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| Articles about Critical Illness |
| Some Conditions That Apply To Critical Illness Insurance. | | 2007-12-28 01:23:00 | | Critical illness insurance may sometimes surprise us with some cases, in this case, antiselection. For example, people already suffering from a critical illness may have applied for a critical illness policy without making their insurers aware of the disease. But precautions can be taken against such cases. In fact the policy documents may contain a section named as the waiting period. The waiting period may vary according to the critical illness conditions and can be between two to six months. Critical illness insurance may cover the person only after the waiting period had passed.
Moreover, if the critical illness insurance provides an additional benefit, there may be a survival period alongside the waiting period. Should a critical illness take place, the patient may have to wait for the end of the survival period before a payment is made. The survival period may only last two weeks. One month can be the maximum waiting time. [ car , insurance , life ]
Furthermore, the highest age of entry at which a person can buy critical illness cover may be 55, the age of maturity being 65. This may vary from one market to another and can also depend upon the decision of a company. Companies may tend to insure less people having reached the age of maturity. The statistics about their critical illness claims may not be as reliable and also claim rates may not remain fixed from year to year.
Knowing the rate at which a critical illness occurs may be a difficult task. Some countries may not have reliable and accurate statistical data sources which can be used to determine the severity of a critical illness, for example among men. Figures may help to study which critical illness conditions affect men mostly, for example heart attack. Other results may also demonstrate people of different age groups that suffer a specific critical illness. Therefore, assuming the rate of antiselection may also be inaccurate. So, the risks to have antiselection amongst all the critical illnes... | | By: Insurance-forlife | | |
| | Things To Know About Critical Illness Insurance. | | 2007-12-28 01:16:00 | | Critical illness insurance tends to often take the form of a rider. For example, critical illness related life policy. Critical illness cover may also be combined with term or endowment both being the underlying or main policies. On the other hand, standalone critical illness cover may have become less important and lest looked for. However, it may still be offered by a minimum of companies and markets around the world.
There may be two types of critical illness insurance. Both may provide separate types of benefits. They can be called accelerated benefits and additional benefits. The one which provides the accelerated benefit can be the most common form of cover. It may award a proportion of the sum insured of the main policy. Therefore when critical illness strikes, there may be enough money to pay for medical care while the policy still remains in force. The second one with additional benefit may provide additional benefits without altering the whole sum insured of the underlying policy. In contrast, traditional critical illness policies may pay benefits only once after which the policy may come to an end. [ car , insurance , life ]
Furthermore, in some countries health and accident insurances may be extended to cover some important aspects of critical illness insurance. At the same time, critical illness insurance policies may be also including elements such as disability and long term care. Insurance companies may have been opting to follow this path so that they could well market their products. Although the above argument may seem well balanced, it is however believed to be too early to think about the amalgam of different products. Furthermore, critical illness cover for a specific gendre may have also become essential. For example, new critical illness plans may have been designed for women concerning the most frequent illnesses they suffer from. This type of critical illness policy may be common in Hong Kong where a critical illness such as breast can... | | By: Insurance-forlife | | |
| | Reinsurance Of Critical Illness Insurance. | | 2007-12-20 11:52:00 | | The risks factors in critical illness insurance may be greater than that of life insurance. Reinsurance of critical illness insurance may be a solution to eliminate some of the financial loss an insurance company might incur. The procedure may take place through quota share or an excess of reinsurance. Let’s have a look at some of the factors important for the reinsurance of critical illness insurance.
There had been difficulties in assuming the incidence rates. So, the critical illness premiums values may be readjusted or reviewed depending on the magnitude of the loss made by the company. Insurers and reinsurers may then avoid premium guarantees exceeding five years. As a matter of fact, if the insurer decides to increase the critical illness premium rates, the reinsurer also might have to share an equal proportionality in these increases. [ car , insurance , life ]
Furthermore, reinsurance might be used by insurers in the critical illness segments where they have less experience. For example, small life insurers might choose to follow a trend for their critical illness products dissimilar to that of their pure life products so that they would have to suffer less. Moreover, if the critical illness insurance is a prepayment, the insurer and the reinsurer may be required to have an equal involvement concerning both life and critical illness risks. Otherwise in case of a doubtful critical illness claim, problems might crop between the insurer and the reinsurer.
For example if the insured died due to a heart attack, the fact that the critical illness was in rule with the policy definitions may remain unclear. As said before, the insurer and reinsurer may have to share the life and the critical illness risk equally. If that’s not the case, both parties might then have the idea to either make the claim a death claim or a critical illness claim. This may depend on the cause of the claim. Thus, the loss whether it be a root of critical illness or life may affect bo... | | By: Insurance-forlife | | |
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