For this question, you will also need to refer to the following legislation and confirm which legislation is the correct one:

Insurance Contracts Act 1984 (Cth)

Life Insurance Act 1995 (Cth)

Corporations Act 2011 (Cth).

Stan has hired a car for three days. When he picked up the car, the hire company asked Stan if he wanted to pay an extra amount for insurance and Stan agreed.

When Stan returned the car three days later, he told the hire company that he decided he did not want to pay the extra amount for the insurance and wanted to exercise his cooling-off right.

Can Stan cancel the insurance policy and get a refund on the premiums paid? In your response, quote the relevant part of legislation.