Document ID: chunk:federal_register_of_legislation:F2018L01496:body:0:p7
Version: federal_register_of_legislation:F2018L01496
Segment Type: other
Provision Reference: 
Character Range: 16578–19666

classified as Group Insurance business.
14.         The following categories are defined for Insurance Type:
(a)          Individual Insurance sold outside Superannuation Funds;
(b)          Individual Insurance sold inside Superannuation Funds;
(c)          Group Insurance sold outside Superannuation Funds; and
(d)          Group Insurance sold inside Superannuation Funds.
15.         The categories set out in paragraphs 14(a) to (d) should correspond to Class of Business and APRA product groups as follows:
Category                            Class of business                    APRA product group
Individual Insurance outside Super  Australia – Ordinary Business        L4 and L5
Individual Insurance inside Super   Australia – Superannuation Business  L4 and L5
Group Insurance outside Super       Australia – Ordinary Business        L6 and L7
Group Insurance inside Super        Australia – Superannuation Business  L6 and L7

16.         'Cover Type' refers to the type of cover provided under a Policy Contract. The following Cover Types are defined:
(a)          'Death' – cover that provides a lump sum payment in the event of the death of the insured life. This Cover Type can be with or without a Terminal Illness benefit. Where Terminal Illness is included, the death benefit can be paid before death occurs, provided certain predefined conditions are met. Death cover is relevant for both Individual and Group contracts.
(b)          Total and Permanent Disability ('TPD') – cover that provides a lump sum payment in the event of the insured life being considered totally and permanently disabled in accordance with the policy definition. TPD can be either a death acceleration benefit or standalone. TPD cover is relevant for both Individual and Group contracts.
(c)          Disability Income Insurance ('DII') – cover that provides for a regular payment for a maximum defined benefit period after a defined waiting period, in the event of the insured life being considered (totally or partially) disabled in accordance with the policy definitions. DII is relevant for both Individual and Group contracts and is commonly referred to as Income Protection (IP) and Group Salary Continuance (GSC) respectively. There are also older versions of this cover known as Total Temporary Disablement (TTD), which should also be included in this group.
(d)          'Trauma' – cover that provides a lump sum payment in the event of the occurrence of a predefined illness or traumatic event. Trauma can also be either an acceleration of the death/TPD benefit or standalone. Most trauma contracts also include partial payments for less severe conditions, with continuation of the remaining cover. Trauma cover exists mainly under Individual Insurance, but there are some older Group Insurance products where it 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