Insurance Terms

Here are some common insurance terms. Please review your policy for specific details of your coverage.

Beneficiary means the person or persons you have nominated on the Application Form or in writing, who will be paid the proceeds of your policy in the event of your accidental death. You may change your beneficiary at any time by writing to us.

Commencement Date means the date your cover commences, as shown in the Application Form and Policy Schedule.

Covered Person means your Spouse and any Eligible Child.

Eligible Child means an unmarried dependent child (including a stepchild and a legally adopted child) under the age of 18 at the date of the event giving rise to the claim.

Indexation means both the benefits and the premiums are indexed to increase at the rate of 5% of the initial policy benefit and premium values each year your policy remains in force, on the anniversary of the Commencement Date, for a period of ten years (i.e., the increase is not compounded).

Intensive Care Unit means the part of a Hospital (other than the patient’s room, operating room, or recovery room) where patients receive full-time nursing care and which is commonly known as the Intensive Care Unit.

In-patient means overnight hospital confinement that the relevant Hospital classifies as In-patient. It does not mean confinement on an out-patient basis.

Medical Practitioner means a licensed medical practitioner operating within the scope of his or her license and who is not a member of the Insured's immediate family.

Partially Disabled means the ability to perform one or more, but not all of the substantial duties of your business or occupation (or usual day to day activities if you are not currently employed) as certified by a Medical Practitioner and Partial Disability has the corresponding meaning.

Pre-existing Condition means a bodily illness or disease (Sickness Policy) or an injury condition (Accident Policy) for which the insured received medical advice or treatment within twenty four months prior to the commencement date, or showed symptoms within 24 months prior to the commencement date that would have caused an ordinarily prudent person to seek medical advice or treatment.

Policy Year means twelve months computed from the receipt of the Application form and, where applicable, twelve months computed from each subsequent anniversary.

The Insured means the person (s) named as the insured on the Application Form and policy schedule and to whom benefits will be made payable.

Totally Disabled means the inability to perform each of the substantial duties of your business or occupation (or usual day to day activities if you are not currently employed) as certified by a Medical Practitioner and Total Disability has the corresponding meaning.

“you”, or “your” means the insured named in the policy schedule.

Waiting Period means the period you must be disabled for before any benefits for disability will begin. The waiting period is shown in the policy schedule.

“we”, “our”, or “us” means Combined Insurance a division of Chubb Insurance New Zealand Limited.


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