American Express Accident Recovery

Transcription

1 American Express Accident Recovery Policy Wording and Product Disclosure Statement (PDS)

2 Index 1 Important information about this Policy Wording and PDS 2 About the Insurer and the Promoter 3 Duty of Disclosure 4 The Meaning of Certain Words and Interpretation 5 Selecting Your Cover 6 What You are Covered For 7 Benefi t Limits 8 Premium 9 General Exclusions 10 Cooling Off Period 11 Cancellation of Your Policy 12 General Conditions 13 Claims 14 Complaints and Dispute Resolution 15 Privacy Statement 16 Financial Claims Scheme and Compensation Arrangements 17 Updating our PDS 18 Defi nitions

3 General Advice Any general advice that may be contained within this Policy Wording and Product Disclosure Statement (PDS) or accompanying material does not take into account Your individual objectives, fi nancial situation or needs. You need to decide if the limits, type and level of cover are appropriate for You. Preparation Date This PDS was prepared on 22 June Important information about this Policy Wording and PDS This document is a PDS and is also Our insurance Policy Wording. This document contains important information required under the Corporations Act 2001 (Cth) (the Act) and has been prepared to assist You in understanding American Express Accident Recovery insurance and making an informed choice about Your insurance requirements. It is up to You to choose the cover You need. It is important that You carefully read and understand this document before making a decision. Other documents may form part of Our Policy Wording and PDS and if they do, We will tell You in the relevant document. In return for You paying Us a premium, as set out in Section 8, We insure You for the Events described in the Policy Wording and PDS, subject to the terms, conditions and exclusions of Your Policy. Please keep this document, Your Policy Schedule and any other documents that We tell You form part of Your Policy in a safe place in case You need to refer to them in the future. Please check these documents to make sure all the information in them is correct. Please let Us know straight away if any alterations are needed or if You change Your address or payment details. For certain types of cover under the Policy, We will require You to provide receipts and other documentary evidence to Us before We pay a claim. You should keep those documents in a safe place. You can contact Us on: or write to Us at ACE Insurance Limited, GPO Box 4907, SYDNEY NSW

4 General Insurance Code of Practice We are a signatory to the General Insurance Code of Practice (the Code). The Code sets out minimum standards that We will uphold in respect of the products and services that We provide. Further information about the Code is available at and on request. 2 About the Insurer and the Promoter ACE Insurance Limited (ABN , AFS Licence No ) (ACE) is the insurer of this product. In this PDS, We, Us, Our means ACE Insurance Limited. Our contact details are: Head Offi ce: 28 O Connell Street SYDNEY NSW 2000 Postal Address: GPO Box 4907 SYDNEY NSW 2001 Telephone: Facsimile: (02) CustomerService.AUNZ@acegroup.com ACE Insurance Limited (ACE) is part of the ACE Group of Companies, one of the global leaders in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries and the authority to do business in 140 jurisdictions. With exceptional underwriting and claims teams, We are committed to excellence, integrity and to providing quality service and insurance products. Around the world, Our clients and brokers can expect the highest level of commitment and service. We focus on Our clients, building strong relationships by offering responsive service, developing innovative products and providing market leadership built on fi nancial strength. The promoter of this product is American Express Australia Limited (ABN , AFS Licence No ) (American Express). American Express receives a commission from ACE for referring You to Us. In referring You to Us, American Express acts on Our behalf and not on Your behalf. 4

5 3 Duty of Disclosure What You must tell Us We will ask You various questions when You apply for cover. When You answer those questions, You must be honest and You have a duty under law to tell Us anything known to You, and which a reasonable person in the circumstances, would include in answer to the question. We will use the answers in deciding whether to insure You, and anyone else to be insured under the Policy, and on what terms. You have this same duty to disclose those matters to Us before You renew, extend, vary or reinstate Your Policy. Who needs to tell Us It is important that You understand You are answering Our questions in this way for You (including any Spouse/Partner covered by the Policy). If You do not tell Us If You do not answer Our questions in this way, We may reduce Our liability under contract in respect of a claim or refuse to pay a claim, or cancel the Policy. If You answer Our questions fraudulently, We may refuse to pay a claim and treat the Policy as never having commenced. 4 The Meaning of Certain Words and Interpretation Throughout this document, certain words begin with capital letters. These words have special meaning and are included in the Defi nitions, located at Section 18 of this Policy Wording and PDS. Please refer to the Defi nitions for their meaning. Any reference to an Act, legislation or legislative instrument in this document also refers to that Act, legislation or legislative instrument as amended and as may be in force from time to time. 5 Selecting Your Cover Certain eligibility criteria apply. We tell You when You apply whether You meet this criteria e.g. 5

