Insurance Contracts Act & Competition and Consumer Act
This unit provides a detailed overview of the Insurance Contracts Act 1984 and the Competition and Consumer Act 2010 and explains the key requirements of each Act on insureds and insurers. The unit further explains how the Competition and Consumer Act benefits consumers by promoting competition and fair trade in the marketplace.
Who should take the course
It applies to all Australian businesses and its main responsibility is to ensure individuals and businesses comply with the Commonwealth competition, fair trading and consumer protection laws.
What you'll learn
On completion of the course, learners will be able to:
- Comprehend the importance of the Acts during customer interactions.
- Identify best practices for treating people fairly and with utmost good faith.
- Apply Acts during a customer interaction.
- Recognise own company procedures and processes that support compliance to the Acts.
The Insurance Contracts Act
- Duty of utmost good faith
- Insurable interests
- Disclosures and misrepresentations
- The contract
- Expiration, renewal and cancellation
- Information, notices and reasons
Competition and Consumer Act
- Overview (e.g. goals, ASIC, ACCC, consumer laws, price fixing, third-line forcing)
- Unconscionable and misleading conduct
- Case study