Most people during a lifetime will take out numerous insurance policies to protect themselves against situations in which they may suffer financial loss. In spite of this, very few people really understand the cover offered under their policies, or how to take action to get a claim paid.
This topic focuses on:
- matters to consider when buying insurance
- the relationship between insured and insurer
- getting a claim paid
- dispute resolution schemes
- the law about health insurance
- Financial Services Reform Act 2001 (Cth)
- Life Insurance Act 1995 (Cth)
- Insurance Contracts Act 1984 (Cth)
Health insurance policies are also regulated by Commonwealth legislation. The main Acts regulating health insurance are:
- National Health Act 1953
- Health Insurance Act 1973
- Private Health Insurance Incentives Act 1998
- Medicare Levy Act 1986
- A New Tax System (Medicare Levy Surcharge – Fringe Benefits) Act 1999
Code of Practice
There is a General Insurance Code of Practice, which deals with service standards for general insurance products. The Code does not relate to life or health insurance, reinsurance, workers compensation, marine insurance, medical indemnity insurance, or compulsory third party insurance.
The content of the Law Handbook is made available as a public service for information purposes only and should not be relied upon as a substitute for legal advice. See Disclaimer for details. For free and confidential legal advice in South Australia call 1300 366 424.