MTAI offer the following insurance products:
MTAI offer the following insurance products:
MTAI offer the following insurance products:
MTAI offer the following insurance products:
EPI is designed to assist you when your vehicle is under finance, your vehicle is declared by your comprehensive insurer to be a Total Loss and your insurer pays a Total Loss Payout which may be less the outstanding balance under the finance contract. Below is a summary of EPI covers and benefits
Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout does not fully repay your loan balance, the Gap Benefit for the cover level you have chosen will be paid to your Credit Provider to help repay the outstanding balance under your Finance Contract.
The Gap Benefit paid will not exceed the outstanding balance.
Replacement Cost Benefit
If a Gap Benefit has been paid then the Replacement Cost Benefit is paid for the cover level you have chosen to help reimburse you for certain expenses associated with replacing your vehicle. The expenses that we can reimburse you for are:
The most we will pay for any Replacement Cost Benefit is the amount corresponding to the Cover Level You selected.
No Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout exceeds the loan balance resulting in there being no outstanding balance under your Finance Contract, the No Gap Benefit for the cover level you have chose...
EPI is designed to assist you when your vehicle is under finance, your vehicle is declared by your comprehensive insurer to be a Total Loss and your insurer pays a Total Loss Payout which may be less the outstanding balance under the finance contract. Below is a summary of EPI covers and benefits
Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout does not fully repay your loan balance, the Gap Benefit for the cover level you have chosen will be paid to your Credit Provider to help repay the outstanding balance under your Finance Contract.
The Gap Benefit paid will not exceed the outstanding balance.
Replacement Cost Benefit
If a Gap Benefit has been paid then the Replacement Cost Benefit is paid for the cover level you have chosen to help reimburse you for certain expenses associated with replacing your vehicle. The expenses that we can reimburse you for are:
The most we will pay for any Replacement Cost Benefit is the amount corresponding to the Cover Level You selected.
No Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout exceeds the loan balance resulting in there being no outstanding balance under your Finance Contract, the No Gap Benefit for the cover level you have chosen will be paid.
Optional Extra Cover (can only be purchased with GAP Cover for an additional premium)
If you have purchased Optional Extra Cover and a benefit under Gap Cover (GAP Benefit, Replacement Costs Benefit or No Gap Benefit) has been then, $5,000 will be paid to help you with expenses associated with the Total Loss. This may include money still owing to your Credit Provider, the excess on your Comprehensive Insurance, or replacement of personal items lost or damaged as a result of the Total Loss.
This extra benefit will first be paid to reduce any amount owed to your Credit Provider with any balance then being paid to you. If an amount is not owed to your Credit Provider under your Finance Contract (i.e. you were paid a No Gap Benefit), this extra benefit is paid to You.
EPI is designed to assist you when your vehicle is under finance, your vehicle is declared by your comprehensive insurer to be a Total Loss and your insurer pays a Total Loss Payout which may be less the outstanding balance under the finance contract. Below is a summary of EPI covers and benefits
Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout does not fully repay your loan balance, the Gap Benefit for the cover level you have chosen will be paid to your Credit Provider to help repay the outstanding balance under your Finance Contract.
The Gap Benefit paid will not exceed the outstanding balance.
Replacement Cost Benefit
If a Gap Benefit has been paid then the Replacement Cost Benefit is paid for the cover level you have chosen to help reimburse you for certain expenses associated with replacing your vehicle. The expenses that we can reimburse you for are:
The most we will pay for any Replacement Cost Benefit is the amount corresponding to the Cover Level You selected.
No Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout exceeds the loan balance resulting in there being no outstanding balance under your Finance Contract, the No Gap Benefit for the cover level you have chosen will be paid.
Optional Extra Cover (can only be purchased with GAP Cover for an additional premium)
If you have purchased Optional Extra Cover and a benefit under Gap Cover (GAP Benefit, Replacement Costs Benefit or No Gap Benefit) has been then, $5,000 will be paid to help you with expenses associated with the Total Loss. This may include money still owing to your Credit Provider, the excess on your Comprehensive Insurance, or replacement of personal items lost or damaged as a result of the Total Loss.
