11ADefinitions

11A Definitions

In this Part:

age‑based discount policy means an insurance policy that provides age‑based discounts.

discount assessment date, in relation to a person who is insured under an age‑based discount policy, means whichever of the following is applicable:

(a) subject to paragraph (c), if the policy provided age‑based discounts at the date the person became insured—that date;
(b) if the policy provided age‑based discounts at a date after the person became insured—the date the person was first eligible for an age‑based discount under the policy;
(c) if:
(i) the person transferred to the policy (the new policy) from another age‑based discount policy (the old policy); and
(ii) at the time of the transfer, the new policy was stated to be a retained age‑based discount policy; and
(iii) the person was not a dependent child under the old policy;
the person’s discount assessment date under the old policy.

eligible person, in relation to an age‑based discount policy, means a person to whom a discount applies in accordance with paragraph 11B (c).

retained age‑based discount policy means an insurance policy:

(a) that is an age‑based discount policy; and
(b) that states that it is a retained age‑based discount policy.