Indexation Factor Clause Samples

Indexation Factor. The Indexation Factor is the most recent annual percentage change in the Consumer Price Index (all groups – Eight Capital Cities combined) published by the Australian Bureau of Statistics. If no Consumer Price Index is published, we will determine a figure which we consider most nearly replaces it. Where the Indexation Factor is applied to automatic Indexation (see page 9), it is the last change that occurred three months before the Policy Anniversary Date. An Injury is an accidental bodily injury occurring while this Policy is in force. A Medical Practitioner means a legally qualified medical practitioner other than you, an Immediate Family Member or business partner. The Monthly Benefit is the lesser of the following amounts: ■ the amount shown in your Policy Schedule as increased or decreased in accordance with the conditions of this Policy; ■ 75% of your Pre-Disability Income but, if you have an Agreed Value Policy, this amount will only apply if your average Monthly Income in the 12 months before you applied for your present level of cover was insufficient for us to have accepted you for that level of cover. Where benefits are payable for part of a month, the Monthly Benefit is divided by 30 to arrive at a daily benefit. If you are self-employed, a working director or partner in a partnership, your Monthly Income is the monthly income generated by the business or practice directly due to your personal exertion or activities excluding superannuation, less your monthly share of necessarily incurred business expenses. If you are not self-employed, a working director or partner in a partnership, your Monthly Income is the total monthly value of remuneration paid by your employer including salary, fees, commission, regular overtime and fringe benefits, excluding bonuses and superannuation. If you have the Super Continuance Option, Monthly Income will include one twelfth of the amount by which total super- annuation contributions made for your benefit by you or your employer exceed 15% of your annual income or remuner- ation, as applicable and as described above, in the relevant 12 month period. Your Occupation Group is the group that your occupation falls into according to our standard occupation categories. Your Occupation Group at the time you obtained your cover is shown in the Policy Schedule.