This extra benefit will first be paid to reduce any amount owed to your Credit Provider with any balance then being paid to you. If an amount is not owed to your Credit Provider under your Finance Contract (i.e. you were paid a No Gap Benefit), this extra benefit is paid to You.
EPI is designed to assist you when your vehicle is under finance, your vehicle is declared by your comprehensive insurer to be a Total Loss and your insurer pays a Total Loss Payout which may be less the outstanding balance under the finance contract. Below is a summary of EPI covers and benefits
Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout does not fully repay your loan balance, the Gap Benefit for the cover level you have chosen will be paid to your Credit Provider to help repay the outstanding balance under your Finance Contract.
The Gap Benefit paid will not exceed the outstanding balance.
Replacement Cost Benefit
If a Gap Benefit has been paid then the Replacement Cost Benefit is paid for the cover level you have chosen to help reimburse you for certain expenses associated with replacing your vehicle. The expenses that we can reimburse you for are:
The most we will pay for any Replacement Cost Benefit is the amount corresponding to the Cover Level You selected.
No Gap Benefit
If your vehicle is declared a Total Loss and the Total Loss Payout exceeds the loan balance resulting in there being no outstanding balance under your Finance Contract, the No Gap Benefit for the cover level you have chosen will be paid.
Optional Extra Cover (can only be purchased with GAP Cover for an additional premium)
If you have purchased Optional Extra Cover and a benefit under Gap Cover (GAP Benefit, Replacement Costs Benefit or No Gap Benefit) has been then, $5,000 will be paid to help you with expenses associated with the Total Loss. This may include money still owing to your Credit Provider, the excess on your Comprehensive Insurance, or replacement of personal items lost or damaged as a result of the Total Loss.
This extra benefit will first be paid to reduce any amount owed to your Credit Provider with any balance then being paid to you. If an amount is not owed to your Credit Provider under your Finance Contract (i.e. you were paid a No Gap Benefit), this extra benefit is paid to You.
A Total Loss Payout is, in the event of the Total Loss of your vehicle, the payment made under the vehicle’s Comprehensive Insurance for its full Market Value or full Agreed Value (whichever applies), less any deductions for unexpired registration, unexpired CTP, outstanding premium or excess.
A Total Loss means that the comprehensive insurer of your vehicle has declared your vehicle stolen, or uneconomical or unsafe to repair, as the result of an event covered under your Comprehensive Insurance.
A Total Loss Payout is, in the event of the Total Loss of your vehicle, the payment made under the vehicle’s Comprehensive Insurance for its full Market Value or full Agreed Value (whichever applies), less any deductions for unexpired registration, unexpired CTP, outstanding premium or excess.
A Total Loss means that the comprehensive insurer of your vehicle has declared your vehicle stolen, or uneconomical or unsafe to repair, as the result of an event covered under your Comprehensive Insurance.
A Total Loss Payout is, in the event of the Total Loss of your vehicle, the payment made under the vehicle’s Comprehensive Insurance for its full Market Value or full Agreed Value (whichever applies), less any deductions for unexpired registration, unexpired CTP, outstanding premium or excess.
A Total Loss means that the comprehensive insurer of your vehicle has declared your vehicle stolen, or uneconomical or unsafe to repair, as the result of an event covered under your Comprehensive Insurance.
A Total Loss Payout is, in the event of the Total Loss of your vehicle, the payment made under the vehicle’s Comprehensive Insurance for its full Market Value or full Agreed Value (whichever applies), less any deductions for unexpired registration, unexpired CTP, outstanding premium or excess.
A Total Loss means that the comprehensive insurer of your vehicle has declared your vehicle stolen, or uneconomical or unsafe to repair, as the result of an event covered under your Comprehensive Insurance.
EPI does not cover any deductions made by the comprehensive insurer such as policy excess, unexpired registration, CTP or outstanding premiums. It does not cover any payment arrears. Your loan balance is also calculated at the time of the event that results in the Total Loss and before the Total Loss Payout had been applied.
