Unfair contract terms

We have a law against unfair contract terms. How does the law define what is an unfair contract term? Would the following contract terms be deemed to be unfair to consumers?

a) The bank imposes a penalty for late payment that is why above what it cost the bank to process the late payment? If the actual cost is $2, can the bank impose a fee of $200?

b) If an personal accident policy require the consumer to notify the insurance company about a change of occupation, can the insurance company deny a claim due to failure to comply with this requirement, even though the change of occupation did not have any impact on the nature of the risk?

As businesses now aim to increase their profits, they may be imposing penalties and conditions that are onerous and unfair to consumers. What redress does the consumer have under the law against unfair contract terms?

Tan Kin Lian