Try to confirm an exclusion from a premium statement and you will get an answer. It will just be the wrong one.
A statement and a policy schedule may arrive from the same provider, but they answer different questions.
A statement usually records value and activity over a period: opening balance, contributions, withdrawals, fees, investment movement and closing balance. A policy schedule records selected contractual details: owner, insured person, benefit, cover amount, premium, beneficiary and commencement date.
Neither is automatically the complete contract. Investment mandates, fund disclosures, policy wording, service agreements and advice records may be needed to explain risk, cost or claim rules.
Try this now
Take five questions and match each to its likely source:
- What was the closing investment value?
- What benefit amount is insured?
- What does “disability” mean?
- What fee was actually deducted?
- Why was this product recommended?
Then find the statement, schedule, wording, cost disclosure or advice record that answers it.
Ask your advisor
- Which document is the governing source for this fact?
- Is this the latest version and effective date?
Knowing which document proves what is a basic financial skill, and a safeguard against decisions built on screenshots or memory.
Next: The form you remember signing may never have been processed