18. Key terms
rather than employment if he or she derives income (either realised or unrealised) from a company or other legal entity, and he or she has effective control, either directly or indirectly (e.g. through a trust, partnership or other legal structure) of more than 25% of the shares or ownership in that company or other legal entity. His or her income will be assessed in accordance with the amounts referred to in both (a) and (b) above. See Section 6 of this appendix for the meaning of this key term. Partial disability has a corresponding meaning. An individual, employer, company, partnership, association, organisation or trust. The provision of services under a Sharemilking Agreement as defined by the Sharemilking Agreements Act 1937 and any of its subsequent amendments including any replacement Act and/or Regulations. See Section 4 of this appendix for the meaning of this key term. Total disability has a corresponding meaning. The period stated as such in the schedule for which no Total Disablement Benefit or Partial Disablement Benefit is payable.
Farming for more than 30 hours per week in or on the farm . The term for which the life assured is insured for the Business Income Support Benefit as stated in the schedule The maximum term for which the Business Income Support Benefit is payable as stated in the schedule. The illness or injury giving rise to the claim for total disability or partial disability. The date the life assured became totally disabled or partially disabled.
actively involved in farming
benefit term
benefit payment period
disability/disabled
partially disabled
disablement date
The area where the farming occurs.
farm
person
Owning or leasing the farm and/or animals and actively raising the animals for commercial purposes including sharemilking . Any income that the life assured receives or is entitled to receive from his or her current or former employment or business/es. This includes: a) Life assured’s share of profits of the business (and/or any associated
farming
sharemilking
income
totally disabled
entities), after the deduction of business expenses, which are determined in line with the usual manner that profits and/or losses of the business (and/or associated entities) are divided between the life assured and any co-owners, partners, shareholders or beneficiaries of the business (and/or associated entities); and whether in the form of salary or wages, superannuation, director’s fees, allowances or any other monetary or nonmonetary benefit, the life assured receives or is entitled to receive directly or indirectly from his or her employment or the business. The current year’s taxation liability excludes any tax losses which have been brought forward from previous years. For the purposes of this definition, the life assured is deemed to be in business
waiting period
b) Any other remuneration,
1160 ALB-BI version 3 Effective 23 July 2021
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