from his or her current or former employment or business (es). This includes: > The life assured’s share of profits of the business (and/or any associated entities), after the deduction of business expenses, which are and/or losses of the business (and/or associated entities) are divided between the life assured and any co-owners, partners, shareholders or determined in line with the usual manner that profits 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 non- monetary benefit, the life > Any other remuneration, assured receives or is entitled to receive directly or indirectly from his or her employment or the busine ss. The current year’s taxation liability excludes any tax losses which have been brought forward from previous years.
communication to you containing information about your policy.
The person or people named as ‘policy owner’ in the schedule, also referred to in this policy as ‘you’ or ‘your’. The maximum term for which the life assured is insured for as stated in the schedule . The average monthly income earned in the 12 months immediately prior to the disablement date. The amount payable by you to AIA under this policy, comprising the cost of the benefits chosen by you, plus any applicable policy fee , less any eligible premium discounts if any. The date on which the premium is payable under the policy, as agreed with AIA . A person , acceptable to AIA , who holds a current practicing certificate in compliance with the Health Practitioners Competence Assurance Act 2003 (or its successor) and who is registered and practicing as a medical practitioner in New Zealand other than: > the policy owner ; > the life assured ; > a family member of the life assured or policy owner(s) ; > the business partner or associate of the life assured or policy owner(s) AIA reserves the right to accept the advice of a medical practitioner practising outside New Zealand or Australia with qualifications equivalent to New Zealand or Australian standards. The commencement date of the policy, being the date on which the policy was issued. A statement is substantially incorrect only if the difference between what was stated and what is actually correct would have been considered material by a prudent insurer.
policy owner(s)
policy term
pre-disability income
premium
premium due date
registered medical practitioner(s)
The person insured for the benefit(s) as named in the schedule.
life assured
A statement is material only if that statement would have influenced the judgement of a prudent insurer in fixing the premium or in determining whether they would have taken or continued the risk upon the same terms. The usual day-to-day activities of the business in order to produce necessary cash flow, to pay its expenses and debts and remain solvent. The date that the relevant change to AIA’s Start-Up Income Protection policy comes into effect, as determined by AIA . An individual, employer, company, partnership, association, organisation or trust. The administration fee charged by AIA as detailed in the policy illustration or in any
material
operating
risk commencement date
pass back date
substantially incorrect
person
policy fee
The most recent schedule for your policy and:
the schedule
1180 A-SU IP version 3 Effective 23 July 2021
Page 9 of 10
Powered by FlippingBook