37ALife insurance and life insurance rider

37A Life insurance and life insurance rider (1) In this Act: accident insurance means insurance insuring the payment of benefits: (a) on the death of a person only from accident or violence or otherwise than from a natural cause; or (b) as compensation for personal injury.

Stamp Duty Act 1978 36 life insurance means insurance insuring the payment of benefits on death (other than accident insurance) or on the happening of a contingency dependent upon the termination or continuance of human life, and includes: (a) insurance under an instrument evidencing a contract that is subject to payment of premiums for a term dependent upon the termination or continuance of human life; and (b) insurance under an instrument securing the grant of an annuity for a term dependent upon the termination or continuance of human life. (2) If a life policy also provides for the payment of benefits on the occurrence of a contingency or event that does not relate to or depend on the termination or continuance of human life (life insurance rider), then the additional insurance provided under or in accordance with the life policy is taken to be a life insurance rider and not life insurance. (3) Subsection (2) applies: (a) whether or not the life insurance and the life insurance rider are separate or distinct matters; and (b) whether or not payment of benefits under the life insurance rider component of the policy: (i) will or may reduce the benefits payable under the life insurance component of the policy; or (ii) will or may terminate the policy. (4) The Commissioner may apportion the amount or proportion of a premium or other amount payable for a life policy that relates to a life insurance rider if: (a) there is no separately identifiable part of the premium or other amount apportioned to the rider; or (b) the Commissioner is not satisfied that the separately identifiable part of the premium or other amount has been correctly apportioned to the rider.