SECTION D - INCOME PROTECTION BENEFIT DEFINITIONS
DISABLED
1
Means a period of injury or sickness commencing when the Life Assured first received advice from a Medical Practitioner for that injury or sickness provided that: A The Life Assured is under the regular and personal care of a Medical Practitioner ; and B The Life Assured’s injury or sickness is supported by clinical evidence and approved by Us ; and C The Life Assured is unable to fully perform the Life Assured’s Usual Occupation as the result of that injury or sickness; and • The Life Assured’s Pre-Disability Income from their Usual Occupation has reduced by twenty percent (20%) or more; or • The Life Assured is unable to perform at least one important Income Producing Duty of their Usual Occupation and is not working in their Usual Occupation ; or • The Life Assured is unable to perform the Income Producing Duties of their Usual Occupation for more than ten (10) hours per week
Disability has a corresponding meaning when referred to in this document.
MEDICAL PRACTITIONER
2
Shall mean any person approved by Us registered with the Medical Council of New Zealand to render medical or surgical services, and who holds an Annual Practising Certificate. For diagnoses made outside New Zealand, this definition covers any appropriately qualified medical professional approved by Us . This definition excludes any person who is himself/herself the Life Assured , the spouse, de facto spouse, Civil Union partner, lineal relative, or business partner/associate of the Life Assured.
BENEFIT
3
Means the annual Benefit , paid monthly, specified in the Policy Schedule .
INCOME
4
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 Life 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
PC-IP LOE Premier- 05/2026
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