Section 985A — Corporations Act 2001: Meaning of contract of insurance and insured

(1) In this Division: contract of insurance includes a contract of life insurance. Note: Contract of life insurance has a meaning affected by subsection (2). insured, in relation to a contract of life insurance, means a person (other than the insurer) who is entitled to a benefit under the contract, whether that person is the life insured or some other person. Note: Intending insured has a corresponding meaning. (2) For the purposes of this Division, if: (a) a life policy would not ordinarily be regarded as a contract of life insurance; and (b) liability under the policy is borne by a company registered under section 21 of that Act; and (c) the policy was entered into after the commencement of section 9D of the Insurance (Agents and Brokers) Act 1984 as in force before the commencement of this Chapter; the policy is taken to be a contract of life insurance.