Document ID: chunk:federal_register_of_legislation:F2018L01496:body:0:p12
Version: federal_register_of_legislation:F2018L01496
Segment Type: other
Provision Reference: 
Character Range: 30220–33194

(defined in paragraph 42) that must expire before benefit payments will commence.
26.         'On Sale Status' refers to whether a product is still open for sale. Distinction is made between:
(a)          Open for sale: Products that are open for sale at the time of the data submission.
(b)          Closed for sale: Products that are no longer open for sale at the time of the data submission. These are also referred to as legacy products. New business as defined above is still possible.
    On Sale Status is only recorded for Individual Insurance.
27.         'Advice Type' refers to the method by which the policy was sold and specifically the level of advice provided. This data dimension only applies to Individual Insurance. The following advice categories are defined:
(a)          'Advised business' refers to the sale of Individual Insurance, with the provision of personal advice, where personal advice has the same meaning as it does in section 766B(3) of the Corporations Act 2001 (Corporations Act). The reporting form assumes this does not apply to CCI, Funeral or Accident Insurance businesses.
(b)          'Non-advised business' refers to the sale of Individual Insurance, without the provision of personal advice. This includes where no advice or general advice is provided. General advice has the same meaning as it does in section 766B(4) of the Corporations Act.
28.         'Ancillary Benefit' refers to the payment made by an insurer in addition to the core benefit. Examples of Ancillary Benefits include rehabilitation benefits, family support benefits, bed confinement benefits and transportation benefits.
29.         'Policy Benefit' refers to a defined benefit provided under a Policy Contract. It is expected that a Policy Benefit would typically relate to a single Life Insured and Cover Type. Where multiple lives or Cover Types are covered under a single Policy Contract, such cover would be provided under separate Policy Benefits.
    Where a Policy Contract has multiple Policy Benefits within the same Cover/Product Type, the policy and claims treatment will depend on the nature of these benefits. Distinction is made between the following categories:
(a)          Policy Benefits that can be added together, with the same claim conditions. These Policy Benefits are typically the result of administrative processes, such as a separate benefit created for an annual automated cover increase.
(b)          Policy Benefits that can be added together, with potentially different claim conditions. For example, a second death cover benefit under a Policy Contract has a pre-existing condition exclusion that does not apply to the original death cover benefit under the same Policy Contract.
(c)          Policy Benefits that cannot be added together and provide for benefits under different claim conditions. The most common example is where a disability benefit is provided with different disability definitions, typically reflected in