)          Accident insurance cover – distinction is made between the following main sub-categories:
(i)            Death – where a benefit is paid on the death of the Life Insured as a result of an accident, as defined in the underlying Policy Contract.
(ii)         Injury – where a benefit is payable in the event of the Life Insured suffering an injury as a result of an accident, as defined in the underlying Policy Contract.
19.         The reporting form does not distinguish between products and Cover Types offered on a stand-alone or an accelerated cover basis.
20.         'Annual Premium' refers to the annualised premium payable in respect of the Policy Contract. Annual Premiums reported should be gross of reinsurance and commissions, and before profit share rebates (Group Insurance). Reported premiums should also be inclusive of stamp duty, policy fees, loadings and discounts. For single-premium business, the annual premium should be estimated by spreading the single premium over the contract term. Policy fees should be appropriately apportioned between the relevant Cover/Product Types.
21.         'Sum Insured' refers to the contractual benefit payable when the insured event occurs. Insurers should report the full Sum Insured and not apply any reductions that may exist for severity-based Trauma and Accidental Injury benefits or for DII due to partial disability or a workers' compensation offset. Where reductions to the