6 You must at least be eighteen (18) years old when You apply. You must not be over eighty-fi ve (85) years of age when You apply, with renewal to ninety-fi ve (95) years of age. Who can be Covered You only or Spouse/ Partner only Cover You and Your Spouse/Partner Cover Cover for one (1) adult only. Cover for two (2) adults. You also need to identify the level of cover that is appropriate to your needs. The levels of cover are set out in the Summary of Benefi ts Table. 6 What You are Covered For Summary of Benefi ts The following Summary of Benefi ts Table summarises the benefi ts We can provide and can be used as a quick reference tool. The benefi ts covered and the benefi t limits vary according to the level of cover selected. A detailed description of the cover is set out below in the Benefi ts section. The cover provided is subject to the terms, conditions and exclusions contained in this Policy document. Please note that other documents that make up the Policy such as the Policy Schedule may amend the standard terms, conditions and exclusions contained in this Policy document. The benefi ts are halved if You are aged from eighty-six (86) years up to and including ninety-six (96) years of age. 6

7 Schedule of Events Level 1 Level 2 Level 3 Level 4 Broken Bones Benefi t If You break a bone(s) listed below as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the corresponding Broken Bones Benefi t up to the maximum amount shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. Neck $5,000 $10,000 $15,000 $20,000 Hip or pelvis $3,000 $6,000 $9,000 $12,000 Thigh, heel, upper arm, skull Ankle, lower leg, elbow, shoulder blade Lower jaw, collarbone Lower arm, wrist, sternum, kneecap $2,500 $5,000 $7,500 $10,000 $2,000 $4,000 $6,000 $8,000 $1,750 $3,500 $5,250 $7,000 $1,500 $3,000 $4,500 $6,000 Hand, Foot $1,000 $2,000 $3,000 $4,000 Cheekbone, coccyx Vertebrae, ribs (each) $750 $1,500 $2,250 $3,000 $250 $500 $750 $1,000 Nose $250 $500 $750 $1,000 Thumb (each) $100 $200 $300 $400 Finger or Toe (each) Maximum amount payable under the Broken Bones Benefi t in any one (1) accident $50 $100 $150 $200 $5,000 $10,000 $15,000 $20,000 Serious Accident Benefi t If You suffer a Permanent Loss listed below as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the corresponding Serious Accident Benefi t shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. Permanent Loss of use of two Limbs Permanent Loss of entire sight of both eyes Permanent Loss of hearing in both ears $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 7

8 Schedule of Events Permanent Loss of speech Permanent Loss of use of one Limb Permanent Loss of entire sight of one eye Permanent Loss of hearing in one ear Level 1 Level 2 Level 3 Level 4 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 Dislocation Benefi t If You suffer a dislocation(s) listed below as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the corresponding Dislocation Benefi t up to the maximum amount shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. Hip, knee, wrist, elbow, shoulder blade, collarbone or jaw $1,000 $2,000 $3,000 $4,000 Home Assistance Benefi t If You are Confi ned to Bed for more than forty-eight (48) hours as a result of an Accidental Injury, We will reimburse You, upon the production of invoices and/or receipts, the cost of any Domestic Duties assistance: (a) up to the weekly maximum amount shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury; (b) up to the period shown on Your Policy Schedule; and (c) while a Doctor certifi es the Confi nement to Bed necessary. Paid for a maximum of thirteen (13) weeks. $200 Per Week $400 Per Week $600 Per Week $800 Per Week Extra Cash Benefi t If You have been Confi ned to Bed for more than forty-eight (48) hours as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the Extra Cash Benefi t shown on Your Policy Schedule for Your level of Cover at the time of the accident causing the Accidental Injury. The Extra Cash Benefi t will only be payable while You are Confi ned to Bed up to the period shown on Your Policy Schedule. Paid for a maximum of thirteen (13) weeks. $50 Per Day $100 Per Day $150 Per Day $200 Per Day 8

