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Chubb Life Insurance Glossary

Accidental Death

Means death which occurs solely, directly and independently of any other cause from an injury resulting from an accident caused by violent, unexpected, external and visible means. The injury must occur while the Policy is current and the death must occur within 365 days of the injury.


Accidental Injury

Means bodily injury, occurring after the Cover Start Date, which occurs solely, directly and independently of any other cause by violent, unexpected and visible means.


Anniversary Date

Is the date 12 months after the Premium Start Date and the same date every year after that.


Benefit Amount/s

Means the maximum Income Benefit cover/s per month, as chosen by you and shown in your Policy Summary with Income Protection Insurance.


Credit File

Means a file to demonstrate the New Zealand credit history of individuals, including loan applications that were not approved, defaults on loans, bankruptcy, and other adverse events.


Cover Start Date

Is the date that the cover begins.


Dependant Child

Is a child aged up to 20, belonging to you, your spouse or partner (including legally adopted or fostered children) or is financially dependent on you.


Duty of Good Faith

A legal obligation on every person who enters into a contract of insurance to act honestly and provide accurate information to the insurer. The insurer also has the responsibility to act honestly and provide accurate information in dealings with the Insured. If any party does not act according to their duty, the contract can be avoided by the other party.


Free Look Period

Is a 30-day period starting on the day that we send your Policy to you.


Identity Theft

Means the act of utilising stolen personal information or identity documents within New Zealand to impersonate another individual and fraudulently obtain loans, access accounts, apply for credit cards, or establish accounts within New Zealand in the name of the Insured


Illness (Income Protection Insurance)

Means any sickness or disease that happens after the Cover Start Date that is not a Pre-existing Condition.



If you are an employee, your highest average gross taxable monthly income earned from your occupation/s during a continuous 12 months in the 24 months immediately before the date you became Unable to Work (excluding any income from a redundancy payment).

If you are self employed or a working director, the highest average gross taxable monthly income you earned from your business/es or occupation/s (after business or professional expenses) and as reported to the IRD (or overseas equivalent) during a continuous 12 months in the 24 months immediately before the date you became Unable to Work.

If you are, and have been, on parental or other unpaid leave for a period of less than 6 months when you become Unable to Work, your Income will be calculated as the highest average gross monthly income earned in a consecutive 12 month period in the 24 months immediately prior to commencing your leave.


Income Protection Insurance

Chubb Life offers Income Protection Insurance



Means a bodily injury that happens after the Cover Start Date that is not a Pre-existing Medical Condition.



The person who is insured under a Policy.


Insurance and Financial Services Ombudsman Scheme (IFSO Scheme)

The IFSO Scheme provides free and independent service and handles complaints for customers of financial service providers.


Insurance Claim

Insurance Claims are made when a Policy Owner requests that Chubb Life pay money under the terms of the Policy. In the event of a death claim, the insurance claim will be made on behalf of the estate of the Life Insured, or the surviving owner of the Policy.


Insurance Policy

An Insurance Policy is a formal contract between the Policy Owner and Chubb Life agreeing to the level of cover which is to be provided and the terms and conditions of the cover. An Insurance Policy is generally made up of the Policy Document, Policy Summary and application form. You can change the ownership of an insurance Policy. If you lose your Policy, you must fill out a Lost Policy Declaration form.



A lapse occurs when the premiums on a Policy have not been paid. If a Policy has lapsed it is considered to have finished, and the lives on the Policy are no longer covered, and would receive no benefit should a claimable event occur. Exactly when a Policy will lapse depends on whether or not the Policy has a cash value, and the wording of the relevant Policy.


Life Cover Amount

Is the amount a Policy pays out on the death of the Life Insured.


Life Insured

The person who is insured under a Policy.


LifeOne Life Insurance

Chubb Life offers LifeOne® life insurance – a Policy that pays you a lump sum on the death of the Life Insured or diagnosis of the Life Insured’s Terminal Illness.


Life Insurance Quotes

Chubb Life provides free Life Insurance Quotes


Material Information

Is all the relevant information that is needed in order to decide the terms relating to someone’s Policy. It includes, but is not limited to, information about the Life Insured’s health, medical history, occupation and leisure activities.


Nominated Beneficiary

Means a person named by a Funeral Insurance Policy Owner to be the recipient of a benefit payable under the Policy. The Nominated Beneficiary must be aged 16 or over at the date they are nominated.


