Transfer of Ownership You may transfer ownership of your policy at any time. To be valid the transfer must be on a transfer of ownership form and registered with us. If ownership of your policy has been transferred, references in this policy document to you , your and the policy owner(s) are references to the most recent transferee(s).
(whichever is stated in the schedule ) is the total period for which benefits will be payable for all claims arising from the same or a related cause illness or injury.
business
The business of the ‘Policy Owner’ named in the schedule .
Complaints process
disabled/disability
The illness or injury giving rise to the claim for total disability .
Complaints should be made to Sovereign in writing in the first instance. If you are not satisfied with the outcome of the complaint, you may have the right to refer the complaint to the Insurance and Financial Services Ombudsman. The Ombudsman can only deal with a complaint after Sovereign’s internal complaints procedure has been exhausted and a letter acknowledging this has been sent to the complainant.
disablement date
The date the life assured became totally disabled .
The date shown in the schedule.
expiry date
income
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:
You can obtain more information about the Ombudsman from the website: www.ifso.nz
The Ombudsman’s address is:
The life assured’s share of profits of the business (and/or any associated entities), after the deduction of business expenses, which are 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 Any other remuneration, whether in the form of salary or wages, superannuation, director’s fees, allowances or any other monetary or non- monetary benefit, the life assured receives or is entitled to receive directly or indirectly from his or her employment or the business .
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Insurance and Financial Services Ombudsman PO Box 10-845 Wellington 6143 Phone: (04) 499 7612 or 0800 888 202
16. Key terms
Some words in this policy document have special meanings:
actively involved
Working an average of more than 30 hours per week in the six months prior to the disablement date , inclusive of any periods of approved leave.
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anniversary date
The anniversary in each year of the first premium due date.
The maximum term for which the Start-Up Income Protection Benefit is payable as stated in the schedule. The benefit payment period commences at the end of the waiting period and ceases either 6, 12 or 24 months (whichever is stated in the schedule ) later or when the life assured reaches the end of the benefit term as stated in the schedule , whichever is the earlier.
benefit payment period
The current year’s taxation liability excludes any tax losses which have been brought forward from previous years. A statement is material only if that statement would have influenced the judgement of a prudent insurer in fixing the premium or in determining whether they would
material
The 6, 12 or 24 month period
420 Start-Up IP version 7 Effective 06 March 2017
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