I've further checked with my Claims and Underwriter.

1. If your policy is a life and/or medical policy, there won't be an issue to make a claim for anything related to injury or death while performing the dangerous sports.

2. If it's a Personal Accident policy then there might be a clause that will restrict you to make claims for injury or dismemberment

3. if it's a new policy that you are applying for then you will need to declare on the dangerous activity that you perform daily / weekly / monthly by answering the questionnaire form. Should your risk be accepted and thereafter there is any claims related to your dangerous activity, it will be paid for by AIA

4. If the policy falls within the 2 years disputable period then AIA has the right to investigate into your claims.

Hope this is clear for you.
1. You can change your payment mode from auto billing from ur credit card to manual billing or online banking but it does sound weird that they still charge you after your policy is cancelled because the admin should have stopped the billing towards your credit card. But since you said their policy is only able to cancel 14 days after that then I would suggest you change your payment mode to manual billing until they processed your cancellation.

2. If it's an investment link policy then there is no difference in the premium payable but you'll see slightly more on your cash value

However if it's a traditional insurance policy then you can save up to 5% on your premium if you pay yearly.

1.The request for credit card deduction is done every Friday, and in your case it was requested last week Friday and the transaction only reflected after 1 day.

You may check with the office whether the amount paid on Friday is in the suspend account. If yes,  then you may request for a refund.

No, the credit card request will be issued every Friday every week without fail unless there is a problem with the card or debit card.

If this week deduction is unsuccessful,  it will retry the next week.

The surrender is not an immediate (otherwise the counter would have given you the check) as it needs to be process by the accounts dept for the payment.

It is best that you check with the counter that you had surrendered the policy whether it goes into the suspend account. 

You may also call your servicing agent as your agent has access to your policy details.