Other Income

  • Means payments you receive from other sources at the time you are making a claim for an Income Benefit under this Policy. These payments include:

  • Ongoing income you are entitled to receive from your business/es or occupation/s (we will treat ongoing income in the same way that it was treated when assessing your Income at the start of the claim)

  • Income benefits received from any other income protection policy (including a Chubb Life Policy) but not including payments from a business expenses or business overheads policy

  • Regular payments from the Accident Compensation Corporation or any other government agency

  • Sick leave payments and

  • National Superannuation payments.


Permanent Resident of New Zealand

Is a New Zealand citizen or a person in possession of a permanent resident’s visa.


Personal Medical Attendant’s Report (PMAR)

When a person applying for life insurance discloses a health problem the life company may request a medical report from their doctor to provide more detailed information on that problem.



Are the terms and conditions applying to a particular insurance as described in the Policy Document, Policy Summary and application form.


Policy Owner

Means the person(s) initially named as the Policy Owner, or the assignee(s) named on the most recent Change of Policy Ownership form if the Policy has been assigned.


Policy Summary

Means the summary sent to you with your insurance documents on which details specific to your Policy are listed, or any replacement summary.


Premium Start Date

Is the date that the first premium is due.


Pre-existing Condition

This is any medical condition that an applicant has had before applying for insurance or has at the time of applying. You will need to check the terms and conditions of your particular Chubb Life Policy in order to get the precise definition


Rating Agency

Ratings agencies are international companies that assess the financial strength and security of insurance companies and provide them with the ratings they must have in order to comply with the Insurance (Prudential Supervision) Act 2010.



When an insurance Policy lapses the Policy Owner may be able to recover the full benefits of the Policy by paying the outstanding premium (premium debt) and complying with the health requirements, such as providing evidence that there has not been a change in health status.



This is a way that insurance companies commonly protect themselves against large or difficult risks by arranging for the risks to be shared with a reinsurance company, for a fee. The reinsurance company deals only with the life insurance company and not with individual policyholders who need not know that part or all of their Policy has been reinsured.


Replacement Policy

This is a Life Insurance Policy, which replaces an existing Life Insurance Policy. An insured person should carefully compare their existing Policy and the proposed replacement policy and assess whether the replacement is in their best interests before making a decision.



This is the process in a life insurance company where applications for life insurance are assessed to calculate the risk associated with providing life insurance cover to the applicant. Underwriting lets the insurer set the right premium for each individual Policy. In most cases, the underwriter will decide that the risk of claim is in line with the average and a standard assessment will be given.

Some applicants, however, have pre-existing impairments which cannot be covered and which are therefore excluded. Other possibilities, if the underwriter decides that the risk of claim is higher than the population average, are that the Policy may be:

  • accepted but with a higher premium rate;

  • accepted but with modified terms, such as a limited benefit period or limited payment term, or amount of cover;

  • accepted with a combination of the above options;

  • deferred for later consideration, possibly following further medical tests if not quantifiable at the time.


Unable to Work

Means that solely due to an Illness or Injury occurring after the Cover Start Date you are:

  • Confirmed by a Registered Doctor as being unable to perform the duties of your Usual Occupation for more than 10 hours per week and

  • You are following the advice of a Registered Doctor in relation to the Illness or Injury for which you are claiming and you are not engaged in your Usual Occupation or any other paid occupation at all.

The medical information provided must be acceptable to Chubb Life and Chubb Life’s medical adviser must agree that you are Unable to Work.

Chubb Life reserves the right to arrange any further medical assessments necessary to assess your medical condition and ability to work.


Usual Occupation

Means the occupation or occupations you are employed in and receiving an income from, at the time you become Unable to Work.

If, at the time you become Unable to Work, you have been unemployed, are on parental or other unpaid leave for a period of 6 months or less, we will consider your occupation immediately prior to becoming unemployed or going on unpaid leave, your Usual Occupation.

If at the time you become Unable to Work you have been unemployed, on parental or any other unpaid leave for more than 6 months, you will be considered to have no Usual Occupation and will not be entitled to claim


We, Us

Means Chubb Life Insurance New Zealand Limited (Chubb Life).

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More than just life insurance

The right life insurance can you bring peace of mind from knowing that you've protected what matters most.

Your insurance is underwritten by Chubb Life Insurance New Zealand Limited (Chubb Life). Chubb Life has an A (Excellent) financial strength rating given by A.M. Best Company Inc. A summary of the rating scale is: A++, A+ Superior | A, A- Excellent | B++, B+ Good | B, B- Fair | C++, C+ Marginal | C, C- Weak | D Poor | E Under Regulatory Supervision | F In Liquidation | S Suspended. For the full rating scale and more rating information visit