More about EPI
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
EPI does not cover any deductions made by the comprehensive insurer such as policy excess, unexpired registration, CTP or outstanding premiums. It does not cover any payment arrears. Your loan balance is also calculated at the time of the event that results in the Total Loss and before the Total Loss Payout had been applied.
More about EPI
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
EPI does not cover any deductions made by the comprehensive insurer such as policy excess, unexpired registration, CTP or outstanding premiums. It does not cover any payment arrears. Your loan balance is also calculated at the time of the event that results in the Total Loss and before the Total Loss Payout had been applied.
More about EPI
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
EPI does not cover any deductions made by the comprehensive insurer such as policy excess, unexpired registration, CTP or outstanding premiums. It does not cover any payment arrears. Your loan balance is also calculated at the time of the event that results in the Total Loss and before the Total Loss Payout had been applied.
More about EPI
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
Depending on the cover you selected, the purpose of LPI is to pay a benefit if you are Disabled, Accidentally Injured, Involuntarily Unemployed, or become a Full-Time Carer. These benefits are paid to your Credit Provider to help pay your Minimum Monthly Repayment under your loan.
Disablement Cover
If you are disabled and unable to work, this cover could help by paying Your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Disabled means that, solely due to Sickness, Injury or a medical condition, you are:
Accidental Injury Cover
If you are Accidentally Injured and unable to work, this cover could help by paying your Minimum Monthly Repayment under our Loan. For each day after the 5-day waiting period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Involuntary Unemployment Cover
If you are Involuntarily Unemployed, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment (Involuntary Unemployment Benefit) will be paid
The most paid duri...
Depending on the cover you selected, the purpose of LPI is to pay a benefit if you are Disabled, Accidentally Injured, Involuntarily Unemployed, or become a Full-Time Carer. These benefits are paid to your Credit Provider to help pay your Minimum Monthly Repayment under your loan.
Disablement Cover
If you are disabled and unable to work, this cover could help by paying Your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Disabled means that, solely due to Sickness, Injury or a medical condition, you are:
Accidental Injury Cover
If you are Accidentally Injured and unable to work, this cover could help by paying your Minimum Monthly Repayment under our Loan. For each day after the 5-day waiting period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Involuntary Unemployment Cover
If you are Involuntarily Unemployed, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment (Involuntary Unemployment Benefit) will be paid
The most paid during the period of insurance is the Involuntary Unemployment Benefit for 12 months or $20,000, whichever is less.
To be eligible for Involuntary Unemployment Benefits you must be employed for at least 60 consecutive days immediately before becoming Involuntarily Unemployed.
You cannot receive an Involuntary Unemployment Benefit or Carer Benefit at the same time.
Carer Cover
If you voluntarily cease working in your usual occupation to take care of an immediate family member on a Full-Time Basis and this decision was made on a Medical Practitioner’s recommendation, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of your Minimum Monthly Repayment (Carer Benefit) will be paid.
The most we will pay during the period of insurance is the Carer Benefit for 12 months or $20,000, whichever is less.
To be eligible for Involuntary Carer Benefits You must be employed for at least 60 consecutive days immediately before becoming Involuntarily Unemployed or a Full-Time Carer.
The Involuntarily Unemployment Benefit and the Carer Benefit will not be paid at the same time.
What benefits are excluded by a pre-existing condition and what is a pre-existing condition?
You will not be paid a Disablement Benefit or an Accidental Injury Benefit if the event giving rise to your claim is directly or indirectly as a result of a Pre-existing Condition:
A Pre-existing Condition is:
What is your Minimum Monthly Repayment?
It is no more than the minimum amount you must pay your Credit Provider under the Loan each month. It does not include any overdue payments (or interest on them), fees, charges, expenses or duties owed, or any other amounts you might owe because of overdue payments. It also does not include any residual or Balloon Payment under the Loan. This may not be the same as the actual Loan repayments you are making at time of claim.
