It is important to understand that multi-peril policies may have specific exclusions and conditions for each type of coverage, such as collision coverage, medical payment coverage, liability coverage, and so on. You will need to make sure that you read the language for the specific coverage that applies to your loss.
The Declaration Page
This page is usually the first part of an insurance policy. It identifies who is the insured, what risks or property are covered, the policy limits, and the policy period (i.e. time the policy is in force).
For example, the Declarations Page of an automobile policy will include the description of the vehicle covered (e.g. make/model, VIN number), the name of the person covered, the premium amount, and the deductible (the amount you will have to pay for a claim before an insurer pays its portion of a covered claim).
Similarly, the Declarations Page of a life insurance policy will include the name of the person insured and the face amount of the life insurance policy (e.g. $25,000, $50,000, etc.).
The Insuring Agreement
This is a summary of the major promises of the insurance company and states what is covered. In the Insuring Agreement, the insurer agrees to do certain things such as paying losses for covered perils, providing certain services, or agreeing to defend the insured in a liability lawsuit. There are two basic forms of an insuring agreement:
- Named–perils coverage, under which only those perils specifically listed in the policy are covered. If the peril is not listed, it is not covered.
- All–risk coverage, under which all losses are covered except those losses specifically excluded. If the loss is not excluded, then it is covered. Life insurance policies are typically all-risk policies.
The Exclusions
Exclusions take coverage away from the Insuring Agreement. The three major types of Exclusions are:
- Excluded perils or causes of loss
- Excluded losses
- Excluded property
Typical examples of excluded perils under a homeowners policy are flood, earthquake, and nuclear radiation. A typical example of an excluded loss under an automobile policy is damage due to wear and tear. Examples of excluded property under a homeowners policy are personal property such as an automobile, a pet, or an airplane.
The Conditions
Conditions are provisions inserted in the policy that qualify or place limitations on the insurer’s promise to pay or perform. If the policy conditions are not met, the insurer can deny the claim. Common conditions in a policy include the requirement to file a proof of loss with the company, to protect property after a loss, and to cooperate during the company’s investigation or defense of a liability lawsuit.
Definitions
Most policies have a Definitions section, which defines specific terms used in the policy. It may be a stand-alone section or part of another section. In order to understand the terms used in the policy, it is important to read this section.
Endorsements and Riders
An insurer may change the language or coverage of a policy at the time of the policy renewal. Endorsements and Riders are written provisions that add to, delete, or modify the provisions in the original insurance contract. In most states, the insurer is required to send you a copy of the changes to your policy. It is important that you read all Endorsements or Riders so you understand how your policy has changed and if the policy is still adequate to meet your needs.
You may make payments for all your Vitality Memberships, Life, Health and Personal Accident policies conveniently and securely, at the touch of your fingertips with AIA Pay EZ using your Singapore Issued VISA, Mastercard Credit Cards or PayNow via your respective bank’s mobile Banking Applications.
The following payment services are available:
- New Application (First 12 months)
- Addition of Supplementary Benefit (Riders)
- Reinstatement
- Change of Payment Frequency
- Renewal
- GIRO Enrolment*
- Loan Repayment via PayNow or Recurring GIRO*
- Credit Card Enrolment
*Available for 7 participating banks - OCBC bank, UOB bank, HSBC bank, SCB Bank, Maybank, Bank of China & ICBC bank
- How to make payment using AIA Pay EZ, please click here.
- How to make payments via PayNow using AIA Pay EZ, please click here.
To view the guide to using PayNow, please click here.
FAQ: Discontinuation of SingPass (OneKey)
Why is SingPass (OneKey) being removed as an Authentication Method for transacting with AIA?
The Singapore Government had announced the discontinuation of the OneKey Token because of low usage and the availability of alternative two-factor authentication methods, such as SingPass Mobile app.
In line with this announcement, we are phasing out the use of SingPass (OneKey) as an authentication method for transacting with AIA. This means that, from 01 Aug 2020, you will not be able to use SingPass (OneKey) to authenticate post-sale service request or access Pay EZ to make premium payments.
What are the other methods of authentication for transacting with AIA?
You may authenticate your transactions with AIA using SMS 2FA OTP or SingPass Mobile.
- SMS 2FA OTP: A One-Time-Pin (OTP) will be sent to your registered mobile phone number with us
- SingPass Mobile: Scan the QR code with your SingPass Mobile App and securely authenticate your transaction using face recognition, fingerprint or 6-digit passcode.
Would I still be able to use SingPass SMS 2FA to transact with AIA?
No, SingPass SMS 2FA will be phased out. To authenticate your transactions with AIA, please use SMS 2FA OTP or SingPass Mobile.
I do not have a registered SMS OTP number with AIA or SingPass Mobile App. What should I do?
We strongly encourage you to activate your My AIA SG account and SingPass Mobile for seamless access our digital services.