As there are annual benefit entitlements within your policy, you may, at Sovereign ’ s discretion, remain liable to pay any premium due on this policy through to the next anniversary date . From (and including) the date that Sovereign receives notice of cancellation of your policy, you will not be entitled to any benefits under this policy, other than for any covered event occurring before the date of cancellation, unless otherwise agreed and confirmed in writing by Sovereign .
8. Important information
Your Sovereign Absolute Health policy is classified as a term life insurance policy .
a) What forms part of this policy contract?
All the terms of this policy are contained in and based on:
> This policy document including the benefit sheet , schedule and any alterations made to this policy document, the benefit sheet or schedule as permitted under this policy. > Any application forms and declarations made by you , at any time, concerning this policy. > All statements which a life assured has made to Sovereign . > Any provisions which any legislation states must be included in this policy, unless those provisions can be contracted out of, in which case they are not included.
b) When can Sovereign cancel your policy?
If you or a life assured has:
> failed to disclose all material information to us prior to inception, variation or reinstatement of this policy; or > made a statement on the faith of which this policy was issued, renewed, varied or reinstated, that was, in terms of the Insurance Law Reform Act 1977:
material , and
–
Nothing else forms part of this contract.
substantially incorrect , and
–
for a life policy made either fraudulently ; or
–
b) Law or Government Authority changes affecting Sovereign or this policy If changes in the law occur after the risk commencement date and Sovereign believes on reasonable grounds that those changes will affect:
– within the period of three years immediately preceding the date on which the policy is sought to be avoided or the date of death of the life assured , whichever is earlier.
Sovereign may, at its complete discretion, either:
>
Sovereign ’ s liability for tax; or
> avoid from inception your entire policy (this means this policy is deemed never to have existed); or > avoid from inception any individual benefit(s) provided by your policy (this means the individual benefit(s) are deemed never to have existed); or > alter the terms upon which cover is provided under your policy (and if we choose to alter the terms of your policy we may do so effective from the risk commencement date ); or > remove from inception any life assured from this policy (and for the avoidance of doubt this policy will remain in force for the remaining lives assured ). If this policy or any benefit provided by this policy is avoided from the inception, or any life assured is removed from this policy, you will forfeit and we will be entitled to retain all premiums paid in relation to the benefit, policy or life assured . Sovereign will cancel this policy and decline liability in respect of any claims made under this policy if you , a life assured , or anyone acting on your behalf makes a claim under this policy that is false or fraudulent in any respect. In the event that a false or fraudulent claim is established after payment of the claim, all amounts paid in relation to the false or fraudulent claim must be repaid by you to Sovereign upon demand. Sovereign can cancel this policy if a premium has not been paid within 31 days of the premium due date .
> The tax treatment of any premiums payable or claims receivable in respect of the policy (such as GST); or > The way in which the policy works or the amount which can be paid under benefits; then Sovereign can change the provisions of the policy (including the benefit sheet, schedule and policy illustration ) but only to take into account the effect of the law change.
c) Policy subject to laws of New Zealand
The laws of New Zealand govern this policy, which has been issued in New Zealand.
d) New Zealand Cover
Unless otherwise stated, this cover only applies while the life assured is in New Zealand.
e) Notices
When you write to Sovereign about this policy, you must send all correspondence to Sovereign ’ s head office in New Zealand or to a substitute address provided to you by Sovereign . The mailing address for Sovereign ’ s head office is:
Freepost Sovereign Private Bag Sovereign Victoria Street West Auckland 1142
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710 ABH-UMB version 8 Effective 8 April 2022
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