Accident and Health Insurance
Coverage that pays benefits for medical expenses, disability, or both, arising from accidental injury or sickness. Includes individual and group medical, disability income, and long-term care coverage.
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Practice This Concept
In accident and health insurance, an insurable interest exists when the applicant:
Would suffer a financial or economic loss if the insured person became ill, injured, or disabled — An insurable interest in health-related coverage means the policyowner would suffer an economic loss if the insured becomes ill, injured, or disabled — for example, a person insuring their own income, or an employer insuring a key employee. The interest prevents wagering: without it, a policy would be a bet on another's misfortune. Blood relationship alone does not create the economic stake that insurable interest requires.
National insurance concept
In accident and health insurance, the covered perils that trigger benefits are generally:
Accidents causing bodily injury and sickness or disease — A peril is the cause of loss. For accident and health insurance, the two named perils are accident — an unexpected event causing bodily injury — and sickness, meaning illness or disease. Policies may cover accident only, sickness only, or both (comprehensive). Understanding that accident and sickness are the perils is fundamental to A&H terminology, just as fire, wind, and theft are perils in property insurance.
National insurance concept
- General InsuranceIn accident and health insurance, an insurable interest exists when the applicant:
- General InsuranceIn accident and health insurance, the covered perils that trigger benefits are generally:
- General InsuranceIn an accident and health insurance contract, the insured's consideration is the premiu…
- General InsuranceFor a risk to be insurable, the potential loss must be:
- Life InsuranceWhich three factors are used to calculate life insurance premium rates?
- Disability IncomeWhich of the following is NOT an example of a limited-benefit policy?
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