Document ID: chunk:federal_register_of_legislation:C2025C00135:section:9
Version: federal_register_of_legislation:C2025C00135
Segment Type: section
Provision Reference: s 9
Character Range: 32157–33536

9  Life policy
 (1) Subject to subsection (2), each of the following constitutes a life policy for the purposes of this Act:
 (a) a contract of insurance that provides for the payment of money on the death of a person or on the happening of a contingency dependent on the termination or continuance of human life;
 (b) a contract of insurance that is subject to payment of premiums for a term dependent on the termination or continuance of human life;
 (c) a contract of insurance that provides for the payment of an annuity for a term dependent on the continuance of human life;
 (d) a contract that provides for the payment of an annuity for a term not dependent on the continuance of human life but exceeding the term prescribed by the regulations for the purposes of this paragraph;
 (e) a continuous disability policy;
 (f) a contract (whether or not it is a contract of insurance) that constitutes an investment account contract;
 (g) a contract (whether or not it is a contract of insurance) that constitutes an investment‑linked contract.
 (2) A contract that provides for the payment of money on the death of a person is not a life policy if:
 (a) by the terms of the contract, the duration of the contract is to be not more than one year; and
 (b) payment is only to be made in the event of:
 (i) death by accident; or
 (ii) death resulting from a specified sickness.