More about Loan Protection Insurance
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
Depending on the cover you selected, the purpose of LPI is to pay a benefit if you are Disabled, Accidentally Injured, Involuntarily Unemployed, or become a Full-Time Carer. These benefits are paid to your Credit Provider to help pay your Minimum Monthly Repayment under your loan.
Disablement Cover
If you are disabled and unable to work, this cover could help by paying Your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Disabled means that, solely due to Sickness, Injury or a medical condition, you are:
Accidental Injury Cover
If you are Accidentally Injured and unable to work, this cover could help by paying your Minimum Monthly Repayment under our Loan. For each day after the 5-day waiting period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Involuntary Unemployment Cover
If you are Involuntarily Unemployed, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment (Involuntary Unemployment Benefit) will be paid
The most paid during the period of insurance is the Involuntary Unemployment Benefit for 12 months or $20,000, whichever is less.
To be eligible for Involuntary Unemployment Benefits you must be employed for at least 60 consecutive days immediately before becoming Involuntarily Unemployed.
You cannot receive an Involuntary Unemployment Benefit or Carer Benefit at the same time.
Carer Cover
If you voluntarily cease working in your usual occupation to take care of an immediate family member on a Full-Time Basis and this decision was made on a Medical Practitioner’s recommendation, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of your Minimum Monthly Repayment (Carer Benefit) will be paid.
The most we will pay during the period of insurance is the Carer Benefit for 12 months or $20,000, whichever is less.
To be eligible for Involuntary Carer Benefits You must be employed for at least 60 consecutive days immediately before becoming Involuntarily Unemployed or a Full-Time Carer.
The Involuntarily Unemployment Benefit and the Carer Benefit will not be paid at the same time.
What benefits are excluded by a pre-existing condition and what is a pre-existing condition?
You will not be paid a Disablement Benefit or an Accidental Injury Benefit if the event giving rise to your claim is directly or indirectly as a result of a Pre-existing Condition:
A Pre-existing Condition is:
What is your Minimum Monthly Repayment?
It is no more than the minimum amount you must pay your Credit Provider under the Loan each month. It does not include any overdue payments (or interest on them), fees, charges, expenses or duties owed, or any other amounts you might owe because of overdue payments. It also does not include any residual or Balloon Payment under the Loan. This may not be the same as the actual Loan repayments you are making at time of claim.
More about Loan Protection Insurance
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
Depending on the cover you selected, the purpose of LPI is to pay a benefit if you are Disabled, Accidentally Injured, Involuntarily Unemployed, or become a Full-Time Carer. These benefits are paid to your Credit Provider to help pay your Minimum Monthly Repayment under your loan.
Disablement Cover
If you are disabled and unable to work, this cover could help by paying Your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Disabled means that, solely due to Sickness, Injury or a medical condition, you are:
Accidental Injury Cover
If you are Accidentally Injured and unable to work, this cover could help by paying your Minimum Monthly Repayment under our Loan. For each day after the 5-day waiting period, 1/30th of Your Minimum Monthly Repayment will be paid. The most paid during your period of insurance is $75,000.
Involuntary Unemployment Cover
If you are Involuntarily Unemployed, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of Your Minimum Monthly Repayment (Involuntary Unemployment Benefit) will be paid
The most paid during the period of insurance is the Involuntary Unemployment Benefit for 12 months or $20,000, whichever is less.
To be eligible for Involuntary Unemployment Benefits you must be employed for at least 60 consecutive days immediately before becoming Involuntarily Unemployed.
You cannot receive an Involuntary Unemployment Benefit or Carer Benefit at the same time.
Carer Cover
If you voluntarily cease working in your usual occupation to take care of an immediate family member on a Full-Time Basis and this decision was made on a Medical Practitioner’s recommendation, this cover could help by paying your Minimum Monthly Repayment under your Loan. For each day after the 5 day Waiting Period, 1/30th of your Minimum Monthly Repayment (Carer Benefit) will be paid.
The most we will pay during the period of insurance is the Carer Benefit for 12 months or $20,000, whichever is less.
