Document ID: chunk:federal_register_of_legislation:F2018L01496:body:0:p8
Version: federal_register_of_legislation:F2018L01496
Segment Type: other
Provision Reference: 
Character Range: 19398–22349

is included. Trauma is sometimes referred to as Critical Illness insurance.
17.         'Product Type' refers to the type of product or rider benefit that provides any of the following Cover Types:
(a)          Consumer Credit Insurance (CCI) – Insurance providing for a lump sum payment of the insured's outstanding loan or credit card balance (in part or in full) or regular payments limited to the minimum repayments for a period, payable in the event of one or more predefined events occurring. CCI products included should be those written under a Life Insurance licence. This should include products that may be of a General Insurance nature, but where the insurer has been authorised by APRA to write it on a Life Insurance licence under section 12A of the Life Act.
Where an insurer also offers CCI products written on a General Insurance (GI) licence, either its own licence or that of another entity, the detail of these products (including statistics, claims and disputes) should be excluded.
(b)          Funeral Insurance – Insurance for paying the expenses of, or incidental to, the funeral, burial or cremation of the person covered under the Policy Contract.
(c)          Accident Insurance – Insurance providing for the payment of a lump sum in the event of accidental death or injury of the person covered under the Policy Contract.
18.         'Sub-categories' of Product and Cover Types are defined for selected products as follows:
(a)          Death cover – distinction is made between the following main sub-categories:
(i)            Death – where benefits are payable upon the death of the Life Insured.
(ii)         Terminal illness – where death benefits can be accelerated upon the diagnosis of the Life Insured with a terminal illness.
(b)          TPD cover – distinction is made between the following main sub-categories of disability definitions:
(i)            Any occupation disability definition – where the Life Insured is considered unable to ever again work in any occupation for which they are reasonably suited by education, training or experience.
(ii)         Own occupation disability definition – where the Life Insured is considered unable to ever again work in the occupation they were working in prior to the disability.
(iii)       Other disability definitions.
(c)          DII cover – distinction is made between the following main sub-categories:
(i)            Personal – where the Life Insured is reimbursed for a proportion of their regular income, as defined in the underlying Policy Contract. Involuntary unemployment insurance issued under a life insurance licence should be included in this category.
(ii)         Business 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