that the life assured subsequently complies with the relevant requirement(s).
16. Key terms
actively involved in farming
Farming for more than 30 hours per week in or on the farm .
14. When will this appendix terminate for a life assured? This appendix will terminate and eligibility for the Business Income Support Benefit will cease for a life assured: > At the expiry of the benefit term for that life assured as shown in the schedule .
benefit term
The term for which the life assured is insured for the Business Income Support Benefit as stated in the schedule The maximum term for which the Business Income Support Benefit is payable as stated in the schedule. The illness or injury giving rise to the claim for total disability or partial disability.
benefit payment period
> If the life assured dies.
> If the life assured is no longer actively involved in farming on the farm for more than 60 consecutive days for reasons other than total disability, unless Sovereign has been notified in writing and its written consent has been given for the continuation of the appendix .
disability/disabled
disablement date
The date the life assured became totally disabled.
> If the life assured is no longer a life assured under a Rural Continuity Benefit.
farm
The area where the farming occurs.
> If the farming business is wound-up or liquidated or the farm is sold or its lease ends, unless Sovereign has been notified in writing and its written consent has been given for the continuation of the appendix . However, if the life assured is on claim and the reason for the farming business being wound-up or liquidated is due to the total disability or partial disability of the life assured, the benefit will remain in force until the end of the benefit payment period .
farming
Owning or leasing the farm and/or animals and actively raising the animals for commercial purposes including sharemilking . Any income that the life assured receives or is entitled to receive from his or her current or former employment or business/es. This includes: a) Life assured’s share of profits of the business (and/or any associated entities), after the
income
> When the benefit is cancelled by the policy owner.
deduction of business expenses, which are
15. Exclusions – When Sovereign won’t pay a benefit Sovereign will not pay a benefit where any of the following directly or indirectly cause or contribute to the total disability or partial disability :
determined in line with the usual manner that profits and/or losses of the business (and/or associated entities) are divided between the life assured and any co-owners, partners, shareholders or beneficiaries of the business (and/or associated entities); and
> The life assured deliberately injures himself or herself or attempts to do so.
> The life assured engages in or is part of any conduct that is criminal.
b) Any other remuneration,
whether in the form of salary or wages, superannuation, director’s fees, allowances or any other monetary or nonmonetary benefit, the life assured receives or is entitled to receive directly or indirectly from his or her employment or the business. The current year’s taxation liability excludes any tax losses which have been brought forward from previous years. For the purposes of this definition, the life assured is deemed to be in business rather than employment if he or she derives income (either realised or unrealised) from a company or other legal entity, and he or she has
> Pregnancy of, or childbirth by, the life assured, unless the disability lasts for more than 90 days after the end of > pregnancy, in which case the waiting period will start from the 91 st day.
> The life assured does not comply with the treatment recommended by the attending treatment providers.
If the life assured is imprisoned for any reason, no monthly benefit will be payable during the term of imprisonment.
855 TCB-BI version 5 Effective 21 May 2019
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