To be eligible for Involuntary Carer Benefits You must be employed for at least 60 consecutive days immediately before becoming Involuntarily Unemployed or a Full-Time Carer.
The Involuntarily Unemployment Benefit and the Carer Benefit will not be paid at the same time.
What benefits are excluded by a pre-existing condition and what is a pre-existing condition?
You will not be paid a Disablement Benefit or an Accidental Injury Benefit if the event giving rise to your claim is directly or indirectly as a result of a Pre-existing Condition:
A Pre-existing Condition is:
What is your Minimum Monthly Repayment?
It is no more than the minimum amount you must pay your Credit Provider under the Loan each month. It does not include any overdue payments (or interest on them), fees, charges, expenses or duties owed, or any other amounts you might owe because of overdue payments. It also does not include any residual or Balloon Payment under the Loan. This may not be the same as the actual Loan repayments you are making at time of claim.
More about Loan Protection Insurance
All benefits are subject to policy terms and conditions (including limitations, exclusions and waiting periods so it is important that you read the PDS before making any decisions about this product. Please read the PDS which is available on this website.
You may cancel your policy at any time by giving us notice. Cancellation shall take effect from the date MTA Insurance receives your written request. We will need your full name, current address and vehicle registration details. The cancellation request must be provided by all parties recorded on the Certificate of Insurance. Your request can be made either by phoning us on 1800 634 294, faxed to (07) 3031 2862, posted to PO Box 1453, IPC: 4GI109, Brisbane QLD 4001, or emailed to enquiries@mtai.com.au
You may cancel your policy at any time by giving us notice. Cancellation shall take effect from the date MTA Insurance receives your written request. We will need your full name, current address and vehicle registration details. The cancellation request must be provided by all parties recorded on the Certificate of Insurance. Your request can be made either by phoning us on 1800 634 294, faxed to (07) 3031 2862, posted to PO Box 1453, IPC: 4GI109, Brisbane QLD 4001, or emailed to enquiries@mtai.com.au
You may cancel your policy at any time by giving us notice. Cancellation shall take effect from the date MTA Insurance receives your written request. We will need your full name, current address and vehicle registration details. The cancellation request must be provided by all parties recorded on the Certificate of Insurance. Your request can be made either by phoning us on 1800 634 294, faxed to (07) 3031 2862, posted to PO Box 1453, IPC: 4GI109, Brisbane QLD 4001, or emailed to enquiries@mtai.com.au
You may cancel your policy at any time by giving us notice. Cancellation shall take effect from the date MTA Insurance receives your written request. We will need your full name, current address and vehicle registration details. The cancellation request must be provided by all parties recorded on the Certificate of Insurance. Your request can be made either by phoning us on 1800 634 294, faxed to (07) 3031 2862, posted to PO Box 1453, IPC: 4GI109, Brisbane QLD 4001, or emailed to enquiries@mtai.com.au
MTA Equity Plus Insurance policies that are cancelled outside of the 30-day cooling off period will be charged an administration fee of $66, as well as any non-refundable government charges. When cancelling your insurance, you should consider the appropriateness of any other insurances you have that are connected with your finance contract.
MTA Equity Plus Insurance policies that are cancelled outside of the 30-day cooling off period will be charged an administration fee of $66, as well as any non-refundable government charges. When cancelling your insurance, you should consider the appropriateness of any other insurances you have that are connected with your finance contract.
MTA Equity Plus Insurance policies that are cancelled outside of the 30-day cooling off period will be charged an administration fee of $66, as well as any non-refundable government charges. When cancelling your insurance, you should consider the appropriateness of any other insurances you have that are connected with your finance contract.
MTA Equity Plus Insurance policies that are cancelled outside of the 30-day cooling off period will be charged an administration fee of $66, as well as any non-refundable government charges. When cancelling your insurance, you should consider the appropriateness of any other insurances you have that are connected with your finance contract.
