Australia Life Insurance Code of Practice (CALI Life Code)
Section 4: underwriting, offering insurance and policy cancellations – Australia Life Insurance Code of Practice (CALI Life Code)

Australia Life Insurance Code of Practice (CALI Life Code) 4.23-4.24: Warn replacing customers not to cancel existing cover and explain the general risks of replacement

What does 4.23-4.24 require?

An applicant who says they are replacing an existing life policy is told not to cancel it until the new application is accepted, and is given the general risks of replacement: loss of accrued benefits, waiting periods restarting, and the consequences of errors or omissions in the new application.

Maintained by Gerard Blokdyk

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