Commonwealth Numbered Acts

LIFE INSURANCE ACT 1995 No. 4 of 1995 - SECT 9

9. (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.