Conditions
The Policy and the Policy Schedule shall be read together as one contract and any word or expression to which a specific meaning has been attached in any part of the Policy or of the Schedule shall bear such specific meaning wherever it may appear. The Product Disclosure Statement does not form part of the insurance contract.
D2. The laws of Australia whose courts alone shall have jurisdiction in any dispute arising hereunder will govern the Policy.
D3. The Policy may not be assigned. Compensation shall be payable only to the Insured Person.
D4. The Insured Person must answer the questions on the Proposal Form honestly. The Insured Person has a duty under law to tell the Underwriters (via the Administrator) anything known to the Insured Person and which a reasonable person in the circumstances would include in their answer to the question. The Underwriters use the answers in deciding whether to insure the Insured Person and on what terms. If an Insured Person does not answer the Underwriter’s questions in this way, the Underwriters may reduce or refuse to pay a claim or cancel the policy. The Insured Person will render the Policy void in the event of fraudulent misrepresentation, mis-description or non¬disclosure.
D5. An Insured Person shall not be covered under more than one FIYTON Cancer Insurance policy issued by the Administrator. In the event that an Insured Person is covered under more than one policy issued by the Administrator the Underwriters will only pay under one policy and will refund any duplicated premium, which may have been paid by or on behalf of the Insured Person.
D6. Notice must be given to the Underwriters in writing within six (6) months of any occurrence, which may give rise to a claim under The Policy. If you have a claim, you can download a claim form from the website operated by the Administrator (www.asruw.com.au) or contact the Insurer’s claims administrator, ProClaim, Level 3B, 181 Elizabeth Street, Brisbane, 4000.
D7. All certificates, information and evidence required by the Underwriters shall be furnished in the form prescribed and without expense to the Underwriters.
D8. The Insured Person shall submit to medical examinations on behalf of and at the expense of the Underwriters as often as shall be required in connection with any claim.
D9. Subject to the Insurance Contracts Act 1984 (Cth), if any claim under The Policy be in any respect fraudulent or if any fraudulent means or devices are used by the Insured Person or anyone acting on the Insured Person's behalf to obtain any benefit under The Policy all benefit under that claim shall be forfeited and the Underwriters may exercise their rights to disclaim all liability in respect of a claim.
D10. Provided that the Insured Person has not made a claim under the Policy, he or she may cancel the Policy within fourteen (14) days of the Inception Date by giving the Administrator written notice and the Underwriters will refund the premium paid by the Insured Person and treat the policy as if it never existed. Otherwise, the Insured Person giving the Underwriters (via the Administrator) thirty (30) days notice in writing to the Administrator may cancel The Policy. The Underwriters may cancel the policy only in accordance with the Insurance Contracts Act 1984 (Cth).
Financial Services Guide
The following information outlines important legal information as required by the Corporations Act 2001 and regulated by the Australian Securities and Investments Commission (ASIC)
Purpose of the Financial Service Guide
This Financial Services Guide describes the services ASR Underwriting Agencies Pty Ltd provides and explains our relationship with the insurer. It explains how we are remunerated for our services, our professional indemnity insurance and describes your rights as our client. We give it to you when you ask us to provide insurance.
Our Services
ASR can assist you to purchase the FIYTON™ Cancer Insurance and is as an agent of the insurer. To apply you must visit ASR’s website at www.fiyton.com.au and complete the on-line proposal form and payment details. ASR holds an Australian financial services licence.
Our AFS licence number is 291522. ASR has a binder agreement for the FIYTON™ Cancer Insurance. This means we can issue the insurance policy to you on behalf of the insurer. ASR does not act on your behalf when issuing the policy. If ASR advises you about insurance, we act as agent for the insurer. However, we can only give you general advice; we cannot advise you about whether the insurance is suitable for your individual situation. You need to make your own decision about whether to purchase or hold the insurance. We recommend that you read the Product Disclosure Statement carefully when deciding whether the product is suitable for you.
How we are paid?
ASR receives a commission from the insurer when we arrange your insurance. The amount is calculated as a percentage of the premium (excluding taxes and statutory charges) and is included in the premium quoted to you.
You can ask ASR for further details of the remuneration that we receive. If you are interested in this information, you must ask ASR for it within a reasonable timeframe after receiving this FSG. You must ask ASR before we provide any financial services to you, such as issuing your insurance.
ASR also charges an administration fee for issuing the insurance. The fee is in the range of $10 -$15. This is additional to the premium quoted for the insurance.
ASR may receive performance remuneration from the insurer, depending on the performance and profitability of the FIYTON™ Cancer Insurance portfolio. The amount depends on whether ASR meets certain profitability targets in each policy year and whether a minimum volume of business has been achieved for the portfolio. If any remuneration is payable to ASR, it will usually be paid within 24 months of the end of any relevant policy year.
Who we pay
If you were referred to us by a cancer research organisation or charitable foundation, we will pay them up to 5% of the commission that ASR earns from the insurer.
Our professional indemnity insurance
ASR has professional indemnity insurance in place which covers it for any errors or mistakes relating to our insurance services. This insurance meets the requirements of the Corporations Act and covers the services provided by ASR, its employees and its contractors for errors or mistakes while those individuals are engaged by ASR (even after they cease working with us) provided ASR notifies the insurer of the claim when it arises and this is done within the relevant policy period.
What to do if you have a complaint
If you wish to complain about ASR’s services, contact our Complaints Officer on 07 3442 3333. We will acknowledge receipt of your complaint within 15 days, and attempt to resolve it within a further 15 days. ASR is a member of the Financial Ombudsman Service, an external dispute resolution scheme. If you are unsatisfied with the manner in which we handle your complaint, you are entitled to take your complaint to them. You can access FOS for free and any decision they make is binding on us but not on you.
Date of FSG and Updates
This Financial Services Guide was prepared on 27 February 2009 by ASR Underwriting Agencies Pty Ltd and ASR is liable for the content of this document. From time to time updates to this FSG (which are not materially adverse to you) may be located at ASR’s website (www. asruw.com.au). Contact ASR for a hard copy at any time and it will be provided free of charge.
Direct debit request summary
This summary describes how the direct debit request system works. Upon issue of your policy, you will also receive a full copy of the Direct Debit Request Service Agreement. You should read the Agreement carefully as it explains your rights and obligations relating to your ongoing direct debits.
When you complete your bank details and sign the authority, you are authorising the direct debit of the appropriate premiums from your nominated account. Your authority will be kept confidential at all times.
If your premium cannot be paid (for example there's not enough money in your nominated account) your bank may dishonour that payment, in which case your policy may lapse and all cover cease.
If you have concerns about its operation or you subsequently need to change any aspects of the authority, please notify us.
From time to time updates about our services which are subject to change and which are not materially adverse to you may be found on the FIYTON™ website at www.fiyton.com.au and if you request a paper copy of any updated information, this will be provided to you without charge.