9 Schedule of Events Level 1 Level 2 Level 3 Level 4 Funeral Benefi t In the event of Your Accidental Loss of Life, We will pay Your estate the Funeral Benefi t shown on Your Policy Schedule for Your level of cover current at the time of the accident causing Your Accidental Loss of Life. If the Funeral Benefi t is payable because of a Disappearance, We will only pay if the legal representatives of Your estate give Us a signed undertaking that these amounts will be repaid to Us, if it is later found that You did not die or did not die as a result of an Accidental Injury. Accidental Loss of Life Accidental Loss of Life while on a Common Carrier $5,000 $10,000 $15,000 $20,000 $10,000 $20,000 $30,000 $40,000 Family Care SOS At no additional cost - Twenty-four (24) hour seven (7) days a week referral helpline for emergency legal and medical assistance, home support services and home modifi cation assistance in Australia. Benefi ts Broken Bones Benefi t If You break a bone(s) listed in the Schedule of Events as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the relevant Broken Bones Benefi t for Your level of cover up to the maximum amount shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. Serious Accident Benefi t If You suffer a Permanent Loss listed in the Schedule of Events, as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the corresponding Serious Accident Benefi t shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. Dislocation Benefi t If You suffer a dislocation(s) listed in the Schedule of Events as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the relevant Dislocation Benefi t up to the maximum amount shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. 9

10 Home Assistance Benefi t If You are Confi ned to Bed for more than forty-eight (48) hours as a result of an Accidental Injury, We will reimburse You, upon the production of invoices and/or receipts, the cost of any Domestic Duties assistance: (a) (b) (c) up to the weekly maximum amount shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury; until You cease to be Confi ned to Bed, for the maximum period shown on Your Policy Schedule for Your level of cover; and while a Doctor certifi es it necessary for You to be Confi ned to Bed. If You are Confi ned to Bed for a period of less than one (1) week, the Home Assistance Benefi t shall be paid for at the rate of one-seventh (1/7th) of the weekly benefi t for each day during which You are Confi ned to Bed. Extra Cash Benefi t If You have been Confi ned to Bed for more than forty-eight (48) hours as a result of an Accidental Injury and a Doctor certifi es this, We will pay You the Extra Cash Benefi t shown on Your Policy Schedule for Your level of cover current at the time of the accident causing the Accidental Injury. The Extra Cash Benefi t will only be payable for a maximum of thirteen (13) weeks while You are continuously Confi ned to Bed. Funeral Benefi t In the event of Your Accidental Loss of Life, We will pay Your estate the Funeral Benefi t shown on Your Policy Schedule current at the time of the accident causing Your Accidental Loss of Life. If the Funeral Benefi t is payable because of a Disappearance, We will only pay if the legal representatives of Your estate give Us a signed undertaking that these amounts will be repaid to Us, if it is later found that You did not die or did not die as a result of an Accidental Injury. Family Care SOS FREE twenty-four (24) hour seven (7) days a week referral helpline for emergency legal and medical assistance, home support services and home modifi cation assistance in Australia. The maximum benefi t period for all claims in any one Period of Insurance is limited to the period shown on Your Policy Schedule. 10

11 7 Benefi t Limits The maximum amount per Event for each benefi t is the sum specifi ed on Your Policy Schedule for that benefi t. If Accidental Injury causes one or more of an Accidental Loss of Life or Permanent Loss, We will only pay for one of them. We will pay for the one that gives the highest benefi t and no further benefi ts are payable under Your Policy, or any renewal or replacement Policy. The benefi ts are halved if You are aged from eighty-six (86) years up to and including ninety-six (96) years of age. 8 Premium We take a number of factors into account when calculating Your premium which could include Your risk profi le, the type of plan You have chosen and other information You provide to Us when applying for this insurance. Your premium is paid in advance and includes any amounts payable that take into account Our obligation (actual or estimated) to pay any relevant compulsory government charges, taxes, levies (including stamp duty and GST) in relation to the Policy. We will tell You, when You apply, what premium is payable, when it needs to be paid and how it can be paid. Monthly Premium Coverage Options Level 1 Level 2 Level 3 Level 4 You Only $9.95 $17.95 $26.95 $35.95 Spouse/Partner Only $9.95 $17.95 $26.95 $35.95 You and Your Spouse/ Partner $18.95 $34.95 $52.95 $70.95 If You will be paying Your Premium by instalment payments and an instalment remains unpaid for at least fourteen (14) days, We may refuse to pay a claim arising after the instalment was due. If an instalment remains unpaid for thirty-one (31) days, Your Policy will be automatically cancelled without written notice from Us to You unless We elect to cancel earlier by providing You with written notice. Cover is effective from the Commencement Date as shown on Your Policy Schedule. 11

