Colin Pausey
Consultant Sparke Helmore Lawyers Over the past 30 years, Colin has had the unique experience of advising both insurers and managed insurance operations in both general insurance and life insurance related disciplines. As a lawyer he has conducted litigation and advised on policy wordings and compliance issues on behalf of both life and general insurers, reinsurers and insurance brokers, including cyber policies. In the insurance industry he has operational management experience, including managing binding authorities on behalf of both local and Lloyd's underwriters, and has also managed administration agreements and master policy arrangements on behalf of life insurers. Some life insurers require the insured to nominate a beneficiary under the policy. Many people hold life insurance policies for many years during which a number of life circumstances may change. Section 48A of the Insurance Contracts Act 1985 (Cth) enables a third party beneficiary under a life insurance policy to recover from the insurer any money that becomes payable under the policy, even though the third party beneficiary is not a party to the policy. The life insurer is contractually bound to pay the nominated beneficiary. If personal circumstances change, most people immediately change their will. Section 4 of the Succession Act 2006(NSW) says a person may dispose by will the property to which the person is entitled to at the time of the person's death. If there is a nominated beneficiary in the life insurance policy, then the proceeds of the life insurance policy is not property to which the deceased person or their estate is entitled to, at the time of the person's death. So beware. If you change your will, then make sure you also identify the correct nominated beneficiary under your life insurance policy.
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