9Life policy

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.