Document ID: chunk:federal_register_of_legislation:F2024C01249:reg:1:p58
Version: federal_register_of_legislation:F2024C01249
Segment Type: reg
Provision Reference: reg 1 (pt 58/148)
Character Range: 477995–480657

restricted in any way) in respect of the death.
 (2) A sickness and accident insurance product does not include:
 (a) sickness and accident policies which are guaranteed 'renewable' at the option of the insured or where the insurer guarantees not to cancel the policy in response to a change in the risk where such a policy has been effected for a predetermined period of years in excess of 1 year; or
 (b) insurance to or in relation to which the Marine Insurance Act 1909 applies; or
 (c) insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:
 (i) workers' compensation; or
 (ii) compulsory third party compensation; or
 (d) insurance that:
 (i) provides cover for the death of, or injury to, a driver of a motor vehicle which is caused by the fault of that person when driving; and
 (ii) is provided only in conjunction with, and at no extra cost to, insurance mentioned in subparagraph (c)(ii).
Note: See also regulation 7.9.14B.

7.1.15  Meaning of retail client and wholesale client: consumer credit insurance product
 (1) For subparagraph 761G(5)(b)(v) of the Act, a consumer credit insurance product is a contract or part of a contract that has the following characteristics:
 (a) the contract provides insurance cover (whether the cover is limited or restricted in any way) in respect of:
 (i) the death of the insured person; or
 (ii) the insured person contracting a sickness or disease; or
 (iii) the insured person sustaining an injury; or
 (iv) the insured person becoming unemployed;
 (b) the amount of the liability of the insurer under the contract is to be ascertained by reference to a liability of the insured person under a specified agreement to which the insured person is a party.
 (2) A consumer credit insurance product does not include:
 (a) insurance to or in relation to which the Marine Insurance Act 1909 applies; or
 (b) insurance entered into, or proposed to be entered into, for the purposes of a law (including a law of a State or Territory) that relates to:
 (i) workers' compensation; or
 (ii) compulsory third party compensation.

7.1.16  Meaning of retail client and wholesale client: travel insurance product
 (1) For subparagraph 761G(5)(b)(vi) of the Act, a travel insurance product is a contract or part of a contract that provides insurance cover (whether or not the cover is limited or restricted in any way) in respect of one or more of the following:
 (a) financial loss in respect of:
 (i) fares for any form of transport to be used; or
 (ii) accommodation to be used;
  in the course of the specified journey in the event that