Duty of Disclosure
You have the same duty to disclose those matters to the insurer before you renew, extend, vary or reinstate a contract of life insurance.
Your duty however does not require disclosure of a matter:
- that diminishes the risk to be undertaken by the insurer;
- that is of common knowledge;
- that your insurer knows or, in the ordinary course of their business, ought to know;
- as to which compliance with your duty is waived by the insurer.
Non-disclosure
If you fail to comply with your duty of disclosure and the insurer would not have entered into the contract on any terms if the failure had not occurred, the insurer may avoid the contract within three years of entering into it. If your non-disclosure is fraudulent, the insurer may avoid the contract at any time.
An insurer who is entitled to avoid a contract of life insurance may, within three years of entering into it, elect not to avoid it but to reduce the sum that you have been insured for in accordance with a formula that takes into account the premium that would have been payable if you had disclosed all relevant matters to the insurer.
Privacy
Your personal information will be collected, held, used, disclosed and handled by AIA Australia in accordance with AIA Australia’s Privacy Policy which may be updated from time to time by posting a new version of that Policy on AIA Australia’s website.
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