Most Common
Frequently asked questions about Life Insurance Essentials
What are the main reasons people claim on their Crisis Trauma Insurance?
What are the main reasons people claim on their Crisis Trauma Insurance?
In 2019 over $33 million dollars in claims were paid out each day by the Australian Life Insurance industry.
- Cancer is the current highest cause of claims on Crisis Trauma recovery insurance at 58%
What is the legal Duty of Disclosure?
What are New legal disclosure requirements for customers taking out life insurance?
- 'The legal duty to take reasonable care not to make a misrepresentation'
The old duty of disclosure for consumer insurance was replaced in October 2021 with a similar but more insurance company-focused, with a Duty to take reasonable care not to make a misrepresentation to an insurer, under Section 20B of the Insurance Contracts Act
- This means customers entering into a consumer insurance contract will have a duty ‘to take reasonable care not to make a misrepresentation when completing their applications and answering any additional question asked of an Insurance Company prior to the issuing of the insurance policy.
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This same legal duty continues to exist only until the insurance contract is formally issued (and the policy is in force).
