Interim Cover Policy Wording This Interim Cover policy (‘Interim Cover’) applies where an insurance application (‘Application’) is submitted to AIA New Zealand Limited (‘AIA’). The Interim Cover policy is an agreement between the policy owner(s) named in the Application (‘Policy Owner(s)’) and AIA in relation to the life/lives assured named in the application (each a ‘Life Assured’). Subject to the terms outlined in this Interim Cover policy document, the Life/Lives Assured is/are automatically covered under the benefits applied for in the Application (‘Benefit(s)’), up to the applicable maximum sum assured specified in section 2 below (‘Maximum Sum Assured’), from the date the Application is received by AIA to the date the cover expires as set out in section 5 below.
1. What Benefits are payable?
2. Benefits and maximum amounts
AIA will pay the Policy Owner(s) the Benefit/s outlined in the table in section 2, under this Interim Cover, when any claim event outlined in the table in section 2 (‘Claim Event’) occurs in respect of any Life Assured, subject to the provisions of this Interim Cover policy document and the standard terms and conditions of AIA’s policy wordings which apply to that Benefit.
The Benefits are limited by the amount proposed in the Application or the applicable Maximum Sum Assured, whichever is the lesser.
Benefit
Claim event
Maximum sum assured
Life Cover
Death by accident or illness
$500,000 lump sum
Total Permanent Disablement as a result of injury caused by accidental, violent, external and visible means. Only those conditions that are the result of injury caused by accidental, violent external and visible means Total Disablement where the disablement is a result of injury caused by accidental, violent external and visible means Total Disablement where the disablement is a result of injury caused by accidental, violent external, and visible means
Total Permanent Disablement Benefit
$150,000 lump sum
$150,000 lump sum
Critical Conditions, Progressive Care, Severe Trauma
Refer clause 3.3 for partial payments
Income Protection, Loss of Earnings, Mortgage, Income or Rent Cover, Business Continuity, Rural Continuity and Start-Up
$2,000 per month, paid monthly for a maximum of 24 months
$100 per month for a maximum of 24 months
Waiver of Premium Benefit
For all Benefit criteria, please refer to the provisions of this Interim Cover policy below together with the corresponding policy wordings, which are available from AIA’s website or on request from AIA New Zealand Limited.
3. What will AIA pay?
3.4 If any Benefit is intended to replace an existing benefit (as noted on the Application or supporting Business Replacement Advice form, or otherwise disclosed to AIA) any amount payable under this Interim Cover will be reduced by the amount payable in respect of that existing benefit.
3.1 Each Benefit is calculated based on the amount proposed in the Application or the Maximum Sum Assured, whichever is the lesser. 3.2 If a Life Assured would be eligible under more than one Benefit for the same Claim Event, the maximum amount payable across all Benefits under this Interim Cover is $500,000. 3.3 Where the sum assured proposed in the Application is greater than the Maximum Sum Assured, any partial payments in respect of a Benefit are calculated using the Maximum Sum Assured.
4. When is a Benefit not payable?
No Benefit is payable by AIA under this Interim Cover if:
4.1 In the opinion of AIA, a prudent underwriter would have declined or deferred that Benefit, or would have accepted that Benefit with special terms (e.g. premium loadings, exclusions or altered benefit terms). However, if that Benefit would have been accepted with exclusions only (and without any loadings or altered benefit terms), AIA will assess a claim for that Benefit under this Interim Cover wording subject to the application of that exclusion; or
Interim Cover Insurance
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