An insurance policy may be effectively varied by oral agreement between the insurer and trustees even before the formal memorandum of alteration is executed, where the objectively determined intent of the parties was to be immediately bound. A one-page summary document that omits reference to a policy limitation does not constitute a clear and unambiguous representation that no such limitation exists, and providing such a document is not misleading or deceptive conduct when the limitation was disclosed in the brochure from which the insured extracted the application form. Section 230 of the Life Insurance Act 1995 (Cth) provides that a life company's failure to comply with the Act does not invalidate any life policy issued by the company.
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