Insurance Act No.54 of 2005 - Vanuatu Financial Services ...

fund policy means an insurance policy that covers the liability of a fund toprovide benefits to its members under its rules, other than a policy that relatesexclusively to a particular member of the fund or to the surviving spouse, children,dependants or nominees of a particular member of the fund.general insurer means a person licensed to conduct general insurance business.general insurance business means the business of providing or undertaking toprovide policy benefits under general insurance policies or general reinsurancetreaties.general insurance policy means:(a)(b)a property policy, an engineering policy, a guarantee policy, a liability policy, aworkers compensation policy, an employers liability policy, a miscellaneouspolicy, a motor policy, an accident and health policy, a marine, aviation andtransportation policy or a policy that is a combination of any of those policies; anda contract that varies a policy mentioned in paragraph (a).general reinsurance policy means a reinsurance policy for a general insurance policy.guarantee policy means an insurance policy that covers the failure of a person todischarge an obligation.health event means an event relating to the health of the mind or body of a person.health policy means an insurance policy:(a)(b)(c)that covers a health event; andunder which benefits may be other than a stated sum of money; andunder which benefits may be given:(i)(ii)if a person has incurred expenses for a health service for the health event;anddirect to the provider of the health service.independent insurance salesperson means a person who solicits proposals forinsurance products and earns commissions for each successful sale, but is neither anemployee nor an agent of an insurer or an insurance intermediary.8