have taken or continued the risk upon substantially the same terms.
what is actually correct would have been considered material by a prudent insurer
operating
the schedule
The usual day-to-day activities of the business in order to produce necessary cash flow, to pay its expenses and debts and remain solvent.
The most recent schedule for your policy and: - any notice of a change to premiums ; and - any policy alteration or
endorsement documents recording a change to your policy
person
An individual, employer, company, partnership, association, organisation or trust.
totally disabled
See Section 4 of this document for the meaning of this key term. Total disability and total disablement have corresponding meanings. Sovereign’s standard form for an assignment of a policy by way of ordinary transfer.
policy illustration
The Sovereign Start-Up Income Protection illustration enclosed with this policy document.
transfer of ownership form
policy term
The maximum term for which the life assured is insured for as stated in the schedule .
waiting period
The period stated in the schedule for which no benefit is payable.
pre-disability income
The average monthly income earned in the 12 months immediately prior to the disablement date . The amount payable by you to Sovereign under this policy, comprising the cost of the benefits chosen by you , plus the policy fee, if any. The date on which the premium is payable under the policy, as agreed with Sovereign. A person , acceptable to Sovereign, who is registered and practicing as a medical practitioner in New Zealand other than:
you/your
The 'Policy Owner' named in the schedule.
premium
premium due date
Registered Medical Practitioner(s)
you ;
>
the life assured;
>
a member of the life assured’s family or your immediate family; the life assured’s or your business partner or associate.
>
>
The commencement date of the policy, being the date on which the policy was issued.
risk commencement date
A statement is substantially incorrect only if the difference between what was stated and
substantially incorrect
420 Start-Up IP version 7 Effective 06 March 2017
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