12 We may change Your premium from the Renewal Date if We notify You of the change in writing prior to that date. INDEXATION OPTION: You may choose at any time to add the Indexation Option to Your cover. Indexation Option means Your cover and Your premium will automatically increase annually by 5% based on Your original nominated benefi t level. Your increase in cover and premium will occur on the anniversary of Your Policy Commencement Date. Indexation Option is limited to a maximum benefi t amount of $200,000. You may commence or cancel Your Indexation Option at any time simply by contacting Us on If You have selected the Indexation Option to be applied to Your coverage, We will send You a renewal notice each year on the anniversary of Your Policy Commencement Date to remind You of the increase. 9 General Exclusions There are certain times when this insurance may not provide cover. Your Policy will not apply to and We shall not pay benefi ts with respect to any loss, damage, liability, Event, or injury which: (a) arises directly or indirectly out of: (i) deliberately self-infl icted injury, suicide or criminal or illegal act; or (ii) You being under the infl uence of intoxicating liquor, including having a blood alcohol content over the prescribed legal limit whilst driving, or being under the infl uence of any other drug unless it was prescribed by a Doctor and taken in accordance with the Doctor s advice; or (iii) You engaging in any professional sport meaning Your livelihood is substantially dependent on income received as a result of Your playing sport; or (iv) You engaging in any motor sports as a rider, (v) driver and/or a passenger; or any consequences of war (whether declared or not), invasion or civil war, taking part in a riot or civil commotion; or (vi) You being a pilot or crew member of any aircraft, or engaging in any aerial activity except as a passenger in any properly licensed aircraft; or (vii) Pre-Existing Medical Conditions You may have. 12

13 (b) (c) occurs after You exceed the Maximum Age. All cover shall cease upon You exceeding the Maximum Age. This will not prejudice any entitlement to claim benefi ts which has arisen before You exceeded the Maximum Age. occurs after you have suffered an Accidental Loss of Life or Permanent Loss, which is claimable under Your Policy. These general exclusions are in addition to the special conditions outlined in Section 7. Health Insurance Exclusion Your Policy does not cover any Event or occurrence which may be deemed as the carrying on of a Health Insurance Business as defi ned under the Private Health Insurance Act 2007 (Cth) nor any benefi t which would breach s126 of the Health Insurance Act 1973 (Cth), including the payment of medical expenses in Australia when a Medicare benefi t is payable. Osteoporosis Exclusion If You have been diagnosed as having osteoporosis prior to the Commencement Date any broken bone(s) suffered will not be covered. If You are diagnosed as having osteoporosis after the Commencement Date, any broken bone(s) resulting from the fi rst Event are covered, but any broken bones(s) resulting from any subsequent Events will not be covered. 10 Cooling Off Period You have fourteen (14) days from the date We confi rmed, electronically or in writing, that You are covered under Your Policy to decide if the Policy meets Your needs. You may cancel Your Policy simply by advising Us in writing within those fourteen (14) days to cancel it. If You do this, We will refund any premiums You have paid during this period. These cooling off rights do not apply if You have made or You are entitled to make a claim during this period. 11 Cancellation of Your Policy Your Policy may be cancelled in one of three (3) ways: 13

