Types of insurance | Revenue NSW

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and royalties </a> </li> <li class="breadcrumb__item"> <a class="breadcrumb__link" href="https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty"> Insurance duty </a> </li> <li class="active">Types of insurance</li> </ul> </nav> <div class="listen-tool"> <div class="listen-tool__wrapper">  <div class="rs_skip rsbtn rs_preserve print-no"> <a rel="nofollow" class="rsbtn_play" accesskey="L" title="Listen to this page using ReadSpeaker" href="https://app-oc.readspeaker.com/cgi-bin/rsent?customerid=7334&lang=en_au&readid=page-content&url=https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/types-of-insurance" data-rsevent-id="rs_605499" role="button"> <span class="rsbtn_left rsimg rspart"> <span class="rsbtn_text"> <span>Listen</span> </span> </span> <span class="rsbtn_right rsimg rsplay rspart"></span> </a> </div> </div> </div>                  </div>  <div class="page__wrapper" id="screen-reader-start"> <div class="page__container inside-page__container"> <div class="print-only page__content" id="page-content"> <div class="page-heading__container"> <h1 class="page-heading__heading">Types of insurance</h1> <h4 class="page-description">Definitions for general insurance, life insurance, the rate of duty for life insurance, and when to apportion between different insurance types.</h4> </div> <div class="on-this-page__wrapper"> <div class="on-this-page__heading">On this page</div> <div class="on-this-page__nav"> </div> </div>  <div id="content_container_428941_428941"> <h2>General insurance</h2><p>General insurance is any kind of insurance that relates to:</p><ul><li>property in NSW</li><li>a risk, contingency or event concerning an act or omission that, in the normal course of events, may occur within, or partly within, NSW, or</li><li>both.</li></ul><p>General insurance includes car, home and contents insurance. It doesn't include life insurance, a life insurance rider, or insurance that’s <a href="https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/exemptions">exempt from duty</a>.</p><p>There are three types of general insurance.</p><table id="table88281" style="width: 100%;"><thead><tr><th style="width: 20%; text-align: left;" id="table88281r1c1">Type</th><th style="text-align: left;" id="table88281r1c2">Description</th><th style="text-align: left;" id="table88281r1c3"> Rate of duty</th></tr></thead><tbody><tr><td headers="table88281r1c1"> A </td><td headers="table88281r1c2"> Any general insurance other than type B or type C. </td><td headers="table88281r1c3"> 9 per cent of the premium </td></tr><tr><td headers="table88281r1c1"> B </td><td headers="table88281r1c2"> Includes: <ul><li>motor vehicle insurance</li><li>aviation insurance</li><li>disability income insurance</li><li>occupational indemnity insurance</li><li>hospital and ancillary health benefits insurance</li></ul></td><td headers="table88281r1c3"> 5 per cent of the premium </td></tr><tr><td headers="table88281r1c1"> C </td><td headers="table88281r1c2"> Includes: <ul><li>crop insurance</li><li>livestock insurance</li></ul></td><td headers="table88281r1c3"> 2.5 per cent of the premium, for policies taken out on or before 31 December 2017. Exempt for all policies taken out on or after 1 January 2018. </td></tr></tbody></table><hr style="margin:50px 0;" /><h2>Life insurance</h2><p>Life insurance means insurance or assurance of:</p><ul><li>a life or lives</li><li>any event or contingency relating to the life of a person (or group of people), whose principal residence is in NSW at the time the insurance policy is issued.</li></ul><p>Life insurance includes a life insurance rider, which is insurance that:</p><ul><li>is attached to a life insurance policy</li><li>adds specified events and contingencies to those insured under the policy</li><li>is subject to the terms and conditions of the policy.</li></ul><p>A life insurance rider isn't a life insurance policy and it has a separate rate of duty, which is five per cent of the first year’s premium on the life insurance rider.</p><h3>Rate of duty for life insurance</h3> </div> <p> <div class="accordion" > <div class="accordion__controls"> <button aria-label="Expand or close all" data-state="initial" class="accordion__expand-btn">Open all</button> </div> <div class="accordion__item"> <span class="accordion__headings"> <a href="#accordion__target-428955-1" class="accordion__link" id="accordion__link-428955-1"> Life insurance policies </a> </span> <div class="accordion__target" id="accordion__target-428955-1"> <p>A life insurance policy – other than temporary or term insurance, or trauma or disability insurance – is any policy that doesn’t satisfy all the conditions of temporary or term insurance, or trauma or disability insurance.</p><h4>Duty</h4><ul><li>$1 on the first $2,000, or part thereof, of the sum insured.</li><li>20 cents for every $200, or part thereof, over the first $2,000.</li></ul> </div> </div> <div class="accordion__item"> <span class="accordion__headings"> <a href="#accordion__target-428955-2" class="accordion__link" id="accordion__link-428955-2"> Temporary or term insurance policies </a> </span> <div class="accordion__target" id="accordion__target-428955-2"> <p>Policies where the only benefit is a death benefit that is payable on the death of the insured, which must occur before a nominated date or age. Nothing is paid if this doesn’t happen.</p><h4>Duty</h4><ul><li>Calculated at five per cent of the first year's premium.</li></ul> </div> </div> <div class="accordion__item"> <span class="accordion__headings"> <a href="#accordion__target-428955-3" class="accordion__link" id="accordion__link-428955-3"> Group term insurance policy </a> </span> <div class="accordion__target" id="accordion__target-428955-3"> <p>A term insurance policy that insures the lives of a group of people – and the members of the group can change during the term of the policy.</p><h4>Duty</h4><ul><li>Five per cent of the first year's premium.</li><li>Five per cent of the premium payable in any following year, for each additional life covered.</li></ul> </div> </div> <div class="accordion__item"> <span class="accordion__headings"> <a href="#accordion__target-428955-4" class="accordion__link" id="accordion__link-428955-4"> Trauma or disability insurance </a> </span> <div class="accordion__target" id="accordion__target-428955-4"> <p>Policies that cover the insured should they become disabled by accident or sickness, or get a stated condition or disease.</p><h4>Duty</h4><ul><li>The duty charged on a trauma policy, a total permanent disability (TPD) policy, or a disability income policy is five per cent of the premium.</li></ul> </div> </div> </div>  </p> <div id="new_content_container_428953_428953"> <hr style="margin:50px 0;" /><h2>Exempt insurance</h2><p>Learn about the types of insurance that are <a href="https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/exemptions">exempt from duty</a>.</p><hr style="margin:50px 0;" /><h2>Apportionment between different types of insurance</h2><p>Where a policy contains different types of insurance, an <a href="https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/register-lodge-pay#calculate">apportionment</a> of the premium is required when calculating the duty payable.</p><p>A policy of insurance may contain life insurance and different types of general insurance, as well as <a href="https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/exemptions">exempt insurance</a>.</p><p>In these cases, the premiums relating to each insurance type must be separated and have the correct rate of duty applied.</p> </div>  <div class="page-controls__container print-no"> <ul class="page-controls__list"> <li class="page-controls__item"> <a href="https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/insurance-duty/register-lodge-pay" class="page-controls__link link-previous"> <strong class="page-controls__indicator">Previous</strong> <div class="page-controls__title">Register, lodge and pay</div> </a> </li> <li class="page-controls__item"> <a href="#body" class="page-controls__link js-back-to-top"> <strong class="page-controls__indicator">Back to top</strong> </a> </li> <li class="page-controls__item"> <a 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