General insurance is any kind of insurance that relates to:
General insurance includes car, home and contents insurance. It does not include life insurance, a life insurance rider, or insurance that’s exempt from duty.
There are three types of general insurance.
|Type||Description||Rate of duty|
|A||Any general insurance other than Type B or Type C.||9 per cent of the premium|
||5 per cent of the premium|
||2.5 per cent of the premium, for policies taken out on or before 31 December 2017. Exempt for all policies taken out on or after 1 January 2018.|
Life insurance means insurance or assurance of:
Life insurance includes a life insurance rider, which is insurance that:
A life insurance rider is not a life insurance policy and it has a separate rate of duty, which is 5 per cent of the first year’s premium on the life insurance rider.
A life insurance policy – other than temporary or term insurance, or trauma or disability insurance – is any policy that doesn’t satisfy all the conditions of temporary or term insurance, or trauma or disability insurance.
Policies where the only benefit is a death benefit that is payable on the death of the insured, which must occur before a nominated date or age – nothing is paid if this doesn’t happen.
A term insurance policy that insures the lives of a group of people – and the members of the group can change during the term of the policy.
Policies that cover the insured should they become disabled by accident or sickness, or get a stated condition or disease.
Learn about the types of insurance that are exempt from duty.
Where a policy contains different types of insurance, an apportionment of the premium is required when calculating the duty payable.