14 1. When You can cancel You can cancel Your Policy at any time by calling Us on or telling Us in writing. If You: (a) (b) pay Your premium by instalments and wish to cancel, We will cancel on the date to which You have paid Your premium in advance. do not pay Your premium by instalments, the cancellation will take effect at 4pm Australian Eastern Standard Time on the day We receive Your written cancellation. We will refund the premium for Your Policy, less an amount which covers the period for which You were insured. However, We will not refund any premium if We have paid or are obliged to pay a benefi t under Your Policy. 2. When We can cancel We can cancel Your Policy by giving You written notice to the address on fi le and in accordance with the Insurance Contracts Act 1984 (Cth), including where You have: (a) (b) (c) breached the Duty of Disclosure; breached a provision of Your Policy (including one requiring payment of premium); made a fraudulent claim under any policy of insurance. If We cancel, We will refund the premium for Your Policy less an amount to cover the period for which You were insured. 3. Automatic cancellation Your Policy may be cancelled automatically and without any written notice from Us: (a) (b) when You exceed the Maximum Age. This will be confi rmed in writing. Any unused premium paid will be refunded; or If You have not paid Your premium within thirty-one (31) days of when it is due. The cancellation takes effect from the date the premium You have paid Us ceases to cover the insurance under this Policy. 14

15 12 General Conditions Commencement and Period of Your Policy Your Policy begins on the Commencement Date or on the latest Renewal Date, whichever is the later, and continues for one (1) calendar year (being the Period of Insurance) after which time it expires, or until it is cancelled. Renewal of Your Policy This insurance may be renewed for further consecutive yearly periods upon payment of the premium. Payment of Your premium is deemed to be acceptance of an offer of renewal for a further yearly period. If You continue to pay Your premium, then unless Your Policy is cancelled or We advise You prior to the Renewal Date that We will not be renewing, a policy on the same terms and conditions automatically comes in to existence for one (1) year from the Renewal Date. Expiry of Your Policy Your Policy expires at the end of the Period of Insurance. We may decide not to renew Your Policy. If We decide not to renew Your Policy, We will send You an expiry notice at least fourteen (14) days before the expiry of Your Policy. If Your Policy is cancelled or otherwise terminated, the Period of Insurance will be from the Commencement Date or Renewal Date, whichever is the later, up to and including the date of cancellation or termination. Signifi cant tax implications Generally, Your premiums are not tax deductible and claims payments are not assessable income for tax purposes unless You purchase Your policy for business purposes. This tax information is a general statement only. See Your tax adviser for information about Your personal circumstances. Australian Law You must be an Australian resident to be covered by this Policy unless specifi cally agreed otherwise by Us. You must notify Us if You are no longer an Australian resident during the Period of Insurance. 15

16 Your Policy is governed by the laws of the State or Territory of Australia in which You normally reside. Any dispute or action in connection with Your Policy shall be conducted and determined in the courts of the State or Territory of Australia in which You normally reside. Australian Currency All payments by You to Us and Us to You or someone else under Your Policy must be in Australian currency. 13 Claims You should advise Us as soon as possible of an occurrence or Event which could lead to a claim. Procedure for making a claim If You, or Your legal representative wishes to make a claim You or they must: (a) complete a claim form (which is available from Us by calling ) and attach to the claim form: (i) (ii) receipts for any expenses that are being claimed; any reports that have been obtained from the police, a carrier or other authorities about an accident, loss or damage; and (iii) any other documentary evidence required by Us under Your Policy. (b) (c) (d) (e) provide Us with the completed claim form and accompanying documents within thirty (30) days of the Event taking place which gives rise to a claim, or as soon as reasonably practical; give Us at Your, or Your legal representative s, expense all medical and other certifi cates and evidence required by Us that is reasonably required to assess the claim; not make any offer, promise of payment or admit any liability without Our written consent; and help Us to make any recoveries. We have the right to sue any other party in Your name to recover money payable under the policy or to choose to defend any action brought against You. You must provide reasonable assistance to Us. 16

