OFFSETS
5
1 The Benefit will be reduced by an amount equal to the total of any other income replacement or any other form of employer remuneration, sick leave entitlements, disability compensation or other entitlement received from ACC, excluding welfare payments being received by the Life Assured from any other sources in relation to the same disability. 2 The Benefit will be reduced by any income you receive or are entitled to receive subsequent to the disablement date other than unearned income such as investment income or rental income. A Where the Life Assured does not directly or indirectly own the business or professional practice from which they earn their regular income, income is defined as the total monthly value of the Life Assured’s remuneration in respect of the performance of the Life Assured’s regular occupation. Income includes: salary fees commission bonuses and fringe benefits Income is determined by calculating the amount the Life Assured could be expected to receive if the Li fe Assured’s total remuneration was received as a salary or wage (before income tax is deducted); B Where the Life Assured directly or indirectly owns all or part of the business or professional practice from which they earn their regular income, income is defined as that earned by the business directly due to the Life Assured’s personal exertion or activities less the Life Assured’s share of the necessarily incurred business expenses and costs for that business or professional practice, calculated on a monthly basis. C Does not include unearned Income or Income derived from past or previous services from employment of the Life Assured . Including but not limited to interest earnings, rental income, royalties or renewal commissions. Means the Life Assured’s Income during any one (1) continuous twelve (12) month period elected by You during the three (3) year immediately prior to the Total Disability . Means the Life Assured’s Income, or the amount of Income the Life Assured is Capable of Earning while Partially Disabled , as determined by Us after an assessment of present and likely capabilities.
INCOME
6
PRE-DISABILITY INCOME
7
POST-DISABILITY INCOME
8
BENEFIT PERIOD
9
Means the Benefit Period specified in the Policy Schedule .
WAITING PERIOD
10
Means the Waiting Period specified in the Policy Schedule of continuous Total Disability which must elapse from the date upon which the Life Assured first received medical advice from a Medical Practitioner in respect of that disability before the monthly Benefit becomes payable.
PC-VIP-05/2019
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