A waiting period exclusion clause in a health or disability insurance policy (excluding claims where diagnosis occurs within a specified period after the issue date) does not limit or exclude liability 'by reference to' a pre-existing sickness or disability within s 47(2) of the Insurance Contracts Act 1984 (Cth), because the exclusion operates by reference to the date of post-contractual diagnosis, not by reference to pre-contractual pathology. The meaning of 'loss' in s 47(1) remains unresolved.
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