17 We may also have You medically examined at Our expense when and as often as We may reasonably require after a claim has been made. We may also arrange an autopsy if We reasonably require one. Processing and payment of claims We will take all reasonable steps to pay a valid claim promptly. If We pay an Accidental Loss of Life Benefi t, We will pay this amount to Your estate. In all other cases We will pay amounts under Your Policy to You. Making claims after Your Policy is cancelled If Your Policy is cancelled this does not affect Your rights to make a claim under Your Policy if the Event occurred before the date of cancellation. 14 Complaints and Dispute Resolution If You are dissatisfi ed with Our services and products in any way You can contact us on or Complaints.AU@acegroup.com and We will attempt to resolve the matter in accordance with Our Complaint Handling and Dispute Resolution procedures. To obtain a copy of Our guide to Our procedures, please contact us on the number above or Complaints.AU@acegroup.com. If We are unable to respond to Your complaint or dispute to Your satisfaction, You may refer the matter to the Financial Ombudsman Service (FOS) for review. FOS will only review disputes if they have gone through our Complaint Handling and Dispute Resolution procedures. FOS provides a free and independent dispute resolution service for consumers who have general insurance disputes falling within its terms of reference and its contact details are: GPO Box 3, Melbourne VIC 3001 (Tel: , info@fos.org.au, Website: 15 Privacy Statement ACE Insurance Limited ( ACE ) is committed to protecting your privacy. ACE collects, uses and retains your personal information in accordance with the National Privacy Principles. Our detailed privacy policy is available on our website at 17

18 18 ACE collects your personal information (which may include health information) when you are applying for, changing or renewing an insurance policy with us or when we are processing a claim. We collect the information to assess your application for insurance, to provide you or your organisation with competitive insurance products and services and administer them and to handle any claim that may be made under a policy. If you do not provide us with this information, we may not be able to provide you or your organisation with insurance or to respond to any claim. We may disclose the information we collect to third parties, including contractors and contracted service providers engaged by us to deliver our services or carry out certain business activities on our behalf (such as assessors and call centres), other companies within the ACE Group, other insurers, our reinsurers, and government agencies (where we are required to by law). These third parties may be located outside Australia. You agree to us using and disclosing your personal information as set out above. This consent remains valid unless you alter or revoke it by giving written notice to our Privacy Offi cer. From time to time, we may use your personal information to send you offers or information regarding our products that may be of interest to you. If you do not wish to receive such information, please contact our Privacy Offi cer using the contact details provided below. If you would like to access a copy of your personal information, or to correct or update your personal information, please contact our customer service team on or CustomerService.AUNZ@acegroup.com. If you have a complaint or want more information about how ACE is managing your personal information, please contact the Privacy Offi cer, ACE Insurance Limited, GPO Box 4907, Sydney NSW 2001, Tel: or Privacy.AU@acegroup.com. 16 Financial Claims Scheme and Compensation Arrangement We are an insurance company authorised under the Insurance Act 1973 (Insurance Act) to carry on general insurance business in Australia by the Australian Prudential Regulation Authority (APRA) and are subject to the prudential requirements of the Insurance Act. The Insurance Act contains prudential standards and practices designed to ensure that, under all reasonable circumstances, fi nancial promises made by Us are

19 met within a stable, effi cient and competitive fi nancial system. Because of this: the protection provided under the Financial Claims Scheme legislation applies in relation to Us and the Policy. If We were to fail and were unable to meet Our obligations under the Policy, a person entitled to claim under insurance cover under the Policy may be entitled to payment under the Financial Claims Scheme (access to the Scheme is subject to eligibility criteria). Information about the Financial Claims Scheme can be obtained from the APRA website at and the APRA hotline on ; and We are exempted by the Corporations Act 2001 from the requirement to meet the compensation arrangements Australian fi nancial services licensees must have in place to compensate retail clients for loss or damage suffered because of breaches by the licensee or its representatives of Chapter 7 of that Act. We have compensation arrangements in place that are in accordance with the Insurance Act. 17 Updating our PDS We may update the information contained in Our PDS when necessary. A paper copy of any updated information is available to You at no cost by calling Us or accessed on our website at We will issue You with a new PDS or a supplementary PDS where the update is to rectify a misleading or deceptive statement or when an omission is materially adverse from the point of view of a reasonable person deciding whether to buy this product. 18 Defi nitions Please use this Defi nitions section to fi nd the meaning of these words throughout this booklet. Accidental Injury means a bodily injury resulting from an accident and which is not an illness and which: (a) is caused by violent, external and visible means; and (b) occurs as a result of an accident occurring during Your Period of Insurance; and (c) results within twelve (12) months of the accident; and (d) includes sickness directly resulting from medical or surgical treatment rendered necessary by the accident; and 19

