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Report No. 112

4.2. The Position in Australia.-

Section 84 of the consolidated Life Insurance Act, 1945-61 provides that a policy shall not be avoided by reason only of any incorrect statement (other than a statement as to the age of the life insured) made in any proposal or other document on the faith of which the policy was issued or re-instated by the company unless the statement-

(a) was fraudulently untrue; or

(b) being a statement material in relation to the risk of the company under the policy, was made within the period of three years immediately preceding the date on which the policy is sought to be avoided or the date of the death of the life insured, whichever is earlier. Therefore, if the insured dies within 3 years of the date of the policy and the policy was issued on the basis of an incorrect statement material to the risk of the company, any claim based on the policy can be repudiated at any time thereafter.



Section 45 of the Insurance Act, 1938 Back




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