In the event of an early cancellation (outside the 30-day cooling off period) we will refund your premium in accordance with and the Rule of 78, a policy cancellation using the Rule of 78 is calculated as follows:
| PS (S+1) | = Y |
| T (T+1) |
where :
Y is the amount of the rebate of premium
P is the amount of premium paid
S is the number of whole months in the unexpired portion of the period for which the Insurance was provided
T is the number of whole months for which insurance was agreed to be provided
The following example shows the calculation:
A customer has a 5-year (60 month) Equity Plus Insurance policy for which a premium of $1,515 was paid, the policy is cancelled after 13 months. The refund is calculated as follows:
| $1515 x 47 x (47 + 1) = | $23,417,840 |
| divided by 60 x (60 + 1) = | $ 3660 |
| equals | $ 933.83 |
| less administration fee | $ 66.00 |
| Refund | $ 867.83 |
In the event of an early cancellation (outside the 30-day cooling off period) we will refund your premium in accordance with and the Rule of 78, a policy cancellation using the Rule of 78 is calculated as follows:
| PS (S+1) | = Y |
| T (T+1) |
where :
Y is the amount of the rebate of premium
P is the amount of premium paid
S is the number of whole months in the unexpired portion of the period for which the Insurance was provided
T is the number of whole months for which insurance was agreed to be provided
The following example shows the calculation:
A customer has a 5-year (60 month) Equity Plus Insurance policy for which a premium of $1,515 was paid, the policy is cancelled after 13 months. The refund is calculated as follows:
| $1515 x 47 x (47 + 1) = | $23,417,840 |
| divided by 60 x (60 + 1) = | $ 3660 |
| equals | $ 933.83 |
| less administration fee | $ 66.00 |
| Refund | $ 867.83 |
In the event of an early cancellation (outside the 30-day cooling off period) we will refund your premium in accordance with and the Rule of 78, a policy cancellation using the Rule of 78 is calculated as follows:
| PS (S+1) | = Y |
| T (T+1) |
where :
Y is the amount of the rebate of premium
P is the amount of premium paid
S is the number of whole months in the unexpired portion of the period for which the Insurance was provided
T is the number of whole months for which insurance was agreed to be provided
The following example shows the calculation:
A customer has a 5-year (60 month) Equity Plus Insurance policy for which a premium of $1,515 was paid, the policy is cancelled after 13 months. The refund is calculated as follows:
| $1515 x 47 x (47 + 1) = | $23,417,840 |
| divided by 60 x (60 + 1) = | $ 3660 |
| equals | $ 933.83 |
| less administration fee | $ 66.00 |
| Refund | $ 867.83 |
In the event of an early cancellation (outside the 30-day cooling off period) we will refund your premium in accordance with and the Rule of 78, a policy cancellation using the Rule of 78 is calculated as follows:
| PS (S+1) | = Y |
| T (T+1) |
where :
Y is the amount of the rebate of premium
P is the amount of premium paid
S is the number of whole months in the unexpired portion of the period for which the Insurance was provided
T is the number of whole months for which insurance was agreed to be provided
The following example shows the calculation:
A customer has a 5-year (60 month) Equity Plus Insurance policy for which a premium of $1,515 was paid, the policy is cancelled after 13 months. The refund is calculated as follows:
| $1515 x 47 x (47 + 1) = | $23,417,840 |
| divided by 60 x (60 + 1) = | $ 3660 |
| equals | $ 933.83 |
| less administration fee | $ 66.00 |
| Refund | $ 867.83 |
Please contact MTA Insurance on 1800 634 294 or 07 3340 2700 to notify us of your claim.
Insurance is issued by AAI Limited ABN 48 005 297 807.
Please contact MTA Insurance on 1800 634 294 or 07 3340 2700 to notify us of your claim.
Insurance is issued by AAI Limited ABN 48 005 297 807.
Please contact MTA Insurance on 1800 634 294 or 07 3340 2700 to notify us of your claim.
Insurance is issued by AAI Limited ABN 48 005 297 807.
Please contact MTA Insurance on 1800 634 294 or 07 3340 2700 to notify us of your claim.
Insurance is issued by AAI Limited ABN 48 005 297 807.