20 (e) may include a bodily injury caused by You being directly and unavoidably exposed to the elements as a result of an accident. 20 Accidental Loss of Life means death occurring as a result of an Accidental Injury and includes Disappearance. Commencement Date means the date We agree to provide insurance under the Policy as shown on Your Policy Schedule. Common Carrier means an aircraft, vehicle, train, taxi, waterborne vessel or other form of public transportation that is licensed to carry fare-paying passengers as a regular passenger service operating over established routes at scheduled departure and arrival times. Confi ned to Bed means, as a result of an Accidental Injury, You being confi ned to a bed under the instructions of a Doctor, other than as a patient in a hospital or where the confi nement to bed involves the provision of hospital treatment or health or medical services, as covered by the Private Health Insurance Act 2007 (Cth) or the Health Insurance Act 1973 (Cth) or any succeeding legislation to those Acts. Disappearance means if Your body has not been found within twelve (12) months from the date of the sinking, wrecking, or disappearance of a conveyance in which You were travelling on that date, We will presume, subject to there being no evidence to the contrary, You have died as a result of an Accidental Injury. Doctor means a legally registered medical practitioner who is not You or Your relative. Domestic Duties means the usual and ordinary domestic duties undertaken by someone as a homemaker and could include child-minding and home help services. Event(s) means an occurrence that could give rise to a claim for a benefi t under Your Policy. Any one occurrence or series of occurrences attributable to one source or originating cause is deemed to be one Event. Fingers, Thumbs or Toes means the digits of a Hand or Foot. Foot means the entire foot below the ankle. Hand means the entire hand below the wrist. Limb means the entire limb between the shoulder and the wrist and includes the whole Hand, or between the hip and the ankle and includes the whole Foot.

21 Maximum Age means Your age up to and including ninety-fi ve (95) years. Period of Insurance means one calendar year from the Commencement Date or the latest Renewal Date whichever the later. Permanent Loss means: (a) physical severance or total loss of the use of a Limb having lasted twelve (12) consecutive months and at the expiry of that period is beyond hope of improvement; or (b) irrecoverable loss of all sight in one or both eyes; or (c) entire and irrecoverable loss of hearing; or (d) entire and irrecoverable loss of the ability to speak, which in each case is caused by an Accidental Injury. Policy means Your Policy Wording and Product Disclosure Statement (PDS), Policy Schedule and any other document that We tell You forms part of Your Policy describing the insurance contract between You and Us. Policy Schedule means the document We send You which contains details of the cover provided to You by Us. Policy Wording means this document. Pre-Existing Medical Condition means: (a) any condition for which a Doctor was consulted or for which treatment or medication was prescribed prior to the Commencement Date; or (b) a condition, the manifestation or symptoms of which a reasonable person in the circumstances would be expected to be aware of at the Commencement Date. Where an Upgrade is the addition of a Spouse/Partner, all references in this defi nition to Commencement Date should be read as being Upgrade Effective Date in relation to the Spouse/Partner. Product Disclosure Statement (PDS) means this document. Renewal Date means one (1) year from the Commencement Date and subsequent anniversaries of that date. Spouse/Partner means the person named as Spouse/Partner on the Policy Schedule and who must be Your husband or wife, de-facto or life partner (including a same sex partner) with whom You have continuously cohabited for a period of three (3) months or more. 21

22 Upgrade means an increase in a level of benefi t or the addition of another insured person, or both. Upgrade Effective Date means the date We agree to provide an Upgrade of Your Policy and which is shown on Your Policy Schedule recording that Upgrade. Waiting Period means the period of time for and in respect of which no benefi ts are payable. We/Us/Our means the insurer ACE Insurance Limited (ABN , AFS Licence No ). You/Your means the person who is named as the insured on the Policy Schedule. You/Your includes any Spouse/Partner and Dependent Children who are named as an insured on the Policy Schedule. 22

23 ACE Insurance Limited ABN AFSL No Head Offi ce: 28 O Connell Street SYDNEY NSW 2000 Postal Address: GPO BOX 4907 SYDNEY NSW 2001 Telephone: Facsimile: (02) PDSAX1AR01